Insurance commissioner comments on health insurance costs.
Oklahoma Insurance Commissioner John D. Doak released the following statement about the health insurance costs report issued by the U.S. Department of Health and Human Services.
“This is nothing but smoke and mirrors from the Obama administration,” said Doak. “Facts are facts. Rates are going up in Oklahoma. The HHS report is extremely misleading. Saying that our rates are less than the national average leads people to believe everyone is going to pay less for health insurance, but that’s just not true. Oklahoma’s rates are lower than the national average because we have a very robust, competitive insurance market in Oklahoma, but rates are still going up. Each individual will have a different situation. It should be understood that rates and subsidies are two entirely different things. Rate increases will be moderated due to the subsidies which we all end up paying for in the long run. No matter how you try to dress it up, this federal law is unfair, unworkable and unaffordable.”
Oklahoma Insurance Department Chief Actuary Frank Stone added the following:
“With the guaranteed issue requirements and additional taxes and fees imposed by Obamacare, it was inevitable that rates would increase.”