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The Value of State Funds

There are times when financial or medical hardships make it impossible for us to get insurance coverage. There are also times when unforeseen disasters wreak more havoc than we, or our insurers, are able to pay. It is during these times that state and federal funds can step in and make all the difference.

Health Insurance Assistance

Your state may have many programs available to help you pay for health care needs with state funds. Most states have a ‘CHIP’ program to offer health care access to families of little means with children.

For adults without access to group insurance and who have been declined individual health insurance, some states have a high-risk pool. High-risk pools are funded by the premiums of members but are subsidized by state funds.

Car Insurance

Most states in the U.S. do not allow auto insurance to be an option for resident drivers. This can cause a problem for people who don’t have the necessary funds to pay auto insurance premiums. While there aren’t currently any state funded auto insurance plans, some states are considering the addition.

What many states do have is an unsubsidized auto insurance option for high-risk drivers. Since these drivers often can’t get coverage through traditional companies because they represent too high a risk to the insurer, a high-risk pool offers them a guaranteed, if expensive, option.

Home Insurance

Many states get ravaged during hurricane season and in many of these states, the government has set up a state run option for high-risk homeowners. The state run insurance option is not subsidized, but it does offer important protection for your largest investment.

In addition, the Federal Emergency Management Agency (FEMA) sometimes uses government funds to assist homeowners with no homeowners insurance coverage, or too little insurance coverage, if they sustain damage to their homes after a hurricane or storm.

It is important to remember potential FEMA assistance is not to be relied upon. Homeowners should have insurance as their primary course of protection.

May 30, 2010

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