Get Ready for 2023: Essential Benefit Information for Texas Citizens Only
As the year 2022 draws to a close, it’s important to start thinking about how changes in policy and legislation will impact your life in 2023. As a resident of Texas, there are some essential benefits information that you should be aware of. In this article, we’ll cover the most important benefit changes and updates for Texas citizens to help you prepare for the upcoming year.
Health Insurance Marketplace
One of the biggest changes to healthcare benefits in Texas for 2023 is the creation of a new health insurance marketplace. This marketplace will be established under the Affordable Care Act (ACA) and will offer Texans a wide range of insurance options that meet certain standards for quality and affordability.
The health insurance marketplace will be open for enrollment from November 1st through December 15th each year. During this time, Texans can shop for and enroll in a health insurance plan that fits their needs and budget. Depending on your income, you may also qualify for financial assistance to help pay for your insurance premiums.
Medicaid Expansion
Another significant change to healthcare benefits in Texas for 2023 is the expansion of Medicaid coverage. Under this expansion, more Texans will be eligible for Medicaid, a government-provided healthcare program for low-income individuals and families.
This expansion will bring healthcare coverage to an estimated 1.2 million Texans who previously did not qualify for Medicaid. If you think you might be eligible for Medicaid under the new expansion, you can apply online or through the Health Insurance Marketplace starting in November.
Minimum Wage Increase
Texas will also see an increase in the minimum wage for certain workers in 2023. Starting on January 1st, the minimum wage for employees of government contractors will increase to $15 per hour. This increase will affect workers employed by companies that hold federal contracts or subcontracts.
If you’re a government contractor or subcontractor, you should be prepared for this increase and start planning for any budget adjustments necessary to accommodate the higher wage rate.
Closing Thoughts
Overall, there are several important benefit changes and updates for Texas citizens to be aware of in 2023. From the new health insurance marketplace and Medicaid expansion to the minimum wage increase for government contractors, it’s important to keep up with these changes to ensure you’re taking advantage of any benefits you qualify for.
Remember to mark your calendar for open enrollment in the health insurance marketplace, and consider applying for Medicaid if you think you might be eligible. If you’re a government contractor or subcontractor, be sure to plan for the wage increase starting in January.
By staying informed and taking advantage of these benefits, you can help ensure a healthier and more financially stable future for yourself and your family.
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