Health Insurance

Best Cheap Health Insurance in Kentucky 2022

Best Cheap Health Insurance in Kentucky 2022

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In Kentucky, the state health insurance exchange or Medicaid offers cheap health insurance plans for residents, although the best policy for you depends on your medical needs and financial situation.

For 2022, the average cost of health insurance in Kentucky is $435 a month for a 40-year-old.

We analyzed all health insurance plans on the Kentucky marketplace and found that the Ambetter Balanced Care 30 and the CareSource Marketplace Low Premium Silver plans were the cheapest Silver plans available in the majority of counties.

Cheapest health insurance by metal tier

We compared Kentucky health insurance plans by metal tier and identified the cheapest policy in the state for each level of coverage. You can use the table below to compare the different costs and benefits among the metal tiers.

For example, Ambetter Balanced Care 30 is the cheapest Silver plan, and it comes with a monthly premium of $354 for a 40-year-old and a deductible of $6,100. On the other hand, the monthly premium for the cheapest Gold plan, Ambetter Secure Care 20, is $412, but it has a much lower deductible of $750.

Although Ambetter provides some of the cheapest plans in Kentucky, the cheapest plan for your county may differ depending on insurer availability.

Metal tier
Cheapest plan
Monthly cost for a 40-year-old
Deductible
Maximum out-of-pocket
BronzeAmbetter Essential Care 1$286$8,600$8,600
Expanded BronzeAnthem Bronze Pathway X Transition HMO 6800 for HSA$308$6,800$7,050
SilverAmbetter Balanced Care 30$354$6,100$6,100
GoldAmbetter Secure Care 20$412$750$7,500

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Your age and the metal tier of the plan you choose are two important factors that impact your monthly health insurance premium. As the policyholder's age increases, premiums across all metal tiers increase.

In Kentucky, the average premium for a 40-year-old is 28% more expensive than the premium for a 21-year-old. The average premium for a 60-year-old is 112% more expensive than a 40-year-old.

Cheapest health insurance companies in Kentucky

Finding your best health insurance coverage in Kentucky

The best health insurance policy for you is one that fits your medical needs and financial situation. Typically, policies in the higher metal tiers, like Silver and Gold, have costlier monthly premiums, but they also provide lower out-of-pocket expenses, like deductibles, copays and coinsurance.

These plans are best if you think you may become sick or already have high recurring medical costs that arise from chronic conditions. On the other hand, those who are young and healthy or don't expect to have many medical costs may wish to choose a plan in a lower metal tier, such as Bronze or Expanded Bronze, to save money.

If your household income is below 138% of the federal poverty level, you can enroll in Medicaid to receive federally funded coverage.

Gold plans: best for high expected medical costs

Gold plans are the highest metal tier available in Kentucky and typically cover the greatest share of out-of-pocket costs, which means you'll pay lower deductibles, copays and coinsurance. These benefits come at the expense of a higher monthly premium.

The average cost of a Gold plan for a 40-year-old in Kentucky is 15% greater than the average cost of a Silver health plan. Generally, Gold health insurance policies are the best in terms of cost-effectiveness if you expect to incur high medical expenses, such as from chronic conditions, or you have costly prescriptions. You can expect these plans to cover about 80% of your medical costs, while you pay for the remaining 20%.

The cheapest Gold plan in Kentucky is the Ambetter Secure Care 20. Compare all tiers in Kentucky above.

Silver plans: best for those with low incomes or average medical costs

The coverage and cost of Silver plans fall between Gold and Bronze plans. They can be a good option if you want a lower monthly premium than a Gold plan but higher health coverage than a Bronze plan.

However, Silver plans are eligible for cost-sharing reduction (CSR) subsidies that would further lower out-of-pocket expenses for low-income families. Typical Silver plans cover about 70% of your health care costs, while you pay 30%. But with CSR subsidies, you could qualify for a Silver plan that covers up to 94% of your health care costs.

The cheapest Silver plan in Kentucky is the Ambetter Balanced Care 30. Compare all tiers in Kentucky above.

Bronze and Expanded Bronze plans: best for young, healthy people

Bronze and Expanded Bronze health insurance plans offer the cheapest monthly premiums, but the trade-off is that they also offer the least amount of coverage.

These plans are available to everyone and premiums are cheaper than Silver plans, on average. But if you need medical care during the year, you have to pay more out of pocket before coverage kicks in.

On average, you can expect a Bronze plan to cover about 60% of your health costs, while you pay for the other 40%. Expanded Bronze plans increase coverage to about 65%, while you pay roughly 35%. Therefore, we only recommend these plans if you have the financial means to cover a large portion of the cost of a potential medical emergency.

The cheapest Bronze plan in Kentucky is the Ambetter Essential Care 1. The cheapest Expanded Bronze plan is the Anthem Bronze Pathway X Transition HMO 6800 for HSA. Compare all tiers in Kentucky above.

Health insurance rate changes in Kentucky

In Kentucky, health insurance providers are required by law to get any premium, deductible or out-of-pocket maximum changes approved by federal regulators.

In 2022, Gold plans had the biggest drop in average price — with premiums decreasing by 10% compared to 2021.

Metal tier
2021 premium
2022 premium
% change
Expanded Bronze$387$378-2%
Silver$514$478-7%
Gold$612$548-10%

Premiums are for a 40-year-old adult.

Best cheap health insurance companies in Kentucky

Since the Affordable Care Act was passed, Kentucky has been one of the most successful states in reducing the uninsured rate. There are currently four health insurance companies on the Kentucky state exchange:

Kentucky health insurance companies

  • Ambetter from WellCare of Kentucky
  • Anthem Blue Cross Blue Shield
  • CareSource Kentucky Co.
  • Molina Healthcare

Ambetter plans are being offered through WellCare of Kentucky for the first time in 2022. Their plans will be available in 63 counties, including Boone and Jefferson Counties.

Anthem Blue Cross Blue Shield offers the most affordable rates for Expanded Bronze plans, while Ambetter offers the cheapest rates for Gold, Silver and Bronze plans.

Cheapest health insurance plans by county

The cheapest Silver health insurance policy depends on where you live, your age and the number of people covered. In Pendleton County, for instance, a 40-year-old would pay $115 more per month for the same policy than they would pay in Bullitt County. The table below shows the sample monthly rates for the most affordable plan in each county for an individual and a couple.

County
Cheapest plan
Age 40
Couple, age 40
AdairCareSource Marketplace Low Premium Silver$460$919
AllenAnthem Silver Pathway X Transition HMO 4650 for HAS$419$839
AndersonCareSource Marketplace Low Premium Silver$439$878
BallardAmbetter Balanced Care 30$390$781
BarrenAnthem Silver Pathway X Transition HMO 4650 for HAS$419$839
BathCareSource Marketplace Low Premium Silver$449$898
BellAmbetter Balanced Care 30$408$815
BooneAnthem Silver Pathway X Transition HMO 4650 for HSA$474$948
BourbonAnthem Silver Pathway X Transition HMO 4650 for HSA$401$802
BoydAmbetter Balanced Care 30$354$709
BoyleAmbetter Balanced Care 30$402$805
BrackenAmbetter Balanced Care 30$354$709
Show All Rows

Methodology

Health insurance rates, deductibles and out-of-pocket maximums found in this report were compiled from data found on the Centers for Medicare & Medicaid government website. ValuePenguin utilized the Public Use Files (PUF) to calculate averages by metal tier, county and family size to provide a detailed evaluation of health insurance in Kentucky for the 2022 plan year. Plans and providers for which county-level data was included in the CMS Crosswalk file were used in our analysis; those excluded from this dataset may not appear.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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