State Question 756, passed in 2010, amended the Oklahoma Constitution to prohibit laws which compel individuals, employers and providers to participate in health care systems. Because of that legislative change, insurers offering products on the exchange were required to submit rate filing justifications to CMS by May 11. The initial proposed rate change information is now available at https://ratereview.healthcare.gov.
According to the American Academy of Actuaries, the major drivers of 2017 premium changes are growing health care costs, the elimination of reinsurance program funds, changes in risk pool composition and changes in provider networks.
CMS officials will review the proposed rate changes and determine if they are justified. The rates will be finalized by August 23.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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SOURCE Oklahoma Insurance Department