PY 2024 insurance premiums set for state, education and local government employees
OKLAHOMA CITY – The Office of Management and Enterprise Services approved premium rates for health, dental, life, disability and vision insurance products to be offered to state, education and many local government employees, retirees and dependents for Plan Year 2024.
Rates for all plans were recommended by the Oklahoma Employees Insurance and Benefits Board (OEIBB) and approved by State Chief Operating Officer and OMES Executive Director John Suter.
After being presented data on industry trends, financials and claim projections for the upcoming year by the board’s third-party actuary, OEIBB suggested premium changes for 2024.
HealthChoice, the state's self-funded insurance plan administered by OMES, increased about 6.10% for HealthChoice High and Basic option plans for current employees and pre-Medicare retirees. For Medicare-eligible members, the HealthChoice SilverScript High Medicare Supplement option increased 6.20%, and the Low option increased 5%. HealthChoice's dental plan increased 2.30%.
"We've all been affected by these unprecedented inflationary times," Suter said. "With rising health care prices, OMES continues to prioritize offering valuable plan options at the lowest possible rates for Oklahoma's public employees and their families. Thanks to the fiscal responsibility of the HealthChoice plans over the years, we were able to yet again invest a large amount of savings this year to offset premium increases that would have been significantly higher while maintaining the high value and long-term financial stability of the HealthChoice plans."
Blue Cross Blue Shield of Oklahoma's BlueLincs HMO premium increased 3.50%, and its Medicare Supplement plan increased 9.63%. The BCBSOK Medicare Advantage and dental plan rates remained flat.
CommunityCare's HMO premium increased 4.50%, and its Medicare Advantage plan decreased 1.22%.
The GlobalHealth HMO rate increased 5.01%, and its Medicare Advantage plan decreased 4.78%.
Humana will also be offered again for Medicare-eligible members, at a 3.98% rate increase.
Government and education employees can expect to enroll in 2024 plans this fall during the state's annual Option Period. The approved rates will take effect Jan. 1, 2024. To find all plans and rate changes, please view this chart.