Nearly 300,000 Oklahomans depend on the Affordable Care Act Marketplace for health insurance, and nearly all of them are facing huge increases to their premiums next year because of an expiring tax credit.
The ACA’s enhanced premium tax credits were not renewed in the federal budget-focused One Big Beautiful Bill Act. According to the Oklahoma Insurance Department, Oklahomans using the ACA Marketplace can expect, on average, at least a 25% spike in their monthly premiums.
Mike Slovensky, a strategic insurance broker with Anchor Financial Group in Tulsa, says the price hike is a tough pill for his clients to swallow. One client, he says, saw her monthly payment more than quadruple — jumping from $64 to $369 — even though her household size and income remained the same.
“It’s not unheard of this season,” Slovensky said. “For a situation like that, you know, we want to reevaluate.”
Congress is still weighing options for how to prevent the looming premium hikes, which were a key reason behind the government shutdown in November. Most news reports signal a deal is unlikely.
The deadlines to enroll are Dec. 15 for coverage starting Jan. 1 and Jan. 15 for coverage starting Feb. 1. As of Tuesday, the Oklahoma Insurance Department told the Flyer only a fifth of Oklahomans previously enrolled in insurance through the ACA Marketplace have selected coverage for 2026.
How did we get here?
The Affordable Care Act, known to many as Obamacare, included a type of subsidy called premium tax credits, which provided financial help to lower the monthly costs of insurance purchased through the ACA Marketplace.
These premium tax credits were temporarily expanded during the pandemic and the income cap was removed, which Slovensky said opened up eligibility for a lot of people, particularly in the middle class. The amount of money available was increased too. These credits helped reduce the average person’s monthly premium by 44%, according to research by think tank Center on Budget and Policy Priorities.
But now the expanded credits are set to expire and income caps are returning to pre-pandemic levels — changing up who is eligible for help and how much help they get.
Am I eligible for premium tax credit?
This subsidy is mostly based on your household size and yearly income in comparison to the federal poverty level. The closer you are to the poverty level, the more financial help you’ll be able to get.
The expiration of the temporary expansion means the return of income caps. To be eligible for premium tax credits come Jan. 1, you cannot make more than 400% of the federal poverty level. Slovensky says that means many middle-class earners will no longer be eligible for the credits, and households that maintain their eligibility will still pay higher monthly premiums.
You can calculate your percentage to the federal poverty level here, and estimate how much you’d have to pay in premiums here.
So, what are my options?
Oklahoma health insurance agency CommunityCare has carved out plans with access to a smaller network of doctors and hospitals but also with lower premiums, according to Slovensky. He also said some people are looking more closely at their employer’s plans or other short term medical plans. Then, you can fill some gaps with a fixed benefit plan, he adds.
“None of these plans are going to be as robust as the Affordable Care Act,” Slovensky said. “You can still find, you know, solid coverage and just being strategic with what’s available.”
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