If you live in Kentucky and need health insurance, you can buy plans through the state’s obamacare marketplace. These subsidized plans help to lower out-of-pocket costs for hundreds of thousands of Kentuckians.
The Affordable Care Act’s protections for people with pre-existing conditions, subsidized coverage on the exchange and Medicaid expansion have helped to cut our state’s uninsured rate by two-thirds since 2013.
Bronze plans are designed for healthy individuals who want a safety net in case of an unexpected medical event. They have the lowest monthly premiums, but they also have high deductibles that can reach thousands of dollars per year.
Gold kentucky obamacare plans have higher monthly premiums, but they cover more of your medical costs. They also have lower deductibles, copays and coinsurance requirements.
Silver kentucky obamacare health plans have lower monthly premiums but higher out-of-pocket costs than bronze or gold. They may be a good option for low-income families who qualify for cost sharing reduction subsidies.
The cheapest silver plan in Kentucky is the Ambetter Clear Silver, which costs $362 for a 40-year-old. It has a $5,400 deductible. However, this plan is only available through Ambetter Insurance and does not offer coverage in every county.
Kentucky has a variety of obamacare plans available in its marketplace, which includes health insurance offered through private providers and Medicaid. These plans meet state and federal requirements for coverage, but they vary in terms of benefits, premiums, and out-of-pocket costs.
Silver tier obamacare plans offer lower monthly premiums, but may have higher out-of-pocket expenses than Bronze or Gold tiers. These tiers are best suited to people who anticipate needing moderate medical care throughout the year.
These plans also have lower deductibles and out-of-pocket maximums, which help policyholders cover their expenses more quickly. They are also a good choice for individuals who don’t plan on visiting the doctor frequently and are in good health.
To find the cheapest obamacare plans in Kentucky, MoneyGeek analyzed data from the Kentucky health insurance exchange by age and plan type. For example, a 30-year-old female with an annual income of $50,000 in Jefferson County should look for a plan that offers low monthly premiums and moderate out-of-pocket maximums.
One of 4 metal tiers in the Kentucky obamacare marketplace, Gold plans typically have higher monthly premiums but lower costs when you need medical care. They are a good option for people who often have medical expenses and would prefer to pay higher up front in exchange for lower costs when they receive care.
Younger people may also consider Gold plans if they are not likely to have high recurring medical costs. However, these plans tend to have the highest deductibles.
Those with low incomes can also qualify for cost-sharing reduction subsidies that lower Silver plan deductibles, copayments and out-of-pocket maximums. In Kentucky, these subsidies are available to households with incomes between 138% and 250% of the federal poverty level.
If you can manage higher monthly premiums, a platinum plan might be the best fit for you. Usually, these plans offer the lowest out-of-pocket costs when you need medical care and have a low deductible.
The Affordable Care Act organizes Marketplace health insurance into Bronze, Silver, Gold and Platinum metal levels. Each metal level offers different ratios of what you pay and what your health plan pays.
In Kentucky, a platinum plan is the highest-tier metal level and is considered full-cost coverage without cost-sharing subsidies, which help lower your out-of-pocket maximums.
Depending on your income, you can also qualify for an advanced premium tax credit to make your monthly plan costs even lower.
The best way to shop for a plan is to use the Kynect portal, which lets you compare plans by their monthly premiums and deductibles as well as any financial help you might be eligible for. If you have a pre-existing condition, it’s important to consider how that might affect your price.