The Oklahoma State and Education Employees Group Insurance Board (OSEEGIB) today adopted an overall 7.6% increase in health insurance premium rates for the 2010 plan year. The rates are effective January 1 for current and former employees who are not eligible for Medicare coverage.

Actuarial studies presented to the Board in July projected an overall rate increase of about 12%. At that time, the Board began looking for ways to minimize the increase.

Commenting on the premium increase, Board Chairman Richard Womack said, “During this time of tight and tightening budgets, the Board has taken steps to reduce the financial impact to our plan members and employer groups. While any premium increase is regrettable, the Board was able to minimize the premium impact by increasing members’ copays for both medical and pharmacy services,” Womack added.

The Board also discussed the preliminary rates for the 2010 Medicare Supplement Plans which are expected to increase an average of about 6% next year. The Medicare Supplement rates will be formally adopted at the Board’s September 11th meeting.

OSEEGIB provides group health, dental, life, and disability insurance to over 180,000 public sector employees and retirees of state, education and local government employers and other not-for-profit entities.

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