Under three months left for eligible Kentuckians to get reduced-cost coverage
FRANKFORT, Ky. (WTVQ) – More uninsured Kentuckians are eligible for reduced-cost health care coverage under the American Rescue Plan (ARP) Act of 2021. To get the benefits of reduced and no-cost plans, both uninsured and currently enrolled eligible Kentuckians have to be properly enrolled through the health insurance marketplace by Aug. 15.
“Health care is a human right, and increased affordability and health insurance coverage expansion allows historically uninsured communities – especially those who have faced significant health disparities during the COVID-19 pandemic – to access coverage,” Gov. Beshear said. “The historic American Rescue Plan is already deeply impacting Kentuckians by ensuring that more of our families get the care they need and deserve.”
Over 35,000 uninsured Kentuckians with incomes higher than 400% of the federal poverty level can sign up for a recently launched health insurance marketplace subsidy through Aug 15. Those with incomes between 150% and 400% of the federal poverty level could qualify for additional financial support to cut down out-of-pocket costs for Marketplace premiums. Along with that, 7,100 uninsured citizens of the Commonwealth with incomes under 150% of the federal poverty level can enroll in free health insurance coverage.
Savings will depend on an individual basis, but generally, premiums will decrease on average by $50 per person each month, or by $85 per policy per month.
The special enrollment period of Feb. 15 to Aug. 15 through the federal marketplace was introduced by the Biden-Harris administration for those who needed health care coverage during the pandemic. Since the start of the enrollment period, more than 1 million people have signed up for coverage through healthcare.gov.
“Following the passage of the ARP, tens of thousands of our families can receive additional financial support to find the coverage that best meets their needs at a price they can afford,” said Cabinet for Health and Family Services (CHFS) Secretary Eric Friedlander.
CHFS Deputy Secretary Carrie Banahan said, “Four of five enrollees will be able to find a plan for $10 or less per month after premium tax credits, and over half will be able to find a Silver plan with a zero-dollar premium.”
Marketplace shoppers typically choose Silver plans, according to Banahan. The CHFS Deputy Secretary also noted that consumers who qualify for cost-sharing reductions, or “extra savings,” can save a lot of money on deductibles, copayments and coinsurance when they seek care if they choose a Silver plan.
Even though the 2021 special enrollment period ends on Aug. 15, current enrollees can determine if they want to change to a new plan for the rest of the year.
Assistance is available through Kentucky licensed insurance agents and kynectors registered on the insurance marketplace. Those with current plans need to reselect their plans for the changes to take effect and for their premiums to be reduced.
More information can be found on healthcare.gov.