Now that the healthcare mandate has been upheld, there is every reason why Kentuckians should be thinking seriously about purchasing health insurance, if they haven’t already done so. According to a U.S. Census Bureau estimate, an average of 15.5% of Kentuckians or about 663,000 residents lacked health insurance during the period 2018-2020. Starting in 2022, some of these people will become eligible for Medicaid and others will receive tax subsidies to help them purchase a Kentucky health insurance plan on their own. However, the individual mandate provision rules that those who don’t fall into any of these categories will have to pay a penalty if they don’t purchase health insurance.
Many Good Aspects
There are many good aspects to the new legislation.
• The importance of having health coverage can hardly be stressed. A serious illness or accident can wipe out a family’s savings if the affected person is not insured.
• The new legislation ensures that people cannot be denied coverage because of a pre-existing condition.
• Children stand to gain as they can stay on their parents’ policy till age 26. This is especially useful for students who have just graduated and are seeking employment.
• Senior citizens in Kentucky will gain as Medicare benefits will improve with Obamacare.
However, Kentuckians who do not have insurance and are subject to the mandate will have to pay fines as assessed through the tax code. By 2016, the fines work out to as much as $2,085 per family or 2.5 percent of income, whichever is higher.
Kentucky Governor Steve Besmear has announced that the state is ready to roll out a state-operated Health Benefit Exchange. This will allow people to compare health plans from various providers and choose the one that best meets their needs and budget.
Open enrollment season is in the fall. In the face of the many changes that are taking place, getting professional advice is the best option for the uninsured. Affordable plans are available at One Source Benefits. A licensed, experienced, independent health insurance broker, this company represents several leading Kentucky health insurance companies. It has all the resources and technology to offer the state’s residents instant access to affordable Kentucky individual health insurance plans.
About the Company
One Source Benefits is a licensed health insurance broker with over 25 years of experience. The professional firm offers affordable Kentucky health insurance plans with comprehensive coverage. Call Toll Free: 01712-562386 for more information.