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IOWA -- Will the new high-risk health insurance pool cover everyone who needs it in Iowa?

Only if that number doesn’t top 975 people.

Assistant Commissioner for Iowa Insurance Division Angela Burke Boston explains Iowa’s New Pre-existing Condition Insurance Plan.

“Iowa received an allocation of $35 million, as part of the $5 billion allocation nationwide. Iowa will share that money, $35-million. Hopefully it will last us until 2014, but that is dependent upon the number of people that enroll and the number of claims and the amount of claims that we have to pay out of that allocation.”

Boston said in order to spread the money out, the program will stop accepting applicants once they reach 975 people.

KTVO’s Kisha Henry asked Boston if there was any concern over this money lasting until 2014.

“There is a concern,” she said. “It depends on the number of people who enroll and the types of claims that we receive. For example, you can have 35 people enroll and have a $1 million claim, and then you've exhausted all the money of $35 million. It doesn't take much to spend $35 million, depending on the conditions that are being insured."

Who can apply for this program?

“People have to meet three criteria,” said Boston. One, they have to be a U.S. citizen, or lawfully residing in the United States. Two, have a pre-existing condition and [three], have been uninsured for six months prior to application.”

Some of the benefits of this program include a $1,000 deductible, a comprehensive plan which covers pharmacy visits and hospitalizations, as well as a lifetime maximum of $3 million.

For a full list of benefits, or to see if you qualify, visit www.iid.state.ia.us. To apply, you may call 1-877-505-0513.