With “Family Glitch” Fixed, Working Families Encouraged to Shop Healthcare Marketplace

Open enrollment season is underway. And now is the time to check out your options for 2023 health coverage and this year, thousands of Kentuckians can save more through kynect, the state’s one-stop shop for Medicaid and Qualified Health Plans (QHPs).

Individuals and families, especially public employees and those who work in small businesses or who’ve found job-based coverage too expensive in the past, may find new savings available to them this year. They can check out their options and enroll in coverage through January 15th. 

More Kentucky families will qualify for financial help to lower the cost of kynect health coverage – including those who couldn’t get savings in the past.

More Kentucky families will qualify for financial help to lower the cost of kynect health coverage – including those who couldn’t get savings in the past. Previously, eligibility for marketplace health insurance savings was calculated based on the affordability of an individual’s coverage, leaving out dependents and spouses – this was called the “family glitch”. Now, new rules take into account the cost of covering family members as well. 72,000 Kentuckians are now eligible for marketplace premium tax credits – making health coverage more affordable for thousands to the tune of an estimated $400 per person on average.

Eligibility for Marketplace savings depends on whether the individual’s or their family’s employer-sponsored health insurance is deemed affordable. “Affordability” is determined by calculating 9.12% of your household income for 2023. Even if the employee’s employer-sponsored health insurance is deemed affordable their family may still be eligible for savings on their coverage via kynect.

Employers play a critical role in guaranteeing their employees are not only aware of open enrollment, but that they may also be eligible for additional marketplace savings this year.

Small business employees, such as mechanics, childcare teachers, retail workers and others who may not have access to affordable health coverage through their job may now be eligible to save on marketplace coverage for themselves and their families.

Many Kentuckians may be unaware that they’re able to access additional marketplace savings for not only themselves but their whole family. Employers play a critical role in guaranteeing their employees are not only aware of open enrollment, but that they may also be eligible for additional marketplace savings this year. Small business employees, such as mechanics, childcare teachers, retail workers and others who may not have access to affordable health coverage through their job may now be eligible to save on marketplace coverage for themselves and their families. It is important for employees to note that their spouse and dependents need to be a part of the employee’s tax household to be considered eligible in the affordability test.

Employers should encourage their employees to explore their coverage options and cost savings on the marketplace – especially if their employees have yet to enroll in health coverage for 2023. Employees need quality, accessible, affordable health insurance so they can stay healthy to go to work, take care of their families, and have peace of mind knowing that their health is covered.

Employees need quality, accessible, affordable health insurance so they can stay healthy to go to work, take care of their families, and have peace of mind knowing that their health is covered.

This new fix goes is now in effect on kynect. This means that Kentuckians can now visit kynect.ky.gov to calculate their eligibility for additional 2023 savings and enroll with their dependents’ affordability taken into account. If an individual applied for 2023 coverage before December 16 and thinks they could be impacted by this change, they should reach out to a kynector or call 855.4kynect for help updating their application. If an individual has already enrolled in employer health coverage, they need to reach out to their employer to explore their options. And, if an employee isn’t able to get out of their employer-sponsored health care for this year, mark calendars for next year so that they can shop options for 2024 and be prepared.

Kynect has experts on staff ready to help you through the open enrollment process and find a health coverage plan that’s right for everyone. Employees can visit kynect.ky.gov or call 1.855.4kynect to learn more. Don’t wait – reach out to your employees today to ensure they’re exploring their options and getting more affordable family coverage for a healthier 2023.

To learn more about the author, visit: https://kyvoicesforhealth.org/our-team/.