Oklahomans using ACA health insurance plans could see higher premiums, official warns

OKLAHOMA CITY — Oklahoma’s top insurance official warned that health insurance premiums could see “substantial increases” next year if federal subsidies for the Affordable Care Act aren’t extended.

“A permanent extension of the $338 billion in enhanced federal health insurance subsidies is looking more unlikely,” said Glen Mulready, commissioner of the Oklahoma Insurance Department, in a statement. “While there might be other potential solutions considered by Congress this year, Oklahoma’s leaders and citizens need to be prepared for the consequences of these subsidies ending with significant changes in health insurance costs anticipated.”

He said the increases in premiums for the 300,000 Oklahomans who rely on the ACA Marketplace for health insurance could begin in 2026 if federal enhanced Advanced Premium Tax Credits are not extended by Dec. 31.

Oklahoma’s enrollment in ACA plans increased 75% because of these subsidies with many who are enrolled pay $0 monthly for coverage while the average costs for Oklahoma enrollees is $58 per month for a benchmark silver plan, the second-lowest priced plan.

“We anticipate that the average cost of a benchmark silver plan in Oklahoma will increase by approximately 65%, jumping from $58 per month to $153 per month in 2026 if the subsidies expire as scheduled,” explained Commissioner Mulready.

This change is expected nationwide. The higher premium costs could lead to consumers moving to Medicaid or becoming uninsured, according to a news release.

Mulready said while he hopes Congress can find a compromise to lessen the impact, the Oklahoma Insurance Department will continue monitoring the situation.

“Oklahomans and my fellow elected leaders must understand the potential impact of the expiration of these federal subsidies,” he said in a statement.

Members of Oklahoma’s federal delegation, Sen. Tom Cole, R-Okla., and Rep. Stephanie Bice, R-Okla., did not return requests for comment by the time of publication.

Oklahoma Voice (oklahomavoice.com) is an affiliate of States Newsroom, the nation’s largest state-focused nonprofit news organization, supported by grants and donations. Oklahoma Voice provides nonpartisan reporting, and retains full editorial independence.