Should the Supreme Court strike down the Affordable Care Act, many Kentuckians could lose health coverage and this could have a devastating effect on our economy.
Kentucky has been a leading champion of the Affordable Care Act. It is among the states with the highest declines in uninsurance rates and has made great strides toward eliminating racial and ethnic disparities.
Bronze plans
Kentucky offers a selection of bronze plans in the health insurance marketplace that meet the minimum essential coverage requirements set forth under the Affordable Care Act. These policies offer affordable coverage options that meet these criteria.
These plans cover a range of healthcare services and are designed to assist you in case of an unexpected medical need. Unfortunately, they come with high deductibles and copays.
The bronze tier of a policy is determined by several factors, including your age and where you reside in the state. For instance, in 2023, someone aged 40 living in Jefferson County can purchase on average $333 per month through a bronze plan.
Selecting the ideal metal tier for you is critical, as it determines your monthly premium and out-of-pocket expenses. Furthermore, using resources like Kentucky Health Benefit Exchange and kynect allows for comparison between various plans so you can make an informed decision.
Silver plans
With a silver plan, you can balance out-of-pocket expenses and monthly premium payments. Generally, these plans offer more coverage than bronze or gold options at the cost of higher monthly premiums.
With a silver plan, your out-of-pocket costs are usually lower than with gold or platinum due to cost sharing reductions. That means you pay less out-of-pocket when visiting the doctor, getting medication, or having surgery.
These plans are ideal for young, healthy individuals who require affordable coverage to protect them from costly medical expenses. Furthermore, they have low deductibles and copayments that make them easy to afford.
Due to an increase in federal subsidies last year, silver plans have become more costly due to increased competition for customers. As a result, some insurers have discontinued silver plans altogether – leading to disruption to coverage for many Kentucky consumers.
Short-term policies
Kentucky residents with gap coverage in their health insurance can look into short-term policies as an option. These plans usually last a few weeks or months and can be renewed for an extended period of time.
However, they do not provide the same benefits as ACA-compliant plans. Insurers have the power to charge higher premiums based on your health status, decline to cover preexisting conditions and set annual or lifetime benefit limits.
Short-term policies are not suitable for everyone; they work best for individuals who are relatively healthy and don’t have any major medical issues.
Short-term policies can be an ideal solution for those without access to affordable individual major medical plans on the Marketplace. They’re also suitable for those who can’t afford more comprehensive ACA plans, those who miss Open Enrollment Periods or require temporary coverage after events like losing or changing jobs.
Medicaid
The Affordable Care Act extended Medicaid coverage to childless adults whose income is 138 percent or below of the federal poverty level. Through the exchange, these people can purchase health insurance at much lower premiums than they would be able to afford on their own, contributing over $3 billion annually to our state economy.
Kentuckyans who would otherwise go uninsured depend on programs like subsidized marketplace plans and Medicaid expansion under the Affordable Care Act (ACA). These coverage options offer essential access to medical care, reduce healthcare costs for those without coverage, and boost local economies through improved health outcomes and productivity.
