Purchasing Health Insurance On The Exchange
Kentucky used to have it’s own marketplace exchange for purchasing health insurance, but now they use the Federal website. Our independent brokerage has software that works with the exchange, but avoids some of the hassles consumers encounter on the government site.
With us you click on the green button on the right, see all plans and then enroll direct. There is not cost whatsoever to use our services. You can enter your doctors, prescriptions and income to see which ACA plans might work best for you. Not sure? Call us and we’ll walk you through your options.
If there’s one big issue with Affordable Care Act plans in KY, it’s their scarcity. At present only two companies (Anthem Blue Cross and Blue Shield & CareSource) offer Marketplace plans for 2020. More may be on the way; our software will update when they’re available for 2021.
There are a few different policies to choose from. In most areas, there are Gold, Silver and Bronze plans. Your cost for each depends on your income. If you or your family are below certain income levels, then you may qualify for Medicaid.
If you’re Medicare eligible either before or after age 65, there will be different insurance plans to choose from. These plans are not on the Exchange. We assist with Medicare insurance plans in KY as well.
What About Short Term Health Insurance Plans?
If you’re not finding what you want with Federal Marketplace policies, then you may be interested in short term health insurance. Due to new rules, this coverage can be purchased for many months on end. Some can last years at a time. They look much like health insurance plans did previous to the Affordable Care Act.
Our clients who enroll in a short term health plan typically are young, healthy and don’t qualify for any subsidies on the Exchange. Others might need to fill gaps before their Medicare insurance or group health plan at work begins.
Those that use it as a more permanent solution enjoy the lower premiums. These plans can cost half as much as ACA plans sold on the Exchange. And the benefits are robust too. Many include doctor’s office copays, prescription coverage, some preventive care and Urgent Care visits.
Short term plans do fall short in some areas, however. They are medically underwritten and don’t cover preexisting conditions. This means you could get turned down for coverage. Or your condition might not be covered. Expensive prescriptions typically are not covered either.
And these plans will not cover pregnancy or maternity related expenses. If you’re pregnant or thinking of getting pregnant, then the Marketplace/Exchange plans above are the way to go. If you’re unsure, then contact us to discuss your health insurance needs.
Health Insurance Options Off The Exchange
We like to say, “If you can think of it, it’s probably for sale.” What does that mean? There is a lot of imposter insurance out there. You’ll see reimbursement, indemnity, health ministry and other assorted coverages. Some are not actual health plans at all.
This does not mean these types won’t help you, but you have to be careful. Many of these policies have limitations as to how much they’ll pay and for what purpose. You really want to read the fine print. Reimbursement and indemnity coverage can cap your payouts at very low levels. If you had a serious health issue, they might not be much good at all.
Contact Us To Discuss Your Needs
Kentucky is such a beautiful state – full of horses, great golf and of course, amazing bourbon distilleries. We’ve met so many nice people in and around the Louisville, Lexington and Northern KY areas.
Hyers and Associates is a full-service health insurance brokerage operating throughout the entire state. We specialize in coverage both on and off the Exchange. We can help you, your family and/or small business enroll in a policy that suits your needs and budget. Contact us today to learn more!