With the implementation of the Affordable Care Act in 2010, Kentucky saw its uninsured rate reach record lows, effectively eliminating racial disparities. Millions of Kentuckians now benefit from coverage through state exchange kynect or expanded Medicaid program.
Subsidized marketplace coverage and Medicaid expansion both represent significant investments into local economies, creating jobs at clinics while helping keep rural hospitals operating.
Bronze
Bronze plans offer the lowest monthly premiums and provide only minimal coverage; typically covering about 60% of costs with high deductibles, making these plans good choices for people seeking emergency backup coverage. Silver plans are an upgrade from Bronze plans with lower copayments available to low-income families.
Selecting an Affordable Care Act plan can be a difficult decision, but it can be made simpler by considering both your healthcare needs and finances. Also be sure that your preferred doctors, hospitals and pharmacies are part of the plan network.
Bronze plans offer low monthly premiums and have high deductibles, so they make sense for people seeking protection against large medical expenses. Unfortunately, however, bronze plans don’t qualify for Cost Sharing Reduction subsidies and may not be suitable for people who already require frequent medical attention or who have family histories of illness.
Silver
Silver plans feature affordable monthly premiums, deductibles and copays and are eligible for cost-sharing subsidies, making them an excellent choice for families with moderate healthcare needs and financial situations. There is also a range of network options available with these plans; just make sure your preferred doctors, hospitals or pharmacies fall into its scope before selecting one!
If you qualify for cost assistance, selecting a marketplace Silver plan is smart. The second-lowest-cost Silver plan in your area will serve as the benchmark when calculating premium tax credits and help prevent having to repay cost assistance if income rises. In addition, Silver plans often qualify as HSA accounts allowing families with young children to use funds from them without incurring taxes – something many other plans cannot.
Short-term policies
Short-term health insurance in Kentucky may be an ideal solution for people needing temporary coverage, such as after graduating college, losing a job, or waiting to qualify for Medicare at age 65. Plans under this type of plan do not fall under the Affordable Care Act (ACA), and can have initial durations up to 364 days and renewal periods up to 36 months – providing plenty of flexibility.
Short-term policies typically offer fewer covered benefits and consumer protections than ACA marketplace policies, yet their premiums tend to be much more cost effective. Furthermore, short-term policies can often be purchased any time whereas ACA marketplace plans only become available during open enrollment or special enrollment periods.
Be mindful that these plans could leave you vulnerable to large medical bills. When reviewing policy details, ensure it covers emergency and urgent care services as well as doctor office visits. Furthermore, consider out-of-pocket limits including deductibles and copays before purchasing one of these policies.
