Health Insurance

Best Cheap Health Insurance in Kentucky 2021

Best Cheap Health Insurance in Kentucky 2021

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

For 2021, the average cost of health insurance in Kentucky is $470 for a 40-year-old. This represents a 3% increase from the 2020 plan year when the monthly cost was $455.

We analyzed all health insurance plans on the Kentucky marketplace and found that either the CareSource Marketplace Low Premium Silver, Anthem Silver Pathway X HMO 6000 or Anthem Silver Pathway X Transition HMO 4650 for HSA was the cheapest Silver plan available in most 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, the Anthem Silver Pathway X Transition HMO 4650 for HSA is the cheapest Silver plan, and it comes with a monthly premium of $406 for a 40-year-old and a deductible of $4,650. On the other hand, the monthly premium for the cheapest Gold plan, the CareSource Marketplace Gold, is $507, but it has a much lower deductible of $2,000.

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

Metal tier
Cheapest plan
Deductible
Maximum out-of-pocket
Monthly cost for a 40-year-old
CatastrophicAnthem Catastrophic Pathway Transition X HMO 8550$8,550$8,550$248
Expanded BronzeCareSource Marketplace Bronze$7,700$8,550$303
SilverAnthem Silver Pathway X Transition HMO 4650 for HSA$4,650$6,850$406
GoldCareSource Marketplace Gold$2,000$6,500$507

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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 will increase.

For Kentucky, this means a premium for a 40-year-old will be 28% more expensive than for a 21-year-old. That same 40-year-old would pay 53% lower rates for a policy than a 60-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, Expanded Bronze and Catastrophic, 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 in Kentucky is 19% 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 CareSource Marketplace Gold. 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 Anthem Silver Pathway X Transition HMO 4650 for HSA. Compare all tiers in Kentucky above.

Bronze and Catastrophic plans: Best for young, healthy people

Catastrophic and Bronze health insurance plans offer the cheapest monthly premiums, but the trade-off is that they also offer the lowest coverage. Furthermore, Catastrophic plans are only available to people who are younger than 30 or can qualify for an exemption. You also cannot use a premium tax credit to reduce the cost of a Catastrophic health care plan.

Bronze 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 would 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 Expanded Bronze plan in Kentucky is the CareSource Marketplace Bronze. The cheapest Catastrophic plan is the Anthem Catastrophic Pathway Transition X HMO 8550. 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 2021, Catastrophic health insurance plans will have the most severe change — with premiums decreasing by over 18% since 2020.

Metal tier
2020 premium
2021 premium
Change
Catastrophic$371$304-18.04%
Expanded Bronze$426$387-9.10%
Silver$497$5143.56%
Gold$655$612-6.51%

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 two health insurance companies on the Kentucky state exchange:

Kentucky health insurance companies

  • Anthem Blue Cross and Blue Shield
  • CareSource Kentucky Co

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

Cheapest health insurance plan by county

The cheapest Silver health insurance policy in Kentucky is either the Anthem Silver Pathway X Transition HMO 4650 for HSA, CareSource Marketplace Low Premium Silver or Anthem Silver Pathway X HMO 6000, depending on where you live.

But the costs of these plans will differ depending on where you live, your age and the number of people covered. In McCreary County, for instance, a 40-year-old would pay $16 more per month for the same policy than they would pay in Meade County. The table below shows the sample monthly rates for the most affordable plan in each county for an individual, a couple and a family of three.

County
Cheapest plan
Age 40
Couple, age 40
Couple, age 40 plus child
AdairCareSource Marketplace Low Premium Silver$466$932$1,210
AllenAnthem Silver Pathway X Transition HMO 4650 for HSA$465$930$1,208
AndersonCareSource Marketplace Low Premium Silver$449$898$1,167
BallardAnthem Silver Pathway X HMO 6000$533$1,067$1,386
BarrenAnthem Silver Pathway X Transition HMO 4650 for HSA$465$930$1,208
BathCareSource Marketplace Low Premium Silver$455$910$1,183
BellCareSource Marketplace Low Premium Silver$435$871$1,131
BooneAnthem Silver Pathway X Transition HMO 4650 for HSA$502$1,003$1,304
BourbonAnthem Silver Pathway X Transition HMO 4650 for HSA$444$887$1,153
BoydCareSource Marketplace Low Premium Silver$455$910$1,183
BoyleCareSource Marketplace Low Premium Silver$449$898$1,167
BrackenCareSource Marketplace Low Premium Silver$455$910$1,183
Show All Rows

Average cost of health insurance by family size in Kentucky

The health plan you choose, the number of people covered and their ages will all contribute to the cost of health insurance for your family in Kentucky. If you add children to your health insurance plan, each child will cost a flat rate for coverage until they are 15 years old. Once they reach 15, the monthly rate will increase as they grow older.

For instance, the average monthly health insurance cost for a family of four, assuming two 40-year-old parents and two children on a Silver plan, is $1,645 in Kentucky. If you were to add another child to the plan, the monthly premium would increase by $307. So for a family of five, the total monthly cost of health coverage would be $1,952.

Family size
Average monthly cost of health plan
Individual plus child$822
Couple, age 40$1,029
Family of three (adult couple and a child)$1,337
Family of four (adult couple and two children)$1,645
Family of five (adult couple and three children)$1,952

Adults are assumed to be 40 years old. Children are assumed to be 14 or younger. Sample rates are based on the average cost of a Silver plan in Kentucky.

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 2021 plan year.

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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