Options for Texas Residents Losing Medicaid

Losing your health insurance can lead to tough times. In addition to potentially lacking access to medical services to maintain the health and wellness of you and your loved ones, losing coverage can create significant financial strain. Unfortunately, this is the reality faced by thousands of Texans and their families.

Why Are Individuals Losing Their Medicaid Coverage?

Medicaid is a government-sponsored program that provides health insurance to millions of Americans with low incomes and limited resources. Each state administers its own program, and eligibility is based on various factors such as income, household size, disability status and age. With the COVID-19 public health emergency officially ending earlier this year, state Medicaid agencies have resumed coverage terminations for individuals predetermined to be ineligible as of April 1, 2023. Since then, approximately 900,000 people in Texas have been declared ineligible for Medicaid and have lost their coverage.

What Are Alternative Health Insurance Options for Those Who Have Lost Medicaid?

Lacking health insurance can have dire consequences for you, your family and your finances. Regular checkups and preventive care (e.g., vaccinations and screenings) may become more difficult to access without adequate coverage. Furthermore, emergency situations, such as hospitalization, ambulatory services and surgeries could incur devastating out-of-pocket costs.

With these ramifications in mind, you should explore other ways to acquire and maintain health insurance for yourself and those who depend on you, such as the following:

• Employer-sponsored health insurance—Many employers offer group health insurance plans as part of their employee benefits portfolios. These options may allow for relatively low rates while often making coverage available to your spouse and dependents.
• Public health marketplace—These health plans are accountable to standards established by the Affordable Care Act, and different tiers (e.g., bronze, silver, gold and platinum) may allow you to select a plan in line with your budget. Acquiring a policy through the public health marketplace may also help you customize coverage suitable to your needs.
• Government programs—Although you may not qualify for Medicaid, Medicare may still provide cost-effective health coverage. However, eligibility for this program is generally limited to people who are age 65 or older, disabled or have certain medical conditions. If you have children, they may be eligible for low-cost or free coverage through the Children’s Health Insurance Program.

If you’ve lost your Medicaid coverage, it should trigger a special enrollment period, which generally gives you 60 days to purchase a new health plan. If you’ve missed this opportunity, the health insurance marketplace’s annual open enrollment period typically runs from Nov. 1 through Jan. 15 of the following year.

We’re Here to Help

At Let’s Shop It Insurance Services LLC, we understand that acquiring and maintaining adequate insurance can be challenging. That’s why our agents are dedicated to helping you assess your coverage needs, analyze available options and secure appropriate coverage. Visit our website or call 469-929-9959 to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.