Oklahoma to Announce Reinsurance Program to Lower Premiums and Expand Coverage

Jul 23, 2017

Credit Nick Youngson / Creative Commons

Oklahoma will soon announce a new health care initiative aimed at reducing premiums and expanding coverage for everyday Oklahomans.

As Oklahoma Watch reports, the Affordable Care Act has struggled recently. Blue Cross Blue Shield is the only remaining insurer on the state exchange.

In response, cash-strapped Oklahoma has proposed what is known as a reinsurance program, a method of sharing the risk and cost of insurance across the state. But the effort will come with a catch.

In order to reduce premiums and keep the market functioning, the more than 1.7 million Oklahomans who receive health insurance outside of the marketplace, including from employers, will need to pitch in $60 a year, which works out to five dollars per month.