Is Health Insurance Mandatory In Kentucky?

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   Michael Pelfrey

   Owner/Agent, Pelfrey Financial Services, Lexington, KY

   Because of the Affordable Care Act, if you do not get health insurance, you will pay a tax penalty of $95 or 1% of your income, whichever is greater.  That tax penalty will increase in the coming year.  Individuals and families can purchase insurance through the Kynect.gov exchange.  Those making less than 133 of federal poverty level can qualify for Medicaid.  Tax credits that can reduce monthly premiums are available to those making less than 400% of federal poverty level (around $96,000 for a family of four).  Those making less than 250% of federal poverty can receive additional assistance to reduce their out-of-pocket cost.  Contact an independent insurance agent to get guidance on which policy may be best for you.

   Answered on November 22, 2013

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