Oklahomans May Experience Skyrocketing Healthcare Premiums Next Year
WASHINGTON, DC – Senator James Lankford (R-OK) today released information regarding the potential skyrocket of premiums for Oklahomans due to Obamacare. The information comes from a recent report released by the U.S. Department of Health and Human Services (HHS) on the heels of an active Supreme Court case, King v. Burwell.
“As we await the Supreme Court ruling on King v. Burwell, we must focus on ways to protect Oklahoma families and businesses from the harmful effects of this failed law,” said Lankford. “Obamacare has forced some Oklahomans to lose their coverage and a number of other families have seen an increase in premiums and deductibles. As uncertainty grows, I continue to work with my colleagues in the Senate to ensure that our healthcare system becomes more affordable and patient-focused, rather than Washington-focused.”
On June 1, 2015, HHS released a report entitled “Public Review of Proposed Health Insurance Rate Increases for 2016 Coverage Year.” The document details that insurers are filing large premium increase dues on Obamacare plans across the country.
The information from HHS shows eight major individual and small group plans in Oklahoma have already submitted requests to increase premiums from 11 percent to 45 percent for next year. Blue Cross Blue Shield of Oklahoma, the largest insurer in the state, filed rate increases from 23 percent to 44 percent for 2016.
The Supreme Court Ruling on King v. Burwell, expected this month, leaves even more uncertainty for providers. If the Court rules against the federal government, 6.3 million Americans will lose their subsidy to pay for health insurance because of the flawed text of Obamacare.
For Oklahoma this means:
· 87,136 Oklahomans are at risk of losing their healthcare subsidy;
· $18,221,424 total monthly tax credit dollars are at risk;
· 243 percent average increase in premiums if the subsidy is lost.
Many of the vulnerable individuals previously had Insure Oklahoma healthcare subsidies, but they were eliminated by the Obamacare mandate.