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Small Business Health Insurance in Texas: Know your Privileges and Options
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Texas has the largest number of uninsured population among the 52 states of the country, with around 5.6 million individuals, or equivalent to 25 percent of the state’s total population. Out of the 5.6 million uninsured Texas residents, 75 percent are from the non-elderly population or roughly 4.2 million individuals. In addition, the numbers are still increasing since Texas is one of the favourite spots for immigration, thus uninsured immigrants are expected to add to the uninsured Texas population.
In response to the problem of increasing uninsured population in Texas, the state government through its health department together with several private health insurance providers worked hand in hand to solve the incidence of uninsured among Texas residents. There are state-funded programs such as the Texas Children’s Health Insurance Plan (CHIP) that will address the incidence of uninsured among children that is not covered by their parent’s group health insurance.
On the part of the Texas state government, it has made several measures to address the problem of being uninsured among Texas residents. Through the legislative department, it endorsed the amended Texas insurance law which states that it allows a wide selection of health coverage plans and packages, preferably for small business. The government wants small business to be provided with low-cost group health insurance policy for their respective employees. This will automatically cover the workforce population of the state, thus reducing the number of uninsured individuals in Texas.
It is now your responsibility as the employer to find that right health insurance plan for your small business. It will be a challenging task for you since the Texas insurance law allowed different health insurance companies, whether regional or national-based, to offer low-cost health care plan for small businesses in the state. Aside from the price considerations, you need to think of the health coverage you and your employees are entitled to. You do not want to end up paying the full coverage of your employees and their dependents only to find out that such coverage is insufficient to meet the health needs of the insured individuals.
At this point in time, you need to shop around the market. Although it will eat some of your time in managing your business, it is still important that you set aside some of your time searching for the best health insurance plan for your small business for that little time will translate to huge savings later on.
Before shopping around, it will be of great help if you really know the type of coverage that you want beyond the limelight. According to the Texas insurance law, the type of coverage that you need to get if you have a business with between 2 and 50 employees is small employer health insurance coverage. In addition, the Texas insurance law also provides additional protection to your business which includes a 15% yearly cap on rate increase due to inevitable health factors and state-enforced assurance that health insurance companies have no privilege to arbitrarily discontinue health coverage.
The two most common types of plans that you can get for your small business are the preferred provider organization (PPO) and the health maintenance organization (HMO). Both plans defined the requirements of enrolees such as a minimum of 30 working hours per week, permanent status designation, and did not qualify to any other health insurance programs provided either by the state or private entities.
With different options available for your small business and stronger Texas health insurance law, you do not have to worry being among the uninsured population in the Lone Star state.
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