There are many Americans who become ineligible for health insurance coverage due to their medical conditions. The health insurance companies consider these people as high-risk. States providing high risk health insurance have their own risk pools that are meant to provide health insurance coverage to these high risk people who do not have or cannot afford health insurance as a result of their physical conditions. The eligibility requirements for high risk health insurance depend on certain criteria that an individual must meet. This kind of health insurance is not cheap, though for some it provides short term health insurance.
Eligibility Requirements For High Risk Health Insurance
The eligibility requirements for high-risk health insurance include the following:
- When an individual is given a notice of rejection from a health insurance company.
- When an individual is given a notice of hike in premium rate or surcharge that exceeds the pool rate.
- When an individual is given a notice of reduction in benefit or exclusion of some specific condition.
- If an individual has some qualifying conditions like AIDS, diabetes or cancer.
- Those individuals who lost their job as a result of increased imports and become eligible for Trade Adjustment Assistance qualify for tax credit. The tax credit may be used for HRP.
- If an individual qualifies for HIPAA.
Other Facts About State Risk Pools
There are different ways for the states to fund the risk-pools like tax levied on hospital revenues. The large amount of funding is available by pooling all the eligible people together and get a better group rate. It works similar to that of a group health insurance policy provided by an employer. The rest of funding is done through tax dollars. As there is limited funding, high risk health insurance do not come cheap, and acts as a means to get short term health insurance, till the individual becomes eligible for a reasonable costing plan.
States Providing High Risk Health Insurance
Presently, thirty states have high risk pools. These are:
- Alabama Health Insurance Plan
- Arkansas Comprehensive Health Insurance Plan
- Connecticut Health Reinsurance Association
- Idaho Individual High Risk Reinsurance Pool
- Indiana Comprehensive Health Association
- Kansas Health Insurance Association
- Louisiana Health Plan
- Minnesota Comprehensive Health Association
- New Mexico
- Oregon Medical Insurance Pool
- Tennessee's Tenncare Program
- Utah Comprehensive Health Insurance Pool
- Wisconsin Health Insurance Risk Sharing Plan
- Wyoming Health Insurance Pool
- Alaska Comprehensive Health Insurance Association
- California Major Risk Medical Insurance Program
- Cover Colorado
- Illinois Comprehensive Health Insurance Plan
- Health Insurance Plan of Iowa
- Kentucky Access
- Maryland Health Insurance Plan
- Mississippi Comprehensive Health Insurance Risk Pool
- New Hampshire
- North Dakota
- South Dakota Risk Pool
- Texas Health Insurance Risk Pool
- Washington State Health Insurance Pool
- West Virginia Health Insurance Plan