OK Insurance Commissioner: Significant health insurance cost increases could be on the way

OKLAHOMA CITY (KFOR) — Oklahoma's Insurance Department Commissioner is warning Oklahomans enrolled in Affordable Care Act (ACA) Marketplace plans that they could soon be seeing a case of sticker shock.

In a news release Wednesday, Mulready says his concerns are tied to uncertainty in Washington, D.C., over whether federal enhanced Advanced Premium Tax Credits will be extended by December.

"A permanent extension of the $338 billion in enhanced federal health insurance subsidies is looking more unlikely," Mulready wrote, encouraging Oklahoma's leaders and citizens to be prepared for the consequences.

Mulready wrote that at least 300,000 Oklahomans rely on the ACA Marketplace plans for coverage, and that enrollment spiked between 2021 and 2024. That number is more than 7% of Oklahomans who rely on the help to offset the monthly fees to keep their insurance.

"If these tax subsidies are not extended, Oklahomans are going to see such a price hike in their premiums," said Haley Faulkenberry, Executive Director of the Oklahoma Association of Health Plans.

In one example of the potential impact, Mulready says Oklahomans on the benchmark silver plan pay about $58 a month. If federal dollars aren't extended by December, Mulready says the cost could jump to $153.

"If something isn't done, I think it's going to affect generations to come on so many levels," said Julie Repschlager, owner of Anew Dawn Counseling Services in Tulsa.

Repschlager says her business currently sees around 500 clients, ranging in age from children to adults.

"There's so many disabled, elderly, and young moms," said Repschlager when reflecting on what the tax credit change could impact. "They can't go without help. They've got to get the help that they need."

Repschlager is worried a dramatic change could lead to a massive mental health decline for Oklahomans and believes that suicide rates and crime would spike as a result.

Faulkenberry says warning signs aren't going ignored by state lawmakers.

"I think these discussions are taking place at the Oklahoma State Capitol," said Faulkenberry.

Faulkenberry praised legislative measures she believes are taking up the call to protect Oklahomans like House Bill 1161 by Rep. Mark Tedford (R-Jenks), Senate Bill 1096 by Sen. Avery Frix (R-Muskogee), and Senate Bill 1067 by Sen. Paul Rosino (R-Oklahoma City), that she says would minimize additional premium increases. Faulkenberry says the bills provide a safeguard by requiring a review of health insurance mandates before they impact affordability for Oklahomans.

Faulkenberry also encouraged Oklahomans to contact their local and congressional leaders to call for action.