Short-term health insurance provides temporary coverage when you are in between plans for reasons such as unemployment or awaiting open enrollment. Temporary health insurance in Kentucky will cover you for weeks or months, typically less than a year, although the duration can be extended.
Keep in mind that temporary health insurance is not compliant with the Affordable Care Act (ACA), so it does not always cover all the essential health benefits. Providers can also turn down applicants based on preexisting medical conditions.
MoneyGeek found that National General Accident & Health and Everest Reinsurance Company offer the best short-term medical insurance in Kentucky, with scores of 95 and 85, respectively. However, the best option for you will depend on your specific needs.
Short-term health insurance is not a replacement for marketplace plans. By researching subsidies, you could find a marketplace plan with better coverage than a short-term plan at a similar cost.
Best Companies for Short-Term Health Insurance in Kentucky
To determine the best short-term health insurance companies, MoneyGeek analyzed the pricing, plan options and cost-sharing choices for thousands of plans. Within each state, plans were aggregated by company to compile an overview of a short-term health insurance provider. In determining the best short-term providers for specific categories, weights were redistributed to take into account the goal of the health insurance plan.
Please be advised that the costs provided are averages. Actual rates will vary based on consumer profile and location.
Best Overall Short-Term Health Insurance in Kentucky
If you are looking for temporary health insurance in Kentucky, the best companies are:
- National General Accident & Health: 95 out of 100
- Everest Reinsurance Company: 85 out of 100
- Companion Life Insurance Company: 63 out of 100
MoneyGeek ranked these companies based on their average maximum out-of-pocket costs and various cost-sharing options.
The top two providers, National General Accident & Health and Everest Reinsurance Company, have similar average MOOP costs of $7,500 and $7,958, respectively. However, the third-place company, Companion Life Insurance, has a significantly higher average MOOP of $12,438.
National General Accident & Health
National General Accident & Health scored 95 out of 100, ranking highest for the best short-term medical insurance in Kentucky. This company’s short-term health plans offer flexibility regarding term length, costs and coverage options, making it easy to find a plan that suits your unique healthcare needs and budget.
National General Accident & Health offers plans with low MOOPs and co-insurance. Most plans also include coverage for generic drug prescriptions and out-of-network coverage. However, waiting periods can be longer depending on the plan and some plans also have very high deductibles.
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You may be tempted to forego short-term health insurance if you have a lapse of a few months in your coverage. However, MoneyGeek strongly advises against this since the costs of emergency medical care can be extremely costly. For instance, an unplanned surgery can cost tens of thousands of dollars without coverage.
Best Cheap Short-Term Health Insurance
For low-cost temporary health insurance in Kentucky, National General Accident & Health is the cheapest option, with an average MOOP of $7,500.
While cost is essential, keep in mind that plans with low premiums usually have higher out-of-pocket costs. Before choosing the cheapest short-term health insurance plan, ensure that the coverage is adequate for your needs.
National General Accident & Health
MoneyGeek found that National General Accident & Health is the cheapest short-term health insurance provider in Kentucky. This provider has the lowest average out-of-pocket costs among providers in the state and offers flexible plan options to suit different budgets and coverage needs.
Most National General Accident & Health plans have low co-insurance and application fees. Out-of-pocket costs can also be quite low for some plans making them even more affordable. However, remember that the cheapest plans may not necessarily offer sufficient coverage, and you may undergo long waiting periods depending on your plan.
Before you purchase temporary medical plans in Kentucky, it is important to understand how they work. Short-term health insurance is designed to protect you against high expenses in case of a medical emergency.
Temporary health insurance is not a replacement for a marketplace plan or long-term plan. Short-term plans don’t offer essential health benefits, and many do not cover preexisting conditions. The provider may also not renew your policy if a condition develops during short-term coverage.
Best Short-Term Health Insurance Between Jobs
Short-term health insurance can be beneficial if you are in between jobs. For instance, you can purchase a plan for as little as one month. When purchasing health insurance between jobs, it’s best to weigh monthly premiums against coverage and cost-sharing options. Cheap premiums are desirable, but they come with high out-of-pocket costs (MOOPs), which can add up, especially if you need frequent care.
To help you find the best short-term health insurance in-between jobs, MoneyGeek ranked providers based on monthly premiums and cost-sharing. The best providers in Kentucky if you are in-between jobs are:
- Everest Reinsurance Company: $138 per month
- Companion Life Insurance Company: $141 per month
- UnitedHealthcare: $164 per month
Everest Reinsurance Company offers the lowest average premiums and the most plan options for splitting coverage costs.
Everest Reinsurance Company is headquartered in Warren, New Jersey, and offers a wide range of insurance products, including short-term health insurance. If you are in between jobs, Everest Reinsurance’s short-term plans come with multiple co-insurance and maximum out-of-pocket options, making it easy to find a plan that suits your needs.
Everest offers monthly or prepaid payment options and a free look period for their short-term plans. You can also choose from a wide range of coverage lengths, but remember that most plans have long waiting periods, and in most cases, generic prescription drugs are not covered.
Depending on your circumstances, extending your temporary health insurance plan may be necessary. For instance, if the start date of a new job has been pushed back, it may make sense to extend your coverage. However, continuously choosing short-term coverage over the marketplace or long-term plans is unwise.
Even if you’re healthy and only require a cheap plan, the marketplace offers affordable health plans like Catastrophic and Bronze that still cover the essential health benefits.
How Does Short-Term Health Insurance Work in Kentucky?
Short-term health insurance provides coverage when there is a gap or lapse in your long-term health insurance plan, typically for no more than a few months. This means that while short-term health insurance will help you bridge gaps in your health insurance, it is best used as an emergency plan rather than a long-term solution to health insurance.
Short-term medical insurance in Kentucky can be purchased for up to 364 days. You also can renew your policy after the initial 364 days, but the maximum duration allowed, including renewals, is 36 months.
How to Buy Short-Term Health Insurance in Kentucky
Short-term medical insurance is an excellent way to get coverage when there are gaps in your health insurance. MoneyGeek recommends following these steps if you want to find the best temporary health insurance plan for your needs.
Determine How Long You Need Coverage
You can purchase temporary health insurance from three months to three years. Depending on your circumstances, determine the most appropriate plan length to ensure that you will not have gaps in your coverage.
Assess Your Health Care Needs
Before choosing a short-term plan, ensure it offers sufficient coverage for your specific needs. For instance, plans with long waiting periods may not be feasible if you have a chronic illness like cancer. You may also want to check for prescription drug coverage if you have current prescriptions. Keep in mind that some plans have high application fees, maing them costly.
Research Providers and Available Plans
When looking for the best temporary health insurance in Kentucky, comparing providers and plan options is important. Costs, coverage options and benefits can vary widely depending on the provider so take time to research and compare before settling on a plan.
Short-term health insurance plans provide temporary coverage for emergency care when you do not have a long-term health insurance plan in place. Unlike marketplace plans, short-term plans will not include all essential health benefits. Short-term plans are not ACA-compliant, and you may even be declined if you have medical issues or a preexisting condition.
Marketplace plans offer long-term health insurance, including preventative care, but you only enroll during open enrollment. If you miss open enrollment, you may qualify for special enrollment in exceptional circumstances.
FAQs About Short-Term Health Insurance in Kentucky
To learn more about short-term health insurance in Kentucky, you can reference the answers to commonly asked questions below.
About Brenna Kelly, Licensed Health Insurance Agent
- Companion Life. "About Companion Life." Accessed August 16, 2022.
- Everest. "About Us." Accessed August 16, 2022.
- Everest. "Short-Term Medical — U.S.." Accessed August 16, 2022.
- Health Insurance.org. "Duration and Renewals of 2022 Short-term Medical Plans by State." Accessed August 16, 2022.
- National General. "Individuals." Accessed August 16, 2022.