Bevin: Dismantling kynect will cost $236,000, not $23M
FRANKFORT, Ky. (AP) – Republican Gov. Matt Bevin’s administration says it will cost $236,000 to dismantle kynect, Kentucky’s popular health insurance exchange.
Former Democratic Gov. Steve Beshear set up the exchange with an executive order based on the federal Affordable Care Act. Before leaving office, Beshear said it would cost $23 million to dismantle the system.
Health and Family Services Cabinet Secretary Vickie Yates Brown Glisson said Kentucky will move to a supported state exchange model. That means Kentucky will move to the federal system, but share in the costs with the federal government. The federal government will pay for most of the cost, with the state paying for some administrative functions.
Nearly 100,000 people have purchased private health plans through kynect with the help of a federal subsidy.