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THE DEJARGONIZER

"C" - Health coverage for serious conditions

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Prior to 2014, high-risk pool plans provided coverage to individuals who had been denied insurance because of health issues. They placed people with similar medical needs in one pool.

Since 2014, the Affordable Care Act has required that all health policies be guaranteed issue (meaning no one can be denied for health conditions). If the Affordable Care Act is repealed, high-risk pool plans might be revisited as a method of keeping insurance within reach of people who may not qualify.

The tradeoff: these plans were often twice as expensive as the average plan and had more limited options. Out-of-pocket costs were high, and most had a limit on the amount they paid in a lifetime.

Funding high-risk pools was tricky too. With all the sickest people in one pool, the cost per person was higher than the premiums paid. So they were usually funded by state governments. With the Affordable Care Act still in effect, the premiums paid by healthy people help cover the cost of the bills for those who are sick.

The Mylo team (along with our parent company Lockton) is keeping a close watch on current developments with the Affordable Care Act and will update you on any changes.

Reminder: Open Enrollment for 2019 health insurance is in effect through Dec. 15, 2018 (with extensions in some states). If you’re in the market for new health insurance coverage, call the friendly licensed agents at Mylo for the most up-to-date plans! We look forward to helping you out, even if you just want advice.

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Beyond health insurance

When checking out health insurance, you’ll want to keep additional ways of paying in mind – like tax-free savings accounts. Get to know your options.

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Small biz health insurance options tailored to you.

You’re building a healthy business. We’ll help with the healthy employees.

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The right coverage for you? Surprisingly simple.

  1. AUTO

    However you roll, Mylo protects your vehicle … with a special discount for bundling auto and home coverage together.

  2. HOME

    Whether house or condo, protect your castle by letting Mylo’s experts guide you to a sweet home insurance plan.

  3. BUSINESS

    Get a custom consultation on affordable coverage tailored to you. Only pay for what you need (nothing more, nothing less).

  4. HEALTH

    Mylo takes the tricky out of choosing a health plan, guiding you to the right coverage for you and your budget.

  1. Ready to untangle another tricky topic?