Mansell, Engel & Cole

Health insurance costs spiking sharply for Oklahomans

They’ve gone “about as high as they can go.”

We’re talking health insurance deductibles in today’s Mansell Engel & Cole blog post, with the above quote being provided courtesy of a researcher who centrally contributed to a report spotlighting that subject matter.

The relevant information emerging from a recent national study employing federal government data is diverse and meaningful. Its Oklahoma-centric findings reveal these takeaways:

  • State residents’ income spent on employer-sponsored insurance premiums and deductibles is at a threshold materially exceeding the national average
  • Oklahomans’ payments for those health outlays spiked upward at a rate outpacing median household income across the state by 27% over a 10-year measuring period

A bit of specific statistical data might help to clarify and put dramatically rising health care costs into meaningful perspective. To wit (and as noted in a recent Tulsa World article): “Premiums and deductibles now equal 12.3% of median income, compared to 9/7% a decade ago.”

Can residents continue to stay on top of such inexorably jacked-up outlays?

Many industry experts and commentators think not. There is obviously a breaking point for many individuals and families concerning how much money they can continue to allot to health care costs. Legions of people have already reached that plateau.

Given the huge amounts paid by policyholders to stay current on their care plans, it is critically important for insurers to respond in timely and good-faith fashion when help is requested. Policyholders can quickly fall into dire circumstances when care providers wrongly delay or deny outright claim payment demands.

An insurance contract creates reciprocal duties. When an insured dutifully complies with all relevant terms and conditions, it is incumbent upon an insurer to do the same. When that does not occur, an aggrieved policyholder can reach out for aggressive and knowledgeable legal help to a proven team of pro-policyholder insurance law attorneys.

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