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From what I'm reading, it sounds like the p2p insurance is intended to cover a portion of the deductible. This would allow the members of the pool to choose hig
by ryan-c 11y ago
From what I'm reading, it sounds like the p2p insurance is intended to cover a portion of the deductible. This would allow the members of the pool to choose higher deductible plans than they would otherwise be comfortable with. If someone develops a chronic illness which is expected to always eat up the pool they would probably be booted after the first year.
- JoeAltmaier 11y agoWhoa - isn't that illegal now? Preexisting condition can't prevent an insurance group from admitting a new member? Or is that restricted somehow?
- ryan-c 11y agoI have no idea what the legality of it would be, but it probably wouldn't make sense to accept or keep someone with an expensive-to-treat condition in small pool like that because there may not be enough other members to absorb the cost. The whole point is that everybody has coverage under a high deductible standard insurance plan (which will be significantly cheaper than a low deductible plan), and then the group shares the risk of the deductibles. Best case, everybody pays less for insurance (including what they pay into the p2p pool). Worst case, someone gets sick and busts the pool (and gets kicked out if it's chronic), but everybody still probably paid less overall. Not sure how well this works if the person who got booted can't get their deductible reduced. I think health insurance is weird in a number of ways for this. It'd probably be great for e.g. homeowners insurance.