Health high-risk insurance pool was basically developed to help those, who are otherwise considered as medically uninsurable, getting coverage. In simple words, we can say that such pools are made for those people who are refused to get health care coverage because of health conditions. In some cases, it is also applied to the people who are quoted higher premiums, again because of a health condition.
Oklahoma high risk pool is a legal, non-profit entity which was designed by the Oklahoman Legislature in the year 1995. Oklahoma Insurance Department was proposed to create, launch and help in organizing its functions. A board of directors consisted of nine members manages the pool.
The policy provided by Oklahoma high risk pool is governed by the Benefit Management, Incorporated. or BMI. This third-party administrator is situated at P.O. Box 1090, 2015 16thStreet, Great Bend, KS 67530. Any queries regarding Oklahoma high risk pool policies can be asked to either BMI or Frazier Farley, the Oklahoma City manager, at (405)741-8434. For further information, you can visit BMI's official website www.okhrp.org or call 1-877-793-6477 (toll-free).
This pool demands premiums for the offered coverage just as the conventional health insurance companies do. Premiums would seem higher since they're not partly disbursed by an employer. But, the rate of premium can not be more than 50% above the standard medical insurance rate. Since this pool covers people with high risks, it relates to a higher level of claim than the premium is able to cover. Insurance industry pays dollars into such pool to reduce the difference and assist it remain feasible.
All situations can't be covered under this pool. And, to be honest, Oklahoma high risk pool primarily provides medical coverage to the people who are suffering from critical or chronic health conditions. This is basically done to restrict this pool to the Oklahomans who are in real need of it. To get Oklahoma high risk pool, you must meet the below mentioned criteria along with some other criteria (some limitations may be applied).
- You should be a resident of Oklahoma for minimum 12 months.
- You should have been refused from getting health insurance by at least two insurance companies or should have been asked for higher premiums.
- You can't be institutionalized in drug, alcohol or penal facility.