Kentucky State used to operate its exchange until 2016 when it transitioned to a more general exchange. While Kentucky’s exchange was among the best in the nation, you can still access the best health insurance Kentucky from several platforms. The state ensures buyers pay the same for a chosen plan whether you buy online, through phone, or by filling the paperwork. This information is specific to insurance applications in Kentucky and will help you understand your position.
Users can choose from one of the many insurance premiums available depending on their medical needs and financial situation. Premiums also vary greatly depending on your age, metal tier, and county of residence. The premium across the various tiers increases as the age of the beneficiary goes up. For instance, a 21-year old may pay 50 percent lower rates than say, a 60-year old in Kentucky. On average, a 40-year old pay not less than $180 for Catastrophic and above $350 for Gold plan per month.
The Best Cover
As indicated earlier, the best insurance cover depends on one’s financial situation and medical needs. Higher metal tiers usually attract high monthly premiums but cover most out-of-pocket expenses. This means subscribers to these brackets pay fewer costs such as deductibles, coinsurance, and copays. Gold and silver are currently the highest insurance plans in Kentucky.
If you expect to fall sick or are in and out of the hospital often, it is advisable to subscribe to a higher metal tier. This may seem costly at the start but is the most cost-effective given your medical condition. On the other hand, youngsters and people who do not have high medical costs may choose a cheap insurance option at the lower metal tiers.
Silver metal tier is the most common among average earners. Although it is less costly than the Gold plan, silver offers a considerable amount of cover. The plan also qualifies for cost-sharing reduction which further reduces the out-of-pocket expenditure. `Silver plans pay for about 70 percent of the medical bills while the beneficiary tops up the other 30 percent. However, one may end up paying only 6 percent if they get CSR subsidies.
Catastrophic and bronze are the cheapest metal tiers in Kentucky. These are best health insurance Kentucky for youngsters and people with a low income although they provide the least cover. Catastrophic is only available to people aged below 30 but bronze is available to all. On average, a bronze subscriber pays 36 percent lower than a silver subscriber. A bronze subscriber, though, may have to pay from their pockets first before the cover kicks in.