Washington - U.S. Senator Robert Menendez (D-NJ) today hailed the State of New Jersey signing a "high-risk pool" agreement with the federal government, on which his office worked with both parties. The new health insurance reform law has created state-by-state insurance pools to lower costs for residents who are uninsured because of pre-existing conditions. These pools are fully funded by the federal government and last until 2014, as a bridge until the new health insurance exchange is operative. States have the option to shape their own high-risk pools or allow the federal government to run it completely. The agreement signed by New Jersey allows the state to run its own pool, which will total $141 million, paid for by the federal government.
Senator Menendez released the following statement:
"One of the main principles at the heart of the health insurance reform law is that insurance must be affordable not just for the healthy, but for those with pre-existing conditions as well. This agreement helps deliver on that front by creating an insurance pool for New Jersey residents who struggle to find affordable insurance because of a medical condition. In these tough times, that sort of health coverage means more than ever. This will help save and improve lives of those who access the program. The result will be a healthier and wealthier families and a more prosperous state."
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