Do You Have the Required Health Insurance Coverage?

Partisan bickering, legal challenges and endless website woes haven’t changed the fact that the Affordable Care Act (a.k.a. Obamacare) has begun its lengthy rollout here in Texas and around the nation. This past fall, the Obama Administration extended the deadline for applying for coverage to March 31 — a full six weeks beyond the original February cut-off date. That means you have until March 31 to sign up before you would incur any tax penalties for not signing up.

State leaders opted to have the federal government operate the Texas Health Insurance Marketplace (or exchanges, as the term was formerly known) rather than accept federal funding to set up a separate program in-state. According to the U.S. Census Bureau, Texas’ uninsured rate hovers around 24 percent as opposed to the national average of 15.4. That translates into more than 4 million Texans needing to enroll in healthcare plans by the end of March. And considering that fewer than 3,000 Texans successfully found coverage on the marketplace during the first month of the open enrollment period (a figure reported by the U.S. Department of Health and Human Services), it’s safe to anticipate a crunch for signing up the closer it gets to the deadline.

Arguably the easiest way to purchase health insurance — regardless of your age, gender, or the status of your health — is to reach out to your Texas Farm Bureau Insurance Agent. Texas Farm Bureau Insurance offers customers an opportunity to purchase reasonably priced healthcare policies, ones that meet the minimum federal requirements for a qualified plan. Depending on your income level, you might qualify for a federal tax rebate to help offset your costs, making the plans even more affordable.

If you choose to shop for healthcare policies from other companies, just make sure you are dealing with a reputable firm. Texas State Attorney General Greg Abbott warns of a burgeoning market for scammers offering fraudulent insurance policies.

Generally, when shopping for insurance you should evaluate the level of coverage against the premiums. A young family may opt, for example, for lower premiums with higher copays or deductibles whereas an older couple might choose the higher premiums with more extensive coverage for hospitalization. Also of note, the Affordable Care Act removes lifetime limits on health benefits and covers 100 percent of the cost of a host of preventative healthcare services like mammograms, colonoscopies, well-child visits to the pediatrician, and flu shots for both children and adults. Moreover, under the healthcare law, parents may now add or keep their adult children on their policies until age 26.

For more information about securing insurance before the March 31 deadline, talk with your Texas Farm Bureau Insurance Agent. You may also visit www.cms.gov or call the federal government’s toll-free helpline at 800-318-2596.