Guaranteed Access to Health Insurance Act of 2012 - Repeals the health insurance and health coverage expansion provisions of the Patient Protection and Affordable Care Act and related provisions of the Health Care and Education Reconciliation Act of 2010. Restores provisions of law amended or repealed by them.
Amends the Public Health Service Act to expand the program to establish state high risk health insurance pools to include qualified reinsurance programs and other innovative methods implemented by a state to provide access to health insurance coverage for eligible individuals that will: (1) mitigate the cost of providing such coverage better than a qualified high risk pool; and (2) ensure that individuals receive consumer protections that are similar to those required for a qualified high risk pool.
Requires the Secretary of Health and Human Services (HHS) to make grants to a state for its costs for creating and initially operating a qualified reinsurance program or an innovative method. Makes states that establish a qualified reinsurance program or an innovative method eligible for grants for losses incurred in connection with its operation.
Revises requirements for a qualified high risk pool. Prohibits lifetime limits as well as premiums greater than 150% of the average premium in the individual market for health insurance coverage in the state.
Eliminates bonus grants for supplemental consumer benefits for current or potential enrollees in qualified high risk pools.
Requires the Secretary, in awarding competitive grants for federal funding for which only states are eligible, to give preference to any state that has received a grant to create and operate a qualified high risk pool in the year during which that grant is awarded.
Requires the Secretary to establish a federal fallback high risk pool program to provide health insurance coverage for eligible individuals in a state that: (1) has not established a high risk pool, qualified reinsurance program, or innovative method at any point in the five-year period before October 1, 2015; or (2) has failed to operate such a pool, program, or method for two consecutive years after such date. Terminates the federal program if the state establishes such a pool, program, or method.