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C.L. "BUTCH" OTTER
DEPARTMENT OF INSURANCE
700 West State Street, 3rd Floor
P.O. Box 83720
Boise, Idaho 83720-0043
WILLIAM W. DEAL
|FOR IMMEDIATE RELEASE
June 4, 2010
|CONTACT: Tricia Carney
BOISE ID (June 4, 2010) – According to recent statistics from the US Government Accountability Office (GAO), Idahoans pay the lowest rates nationwide for high risk pool plans. Idaho’s risk pool has been in operation since 2001.
Department of Insurance Director Bill Deal says, “The success of Idaho’s program is a result of having a stable source of funding and responsible supervision by a qualified board of directors.”
Consumers insured by the high risk pool are those whose health situations would normally cause them to be denied coverage. “Collaboration between the legislature and the insurance industry has created a product that is unique among high risk pools. We are financially sound and benefits are priced competitively,” said Hyatt Erstad, Chairman of the high risk pool board.
Currently, Idaho’s approximately 1,500 policyholders pay rates that are 25 percent above the standard rate.
The GAO reports that the median state pool rate for a 50-year-old male non-smoker in 2008 was $6,288 per year. The rate for Idaho’s most commonly purchased plan was $3,300 while the rate for Oklahoma’s most popular plan was $10,176.
Senator Dean Cameron, member of the high risk pool board would prefer that the rates be lower, but says, “Idaho’s reform efforts and the appropriate use and management of the high risk pool have been instrumental in holding rates at this level.”
About the Department of Insurance
The Idaho Department of Insurance has been regulating the business of insurance in Idaho since 1901. The mission of the Department is to equitably, effectively and efficiently administer the Idaho Insurance Code and the International Fire Code. For more information, visit www.doi.idaho.gov.