Buying a short-term plan in Oklahoma
- Starting in November 2019, Oklahoma will allow short-term plans to follow federal duration rules. Insurers will be able to sell plans with terms of up to 364 days, with renewal available for a total duration of up to 36 months.
- Prior to November 2019, Oklahoma limits short-term plans to six months and prohibits renewal. But a new state law is changing that in November 2019.
- At least nine insurers offer short-term plans in Oklahoma.
How long can short-term plans last in Oklahoma?
As of November 1, 2019, Oklahoma will allow short-term health insurance plans to follow federal maximum duration rules. That means they’ll be allowed to have initial terms of up to 364 days, and total duration, including renewals, of up to 36 months. This is clarified in Oklahoma Title 36, Section 4419.
Until November 2019, however, Oklahoma’s existing law limits short-term health insurance plans to six months and prohibits renewal. This is referenced in 36 O.S. § 6060.4(C)(2)(f), and a 2011 bulletin from the Oklahoma Insurance Department (LH 2011-01) notes that “short-term health insurance issued on a nonrenewable basis” is exempt from the state’s rate filing and review process. The Oklahoma Insurance Department confirmed this in a bulletin (LH 2018-03) issued in September 2018, and it continues to be in effect through October 2019.
Oklahoma’s new rule — allowing short-term plans to comply with federal duration limits instead of the six-month limit the state had previously imposed — is a result of SB993, which was enacted in Oklahoma in June 2019 and takes effect November 1, 2019.
Which insurers offer short-term plans in Oklahoma?
At least nine insurers offer short-term plans in Oklahoma as of mid-2019:
- American Financial Security Life Insurance (AdvantHealth)
- Aspen Insurance
- Companion Life
- Everest Reinsurance
- Independence American Insurance Company
- National General
- Standard Life
- UnitedHealthcare (Golden Rule)
Louise Norris is an individual health insurance broker who has been writing about health insurance and health reform since 2006. She has written dozens of opinions and educational pieces about the Affordable Care Act for healthinsurance.org. Her state health exchange updates are regularly cited by media who cover health reform and by other health insurance experts.