Definition Of State High Risk Pools For The Medically Uninsurable In Insurance

Definition of "State high risk pools for the medically uninsurable"

Sherry Marsh, Real Estate Agent Keller Williams Realty

State plans that provide health insurance coverage for those who are unable to purchase medical insurance. Coverage is provided by a specially formed nonprofit-making pool comprised of all the health insurance companies doing business in that particular state. The pool offers the insurance coverage to those residents of the state who: have been rejected for health insurance coverage by at least one insurance company; and/or have higher premium payments for a currently insured plan than that required by the pool; and/or have insurance under a rated health insurance policy or have a restrictive rider attached to that policy. The typical lifetime maximum benefits in most states is $500,000 with a $500 deductible. The waiting period in most states is usually six months if the applicant has been treated for a medical problem within six months of the application. Generally, in most states the premium paid by the insured ranges from 125% to 150% of the standard premium rate for that of an individual health insurance policy purchased through a standard carrier.