When the federal healthcare came into effect a few years ago, the opportunity was given to build a market for health insurance known as the Exchange. The Exchange in Kentucky is called Kynect.
Plans by Health Insurance Providers
Here, you can find plans from various health insurance providers, namely UnitedHealthcare, Anthem, Kentucky Health Cooperative and Bluegrass Family Health. Here, you will also be able to compare, choose and buy plans the same way that you would compare, choose and buy hotel accommodations or airline tickets.
Different Level of Insurance
These plans will all have different insurance levels: the bronze level at 60%, the silver level at 70%, the gold level at 80% and the platinum level at 90%. Naturally, if you choose a higher plan, you will also pay a higher premium but there will be a reduction in your out-of-pocket expenses. There will also be catastrophic plans will also be available for people under 30 years old with high deductibles. Anybody under 133% of the poverty level or $15,000 in annual wages for one person or $30,000 in annual wages for families of four will qualify for Medicaid.
Regardless of the plan you choose, all of them offers similar benefits in terms of doctor visits, hospitalization, emergency services, newborn and maternity care, substance use disorder and mental health services and treatments, rehabilitative devices and services, prescription drugs, pediatric services, chronic disease management, wellness and preventive services, and laboratory services.
Availability of Packages
Since October 2013 people are now able to purchase healthcare insurance plans through kynect.ky.gov. There are other options in terms of customer support when it comes to this, too, though, including call center phone lines and in-person navigator assistance. These plans will come into effect in early in 2014.
Aside from the Exchange, Kentucky is also starting to take part in Medicaid expansions. To date, Kentucky has around 640,000 citizens that are uninsured, but a lot of them are eligible for Medicaid. The rest of the uninsured citizens can buy insurance through the aforementioned Exchange. If they have an income level that is 400% less than the federal poverty level, though, they might be eligible for tax credits or premium assistance.
By 2015, financial protection will include a maximum out-of-pocket expense of $6,350 for individuals and $12,700 for families, which can significantly help people reduce their risk for bankruptcy in the long run. A lot of people tend to go bankrupt because they may not be able to cover their medical bills outside of insurance.
HealthLine.com is a popular resource that offers expert health advice from qualified professionals and experienced contributors. Find out more about Kynect from Healthline.com.