High Risk Insurance Pool Premiums to Vary Widely
According to officials in the Obama administration, premiums for the new high risk insurance pools will range from $140 to $900 a month with the average cost falling between $400 and $600 a month.
The pools, which will be in place until 2014 when permanent health care reform measures become active, are designed to provide government-backed coverage for the uninsured who have been denied private policies due to a
pre-existing medical condition.
Because the premium rates will be tied to the private insurance rates in each of the given states, the costs will vary widely by location. Regardless, younger individuals will pay lower levels.
Consumer advocates are urging those who qualify under the terms of the program to get the insurance although it will likely create an additional financial hardship for many.
Medical debt is responsible for more than 60 percent of bankruptcies in the United States each year, a situation that can be averted for many who will apply for the high risk pool policies.
More information is available at healthcare.gov. According to estimates, anywhere from 200,000 to 750,000 Americans will be enrolled in the program at any one time, causing some analysts to be concerned that the $5 billion allocated to fund the program will be insufficient.