What can Insure Oklahoma/O-EPIC do for my business?
Employers who participate in Insure Oklahoma save on health insurance premiums for their eligible workers.
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.
Insure Oklahoma will calculate the following:
| 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 Insure Oklahoma subsidy equals the remaining balance of $672.50.