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2021 Kentucky Health Insurance
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Searching for Kentucky individual health plans can be challenging. How do you know what is considered reasonable? Does the provider you are looking at cover your Kentucky county, or do you have to select someone else? You may have put off getting health insurance altogether. However, going on without medical coverage could end up being more problematic than remaining uninsured or under-insured.
Now is the perfect time to check the average premiums and start considering your options for the 2021 Kentucky open enrollment period. But before you begin searching for 2021 health insurance quotes, there are a few things you need to know about Kentucky’s individual and family medical plans.
Types of Health Plans
Kentucky follows the federal guidelines outlined by the Affordable Care Act. That means you can select between tiers of coverage, where bronze is the lowest (excluding catastrophic) and gold or platinum is the highest. Few states offer platinum; Kentucky’s best coverage is gold.
Aside from tiers of coverage, you can also find various plans. While the distinctions between things like HMO, PPO, MSA, or HRA might seem confusing at first, you need to understand what these mean.
The most popular health plan types in Kentucky are:
Choose a primary care provider/physician (PCP) within your network. You must visit your PCP in order to be referred to a specialist. If you stay in-network for care, most of your care is covered; go out of network and pay in full. This is one of the restrictive options, but it is also the most affordable outright.
A wider network and more offerings. You pay a little more overall, but you do not need a PCP or referrals to see specialists. If you want flexibility, choose a PPO, but be ready to pay copayments or coinsurance.
This is a combination of HMO and PPO. POS plans have large networks. Choose a primary care physician. If you stay in-network, you don’t need to pay a deductible, but if you do go out of network, both your copay and deductible will be higher.
Other lesser known options in Kentucky include Health Reimbursement Accounts (HRAs), Health Savings Accounts (HSAs), Medical Savings Accounts (MSAs), and Health Flexible Spending Accounts (FSAs).
Why You Should Have Kentucky Medical Insurance
Many people continue to go uninsured, even though coverage is required by the Affordable Care Act. You might think you are saving money by not enrolling, but that is a mistake. While the monthly premiums of a comprehensive major medical plan may seem expensive, consider the cost of paying for medical care out of pocket. A single inpatient day in Kentucky is around $1,853; most people don’t even have $1,000 saved up. Furthermore, some life-saving treatments and surgeries can cost over $30,000!
When you have health insurance, you pay only a portion of that cost, making treatment far more affordable.
Plus, if you have an ACA-approved medical insurance plan, you have guaranteed benefits and even a chance at subsidies, based on your income. Also, you have a guaranteed issue. If you apply for coverage, you can no longer be turned away for preexisting conditions. Then, there are the essential health benefits. You may not need to use the guaranteed services, but everyone can benefit from free or discounted preventative care.
The essential health benefits are:
Some insurers add additional benefits, such as female birth control. Be sure to check with the insurance company to see what your policy covers. There are also some things that go uncovered, like male birth control and plastic or cosmetic surgery. In short, individual and family policies can give you some peace of mind—something we all greatly need!
Short Term Health Insurance
Sometimes you are ineligible for a special enrollment period or find yourself between job positions and without medical coverage. In those times, the best option is short term health insurance. Kentucky uses the federal rules for short term policies. This means that any short term plan sold in Kentucky has an initial term of 364 days. After that, you can renew for 36 months (3 years) in total. However, you will find that most plans in Kentucky limit short term policies to 6 months.
What You Need To Know About Kentucky Health Insurance
In Kentucky, you can access healthcare resources through the Kentucky Health Benefit Exchange (KHBE), or you can utilize an eService like AffordableHealthPlansUSA.com. Right now, Kentucky has two provider options that cover various sections of the state. CareSource services the eastern half of the state, while Anthem’s Pathway HMO and Transition HMO covers a wide section of the state. Be sure to check with your preferred insurance provider to see if they cover your county before applying.
Kentucky has a population of around 4.5 million people. According to the Kaiser Family Foundation (KFF), in 2018, 47 percent of Kentucky’s population has employer-sponsored health insurance, 4 percent have individual health insurance, 26 percent are on Medicaid, 15 percent are on Medicare, and 6 percent is uninsured. Those who are uninsured or unemployed and without health insurance are presently at the greatest risk.
For the 2020 season, the average monthly cost of Kentucky medical insurance for a 40 year old is $455. This is a 13 percent increase from 2018, when monthly premiums were $402 for the same plan. When you break down Kentucky individual health plans by tier, the average for a catastrophic plan is $239 for a 21 year old, $305 for a 40 year old, and $648 for a 60 year old; Bronze is around $300 for a 21 year old, $400 or a 40 year old, and $765 for a 60 year old. For silver, a 21 year old pays $400 a month, a 40 year old pays around $500 a month, and a 60 year old pays $1,051 a month. Gold is the priciest. It is $470 per month for a 21 year old, $600 a month for a 40 year old, and $1,300 a month for a 60 year old.
Family health plans depend on the number of parents and children. For example, a 40 year old couple on a silver tier policy would pay around $990. Add two children, and they pay $1,582—on average.
Keep in mind that these averages may be less or more for you, depending on your age, gender, location, and whether you smoke or not. Why wait for open enrollment to receive quotes on Kentucky medical insurance? You can compare Kentucky health plans today just by entering your zip code.
Unemployed, Part-Time, and Self-Employed
2020 has brought on a wave of unemployment across the entire nation. Kentucky has also been impacted by the COVID-19 pandemic. Losing your job could mean that you are now without medical coverage during these stressful times. Rather than enrolling in something exorbitant like COBRA, consider other health insurance for unemployed options. For example, if you are younger than 30 years old and healthy, you could qualify for a catastrophic plan. You may also be eligible for the special enrollment period and subsidies to make a more comprehensive plan cheaper.
Looking for health insurance for self employed individuals or unable to receive medical coverage from your employer because you are part-time? Then you can apply for either individual or family health insurance. You can choose from a number of private insurers who are compliant with the Affordable Care Act—often called Obamacare—or you can seek out a budget-friendly short term plan.
Differences Between 2020 Open Enrollment and 2021
Prior to 2016, Kentucky had its own health insurance marketplace that was called Kynect. In 2016, the state transitioned to the federal exchange, HealthCare.gov. However, there are plans for Kentucky to return to Kynect in 2021. Whether or not this will affect insurance plans beginning in 2021 remains unsaid.
2021 Kentucky open enrollment will begin November 1 and run until December 15, 2020. Coverage from ACA-compliant policies begins January 1, 2021. Apart from the global pandemic, there is not much to affect the 2021 open enrollment period, but there may be a slight extension.
Did you miss open enrollment for 2020 or suddenly find yourself without health insurance? There are some steps you can take to get coverage now instead of waiting for the next open enrollment period. First, if you had a major life event, such as losing your job (and employer-sponsored medical coverage) or having a child or moving to a new residence, you could qualify for a special enrollment period (SEP). You have 60 days from the qualifying event to apply for medical coverage. If you are outside of the 60-day window, you may be eligible for short term health insurance.
Keep Yourself and Your Family Protected
In today’s world, you need to be ready to tackle whatever is thrown at you. The best way to do that is to have Kentucky health insurance. With medical coverage, you are guaranteed quality care, preventative treatments, and much more. Invest a little in you and your family’s health by enrolling in health insurance as soon as possible.
Don’t wait until open enrollment to search for great rates. Get started today. All you need is a zip code to compare Kentucky health plans and information on the best medical policies available near you.