OK Insurance Companies Participating In 'Obamacare' Propose Rate Hikes

Big price hikes are likely coming for Oklahomans who buy insurance through the Affordable Care Act. 

The state's largest provider, Blue Cross Blue Shield, is proposing an average hike of 31 percent.

A spokesperson for Blue Cross Blue Shield of Oklahoma said the increase is due to a higher than expected claims experience with the members in these plans.

Jeanie Crisp has Blue Cross Blue Shield insurance purchased through the Affordable Care Act for about a year and a half. Since she had a heart transplant several years ago, she's on the gold plan.

“I’m happy with what they pay, I’m not happy with what they’re charging,” Crisp said.

She pays a premium of $425 a month with $100 government subsidy, but now that premium could be going up dramatically.

“I was in shock, I couldn’t believe they were going to increase it that much,” she said.

According to Healthcare.gov, rate increases with Blue Cross Blue Shield of Oklahoma range from 10 to nearly 44 percent.  

Oklahoma Deputy Insurance Commissioner Mike Rhoads said the same thing is happening across the country and with other carriers here in Oklahoma. Other carriers may not be proposing as drastic of hikes since they don’t have as big of market share.

“For the first time, the carriers, everybody that’s participating in the marketplace, are seeing what the actual experience, the actual claims cost experience is for all the new enrollees they picked up in 2015,” Rhoads said.

Rhoads said at least one Oklahoma carrier has filed notice they will no longer participate in the Affordable Care Act, and others are still deciding. 

The U.S. Secretary of Health and Human Services said federal subsidies would soften the impact of any rate increases, or customers could try to find less expensive plans.

But Crisp said with her condition, less coverage isn't an option, and she's running out of them.

“I don’t know what I’m going to do. I’m on a fixed budget right now,” she said.

Rhoads said the Oklahoma Insurance Commission doesn't have to approve any rate increases with individual plans. The federal government does.

A spokesperson from Blue Cross Blue Shield said the company's administrative costs have decreased, and last year, they were under the premium-to-claim cost ratio mandated by the federal government.