Health News
- Kynect Opens Special Enrollment Period March 2-april 30 To Give People Without Health Insurance A Chance To Avoid Tax Penalty
The state health-insurance exchange, Kynect, is reopening enrollment in March and April to allow signups by Kentuckians who discovered that not having health insurance means they have to pay a federal tax penalty. ?We believe that many Kentuckians did...
- Obamacare Deadline Is Extended For Those Who Had Technical Problems; State May Also Extend It For Those Facing A Tax Penalty
Were you unable to sign up for Kynect health insurance by the Sunday deadline because of technical problems? You now have until Feb. 28 to sign up. "And like other states and the federal government, Kentucky officials are also considering a 'special...
- Kynect Enrollment For Private, Subsidized Insurance Reopens; Previous Enrollees Should Check Website And Re-enroll
By Molly Burchett Kentucky Health News The Patient Protection and Affordable Care Act's second annual open enrollment period has started and brings with it many changes. Kentuckians can use Kynect, the state?s health insurance exchange, to purchase...
- Kynect Enrollment Accelerates As Monday Deadline Nears; Call Center To Be Open Form 8 To 4:30 Saturday And Sunday
Enrollment in coverage through the state's Kynect health-insurance exchange is accelerating as Monday's deadline for open enrollment approached. State officials reported Friday that the rate has surpassed 4,000 per day, bringing the total to more...
- One In 13 Kentuckians Have Health Coverage Through Kynect
Nearly 322,000 Kentuckians had enrolled for health coverage through the state's new insurance exchange through 6 p.m. Thursday, March 20, and three-fourths of them didn't have coverage before, according to the state's preliminary analysis....
Health News
Feb. 15 is deadline to get health insurance; those who don't can be penalized up to 2 percent of their annual income
Sunday, Feb. 15 at 11:59 p.m. is the deadline to buy private, subsidized health insurance through Kynect, the state-run marketplace created under federal health reform.
If your annual income is above the federal poverty level and you don't buy a policy or enroll in Medicaid, and don't qualify for one of several narrow exceptions, you will be subject to a tax penalty from the Internal Revenue Service. (You may qualify for Medicaid if your income is less than 138 percent of the poverty level; Medicaid enrollment is open year-round.)
The penalty is $325 per person or 2 percent of household income, whichever is greater. "In many cases, this penalty could exceed the annual cost of insurance," the release said, giving these examples using "bronze" plans (the cheapest alternative, which has high deductibles):
- A 30-year-old in Lexington making $20,000 would qualify for a subsidy and pay $37.44 for a full year of bronze coverage, or pay a $400 penalty and remain uninsured
- A 25-year-old in Louisville making $40,000 would qualify for a subsidy and pay $604.08 for a full year of bronze coverage, or pay an $800 penalty and remain uninsured.
?Not only is insurance important for your physical health, it also makes financial sense,? Kynect Executive Director Carrie Banahan said in the release. ?Why risk the possibility of being uninsured and facing a costly medical procedure and a tax penalty, especially when you may qualify for financial assistance to defray some of your premium cost? Don?t wait. Visit Kynect and enroll in healthcare coverage today.?
Private insurance on Kynect is subsidized by an advanced premium tax credit. Those who qualified for the credit will receive a 1095-A tax form, which provides information to help fill out Form 8962 as part of their federal tax returns. Individuals with questions about their Form 1095-A can call a special Kynect hotline at 1-844-373-2417. More information is available at kynect.ky.gov.
People on Medicaid, Medicare, the Kentucky Children's Health Insurance Program, catastrophic health insurance or insurance through an employer or other agency do not need Form 1095-A to file their federal taxes.
- Kynect Opens Special Enrollment Period March 2-april 30 To Give People Without Health Insurance A Chance To Avoid Tax Penalty
The state health-insurance exchange, Kynect, is reopening enrollment in March and April to allow signups by Kentuckians who discovered that not having health insurance means they have to pay a federal tax penalty. ?We believe that many Kentuckians did...
- Obamacare Deadline Is Extended For Those Who Had Technical Problems; State May Also Extend It For Those Facing A Tax Penalty
Were you unable to sign up for Kynect health insurance by the Sunday deadline because of technical problems? You now have until Feb. 28 to sign up. "And like other states and the federal government, Kentucky officials are also considering a 'special...
- Kynect Enrollment For Private, Subsidized Insurance Reopens; Previous Enrollees Should Check Website And Re-enroll
By Molly Burchett Kentucky Health News The Patient Protection and Affordable Care Act's second annual open enrollment period has started and brings with it many changes. Kentuckians can use Kynect, the state?s health insurance exchange, to purchase...
- Kynect Enrollment Accelerates As Monday Deadline Nears; Call Center To Be Open Form 8 To 4:30 Saturday And Sunday
Enrollment in coverage through the state's Kynect health-insurance exchange is accelerating as Monday's deadline for open enrollment approached. State officials reported Friday that the rate has surpassed 4,000 per day, bringing the total to more...
- One In 13 Kentuckians Have Health Coverage Through Kynect
Nearly 322,000 Kentuckians had enrolled for health coverage through the state's new insurance exchange through 6 p.m. Thursday, March 20, and three-fourths of them didn't have coverage before, according to the state's preliminary analysis....