Tulsa, Oklana. (ktul) – If Congress decides not to renew its major federal grants, hundreds of thousands of Oklahomans could soon face higher health insurance premiums.
Premiums for those registered in the Affordable Care Act (ACA) market plans could increase by up to 75% from 2026, according to the Oklahoma Department of Insurance.
Mike Rhodes, vice-chairman of the Oklahoma Department of Insurance, highlighted the potential impact if these grants were not extended.
“If these subsidies aren't extended, you'll have an impact on the premium,” Rhoads said.
Subsidies that help reduce health insurance costs for people who purchase through the ACA market are set to expire at the end of 2025 unless Congress takes action.
“These will disappear unless Congress enacts measures to continue them at the end of 2025,” explained Rhoads. “So the impact of rising personal premium prices in the ACA market is that there are about 300,000 Oklahomans who currently have this coverage.”
In a statement, the Oklahoma Department of Insurance is expected to see an average cost of Oklahoma benchmark silver plans increase by 65% if the grant expires on time.
Rhoads explained that these potential changes could cause ripple effects across the health care system.
“What may happen is that if people can't afford premiums, they may choose to be uninsured,” Rhoads said. “Now if you get sick, you probably still go to the hospital and you're not insured – it's uncovered care. Those costs – we call that cost moving to other markets, and it's going to raise premiums for everyone.”
As of now, Congress has not made a decision on whether to extend these important grants.
The Oklahoma Department of Insurance is encouraging residents to inform potential changes that could affect health costs.
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