OKLAHOMA CITY –
The cost of health insurance could soar if Congress does not strike a deal on the Affordable Care Act. Nonprofits in Oklahoma said the costs could price people out of their health coverage.
The Oklahoma Association of Health Plans expects premiums to double for some families. They said all of this will have a domino effect on every community in the state.
300,000
About 300,000 Oklahomans rely on the Affordable Care Act marketplace.
“You are talking about individuals who are self-employed,” said Haley Faulkenberry, executive director of the Oklahoma Association of Health Plans. “You’re talking about entrepreneurs. You’re talking about farmers.”
ACA tax credits are set to expire at the end of the year. President Donald Trump has said federal healthcare needs to change.
“It’s bad healthcare at far too high a price,” said Trump on CBS News’ 60 Minutes. “We should fix that.”
An uncertain future for ACA funding has Oklahoma nonprofits’ attention.
“It’s gonna impact all Oklahomans,” Faulkenberry said. “I’m concerned for the state.”
29%
Faulkenberry said a lack of renewed funding for the ACA could bring the average insurance premium up by 29%. A family of four that makes $66,000 per year could see their premium increase by about $250 a month.”
She said a family of four with an income of $130,000 more could face even higher costs.
“Your premium could actually double,” Faulkenberry said.
100,000
Faulkenberry said expensive premiums could cause healthy people to drop their insurance altogether. Uninsured rates for the state would rise as a result.
“Up to 100,000 Oklahomans might choose not to have insurance anymore,” Faulkenberry said.
She said this raises prices for people like herself.
“I purchase my insurance off the ACA marketplace,” Faulkenberry said.
Faulkenberry said her plan had already jumped $100 each month.
“It’s really hitting home,” she said.
Faulkenberry said she expects more people to use emergency rooms for their healthcare if ACA funding is not extended. She said that it will hurt hospitals with uncompensated care costs. That means the rest of us on private insurance could see higher prices.
As the state waits for a budget from Congress, Faulkenberry said preparation must begin with people’s budgets at home.
“The state needs to have an awareness around it,” Faulkenberry said. “This is gonna really hit working Oklahoma families.”
OAHP encourages families to weigh all the options now before prices go up. The Oklahoma Insurance Department offers resources for people regarding health insurance options.
