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Health care industry

Coalition Warns Expiring ACA Tax Credits Could Double Premiums for Oklahomans

Strategic Insights

— 1 min read

More than 300,000 Oklahomans rely on enhanced subsidies to afford health insurance, and a coalition of health care providers and patient advocates is urging lawmakers to act before these temporary tax credits expire at the end of 2025. The coalition warns that if Congress does not extend the credits, health insurance premiums will skyrocket for hundreds of thousands of Oklahomans in 2026.

Key Takeaways:

  • The premium tax credit (PTC) has been expanded to make health insurance more affordable for millions of people since the COVID-19 pandemic, with a 75% increase in ACA plan enrollment in Oklahoma.
  • More than 300,000 Oklahomans currently rely on PTCs to cover the cost of their health insurance purchased through the Affordable Care Act Marketplace.
  • If the enhanced credits expire, a family of four earning $80,000 a year could see their annual premium nearly double from $3,119 to $6,041, and a couple earning $90,000 could see their premium increase 286% from $6,632 to $25,631.
  • The loss of enhanced PTCs would have broad impacts, not just for those on ACA plans, and could lead to only the least healthy people being insured, causing premiums to rise.
  • The coalition is urging lawmakers to act to protect the health and financial security of Oklahoma families, warning that inaction would have significant consequences.

Statistics:

  • 75% increase in ACA plan enrollment in Oklahoma due to the expansion of eligibility for PTCs (Source: Oklahoma Insurance Commissioner Glen Mulready).
  • 300,000+ Oklahomans currently enrolled in ACA plans relying on enhanced PTCs.
  • 75-100% increase in premium costs for families of four and couples earning $80,000 and $90,000, respectively, if PTCs expire (estimated).
  • 27.8% of household income for a couple earning $90,000 could be spent on health insurance premiums if PTCs expire (calculated).

Sources:

  • Oklahoma Insurance Commissioner Glen Mulready (Oklahoma Insurance Department)
  • Oklahoma Families for Affordable Healthcare (Julie McKone, executive director)
  • Oklahoma Association of Health Plans (Haley Faulkenberry, executive director)
  • The Associated Press

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