What can Insure Oklahoma do for my business?
Employers who participate in Insure Oklahoma save on health insurance premiums for their eligible workers.
An example of how the Insure Oklahoma program could work for your business
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Employee has a family of four: husband, wife, two children (children may be covered under the SoonerCare program).
The employer receives the Employee eligible letter indicating:
Applicant Name: John Smith
Health Plan Choice: H00000 Oklahoma Care
Spouse Name: Mary Smith
Health Plan Choice: H00000 Oklahoma Care
Effective on 11/01/2007 through 10/31/2008
Employee Premium Share Amount: $ 92.50
Employer Premium Share Amount: $ 105.00
State / Federal Subsidy Amount: $ 672.00
This example assumes:
Annual household income: $37,000
Oklahoma Care monthly premiums are: $420 for the employee, $450 for the spouse / $870 for employee & spouse.
O-EPIC will calculate the following:
| Payer |
Employee |
Spouse |
Total |
| Employer |
$105.00 |
$0.00 |
$105.00 |
| Employee |
$46.25 |
$46.25 |
$92.50 |
| Insure Oklahoma |
$268.75 |
$403.75 |
$672.50 |
| Totals |
$420.00 |
$450.00 |
$870.00 |
The employer share is 25 percent of the employee rate of $420 or $105. The employee share is 15 percent of $870 or $130.50. Since the $130.50 exceeds 3 percent of the employee family income, the employee share is capped at the 3 percent figure or $92.50
The O-EPIC subsidy equals the remaining balance of $672.50. |
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