Open enrollment for health insurance has begun, but many Oklahomans are facing sticker shock as premiums skyrocket.
Experts attribute the increase to the expiration of enhanced tax credits from the Affordable Care Act, set to end Dec. 31.
Mike Rhoades from the Oklahoma Insurance Department highlighted the issue, saying, “We have a problem in the country with respect to health insurance to the extent that we can get both parties to the table to talk about solutions, that would be wonderful.”
Rhoades noted that a client earning $24,000 annually saw their monthly premium for gold-tier coverage rise from $190 to $450.
Individuals making $40,000 a year could see up to a 75% increase in their premiums.
Deductibles are also expected to rise, reaching $3,000 for individuals and up to $10,000 for families.
Rich Rasmussen, president of the Oklahoma Hospital Association, warned that 300,000 Oklahomans will be affected, stating, “It’s been a long time since we’ve seen individuals faced with the real challenge of deciding whether or not to take advantage of health insurance for themselves or their families or go bare.”
Both Rhoades and Rasmussen caution that opting out of coverage could lead to significant financial burdens if medical care is needed, as hospitals may increase costs to compensate.
Rasmussen also pointed out the looming impact of $6.7 billion in Medicaid cuts over the next decade.
Rhoades advised that having catastrophic coverage is preferable to no coverage at all. For assistance, Oklahomans can visit myokplan.org to consult with a professional.
To find a health insurance expert in Oklahoma, click here.
To navigate health insurance coverage, click here.
To navigate health insurance across the U.S. marketplace, click here.
To talk with a health insurance expert, call 800-522-0071 or 833-465-7526.
