On Wednesday, Governor Andy Beshear announced his plans to bring back a state-based health insurance exchange, due to an increasing amount of Kentuckians without health insurance.
After Kentucky has battled the coronavirus for months, Governor Beshear said, “this pandemic shows us that the lack of good health care options makes us more vulnerable and less resilient.”
A letter of intent was sent to federal government for permission to bring back the state-based health insurance exchange known as “Kynect.” Kynect would help to expand coverage to Kentuckians and would bring lower premiums than a federal exchange, Beshear said.
Governor Beshear said Kentucky’s transition back to a state-based healthcare exchange would start January 1, 2021. According to estimates from the Beshear Administration, bringing back the state exchange will save the state between $2.8 and $3.8 million the first year and $7.8 to $8.8 million thereafter.
“Kynect was a lot bigger than just a state-based exchange,” Beshear added. “We expect to have more on that in the coming months. Notifying the federal government is the first step. This gives us time to do it right, give people more options, and save the state some money.”