Premium Rates for Oklahoma Health Insurance Marketplace Plans

Premium Rates for Oklahoma Health Insurance Marketplace Plans

Eileen St. Pierre, The Everyday Financial Planner

This posted was updated on 9/26/13.

Open enrollment in the Oklahoma Marketplace (i.e., the Oklahoma health insurance exchange) begins October 1.  Five insurance companies will be offering plans.  Three of these companies are Preferred Provider Organizations (PP0s):  BCBS of Oklahoma, Aetna, and Coventry Health – now owned by Aetna but offering separate plans.  The other two companies, Global Health and Community Care, are Health Maintenance Organizations (HMOs).

According to Oklahoma Watch, all five companies have posted their rate information with the Oklahoma Insurance Department (OID).  The OID has released the information for the PPOs – it is not allowed under state law to release rate information for HMOs.  The information does not appear to be publicly posted.  You need to request a copy of the insurance company filings by emailing the OID – read this news release for contact information.

That’s just as well.  By the time you read everything, the Marketplace will be open for business.  Oklahoma Watch states that BCBS’s filing is 207 pages long, and Aetna’s is 151 pages.

Rates will vary based on three factors:  where you live, how old you are, and if you smoke.  Remember, in 2014 insurance companies will not be able to charge women higher rates.  Here’s a summary of PPO rate information listed in the Oklahoma Watch story:

  • The Oklahoma figures appear to be in line with rates published by other states.
  • Most Marketplace customers will pay between $200 and $700 per month.  Advanced tax credits may be available to individuals and families, reducing this monthly cost.
  • The biggest variable appears to be age – the Affordable Care Act allows insurers to charge a 64-year old three times as much as a 21-year old.  All three PPOs appear to be doing just that.
  • Smokers should expect to pay 10% to 30% more.
  • Oklahoma has been divided into 5 regions – insurers are allowed to charge different rates in different regions based on their claims history and projected costs.  Aetna’s rates are lowest for the 7-county Oklahoma City metro area and highest for Comanche County (Lawton).  On the other hand, Coventry charges its lowest rates in ComancheCounty.
  • A 40-year old, non-smoker in the Oklahoma City metro area will pay $302 per month for a Silver plan from Aetna with a $5,000 deductible.

On September 25, the the Department of Health and Human Services released an Issue Brief outlining premiums on the Federal Exchanges for 2014. The brief provides average cost information for the state and the Oklahoma City (OKC) metro area.  Oklahomans will have 53 qualified health plans to choose from – same as the national average.  In the OKC metro area, you will have 61 plans.

For a family of four with an income of $50,000:

  • On average, they will pay $634 a month for the second lowest cost Silver plan before tax credits, $282 after tax credits. In the OKC metro area, this family will pay $597 before tax credits ($282 after credits).
  • The average premium for the cheapest plan of all, the lowest cost Bronze plan, will be just $63 ($66 in OKC) after applying tax credits.

For a 27-year old no longer eligible to remain on his/her parent’s plan, the lowest cost plans before tax credits will be on average:

  • $105 per month for a Catastrophic plan ($107 in OKC)
  • $114 per month for a Bronze plan ($105 in OKC)
  • $169 per month for a Silver plan ($158 in OKC)
  • $203 per month for a Gold plan ($204 in OKC)

Remember, these premium rates are averages – your actual cost will vary based on your age, where you live, and if you smoke.

Go to www.Healthcare.gov to enroll in the Marketplace starting October 1.  Visit my Health Care Reform page for more information.