Best Health Insurance Kentucky 2021

Last modified: January 31, 2021

The Bluegrass state offers a wide variety of choices for getting health insurance. We’ll go over how you can get covered, where to get the best insurance, what is the specific enrolment period, and what are the guidelines that you need to follow.

How can you buy health insurance in Kentucky? Residents can enter the Kentucky health insurance marketplace and buy coverage by purchasing a plan through a private health insurance company in Kentucky. Another option is the Kentucky health insurance exchange through the Healthcare.gov website as the state marketplace, but as of November 2021, the enrollment will go through Kynect – the state-run exchange. 

The state marketplace offers coverage for both individuals and families. This includes retired people, self-employed, and people employed in small companies. The Affordable Care Act (ACA) offers financial help and subsidies that depend on the applicant’s household income.

Insurance Providers and Kentucky Health Insurance Plans Comparison 

There are currently two Kentucky health insurance companies that provide coverage on the state marketplace exchange: Anthem BlueCross BlueShield (BCBS) Kentucky and CareSource Kentucky. The health insurance plans for both companies are broken down into four categories, plus a catastrophic option. Each company is offering a Bronze, Silver, Gold, and Platinum plan and allows consumers to choose their own combinations of coverage, deductibles, copays, and coinsurance.

Bronze Tier Plans

These policies offer a low monthly premium with the least covered care and are on the cheaper side, which makes them best for young people. They have the highest level of deductibles and out-of-pocket maximums. Bronze plans from each carrier should be taken into consideration for extremely healthy individuals.

Silver Tier Plans

Also called the middle ground plans for most consumers. They have average premiums and manageable deductibles and out-of-pocket maximums. These plans are great for families with new-borns, and people who expect to have some additional medical expenses ahead of them.

Gold and Platinum Tier Plans

Gold and Platinum are the highest tiers offered in Kentucky. The plans have a high monthly premium but also offer affordable deductibles and out-of-pocket maximums. They are useful if you have high medical expenses. This way you will reach the deductible faster and coinsurance benefits will quickly kick-in. They are tailored for individuals who have ongoing health conditions or need ongoing care.

Catastrophic

Kentucky residents can also qualify for a catastrophic plan, the lowest coverage available in the marketplace. Catastrophic plans have a low monthly premium but high yearly deductibles. It is available for people under 30 years old. In case of an emergency, you must spend more out-of-pocket money on top of the deductibles.

All tiers of health insurance are eligible for ACA premium tax credits. On average, the reductions are available to low-income families and households that earn less than 250% of the federal poverty level.

Cheapest Health Insurance Plan by Cities in Kentucky

The services of both Kentucky insurance companies are available in all the state counties, but the monthly premium for a health insurance plan differs by city. Finding cheap health insurance in Kentucky can be a challenge, since the plans and monthly premiums may change depending on the region and the age of the individuals. 

For example, the health insurance quotes in Kentucky showed that Louisville and the entire Jefferson county have the cheapest monthly cost at $406 for a Silver tier plan for a 40-year-old subject which is the most affordable health insurance in Kentucky out of the major cities. 

Lexington and Bowling Green follow next with monthly rates that range at $444 t0 $465 respectively, again for a 40-year-old subject. Owensboro in Daviess county with $550 and Covington in Kenton county with $502 has one of the most expensive rates for health coverage for the same 40-year-old subject.

Average Cost of Health Insurance in Kentucky

What is the average cost of health insurance in Kentucky? Over the past two years, premiums in the Kentucky health insurance rates have been slowly decreasing for every metal tier plan that is offered. On average, it is expected that the monthly premium for every metal tier that a 40-year-old individual can pay is $387 for the Bronze Plan, $514 for Silver, $612 for Gold, and $304 for catastrophic.

Let’s take a look at the average cost of health insurance in Kentucky by family size? Health insurance quote in Kentucky for a family of four, the average monthly premium by metal tiers can go from $1,041 for a Bronze plan, $1,212 for the Silver, $1,437 for Gold, and $1,610 for Platinum.

Kentucky Health Insurance Guide and Resources

There are three ways in which health insurance is provided for the residents of Kentucky:

  • Employer-provided health insurance – coverage provided by the employer or through a spouse’s employer. 47% of residents in Kentucky are getting their health insurance this way.
  • Individual Health Insurance or family plans in Kentucky – these can be accessed through HealthCare.gov or directly from a health insurance company. Around 4% of the population goes through a private health insurance company in Kentucky directly from the marketplace. 
  • Medicare and Medicaid are government-funded health care programs through the Affordable Care Act (ACA) or mostly known as Obamacare.

Medicare is mostly tailored toward seniors, while Medicaid covers low-income families and children. Medicaid covers 26% of residents in Kentucky, and 15% of the population goes through Medicare.

Residents 65 and over qualify for Medicare. There are several coverage options within the program, including parts A, B, C, D, and supplemental coverage plans.

Medicaid is jointly funded by the state and federal government, and it covers low-income adults and their families for a low monthly cost. It provides health, vision, dental, and prescription drug benefits coverage. There is also the Kentucky Children’s Health Insurance Program or KCHIP, a free health insurance that is available for children under 19 years old that come from low-income families. CHIP includes primary care, vision care, dental visits, and physicians’ check-ups. With the current situation, the program also provides immunization for children.

Tips on how to save on Health Insurance in Kentucky

There are a few cost-effective ways with which you can save while shopping for health insurance in Kentucky and protect your investment in the long run.

These are some factors that contribute to your premium costs:

  • Body mass index (BMI)
  • Tobacco use/smoking
  • Age
  • Location
  • Cost-sharing reductions
  • Individual Health Insurance
  • Family Health Insurance
  • Hobbies
  • Pre-existing conditions
  • Gender
  • Insurance and medical history

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

When is Kentucky open enrolment for 2021 health insurance coverage?

The 2021 open enrolment period for getting a Kentucky medical insurance coverage begins November 1, 2020, and goes through December 15th.

Did Kentucky expand Medicaid?

By expanding Medicaid through the Affordable Care Act (ACA) and adopting a state-run health insurance marketplace, Kentucky remains as one of the most successful states in reducing the uninsured rate among the population.

What is the income limit for Medicaid in Kentucky?

People with household income of up to 138% of the federal poverty level (FPL) are eligible for Medicaid. Translated into dollars, for an individual the eligibility limit is $17,608 and for a family of four $36,156. 

Children age 1-18 with family income of up to 159% of FPL, and children with family income that is too high to qualify for the Medicaid program are eligible for the KY Children Health Insurance Program, but the family income must not exceed 213% of the FPL.

Pregnant women with family income of up to 195% of FPL are also eligible for Medicaid.

What are the short-term health insurance conditions?

The conditions for short-term health insurance in Kentucky are – you must be between health plans, outside enrolment period, or in need of coverage in case of an emergency.

What is the uninsured population rate in Kentucky?

The total uninsured percentage in the state of Kentucky for the year 2020 was 6% of the population.

Is health insurance mandatory in Kentucky?

There is no Federal tax penalty for not being insured, and no state law that requires employers to offer group health insurance to employees, but most employers provide these benefits.