SB143: Partial Coverage: How Many Will Miss Out on the Benefits of New Diabetes Law?

Will companies change plans in response to new savings rules?

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What does SB143 want to accomplish?

SB143 changes the rules for some health insurance plans in Oklahoma.

Here’s what it does:

➡️Money for Diabetes Care: It lets people with certain high-deductible health plans save money tax-free to pay for diabetes treatment and care. This means they can set aside money without paying extra taxes on it.

➡️No Coverage Cuts: Health insurance plans can’t reduce or stop covering diabetes-related expenses just because of this new rule.

➡️Who Will Oversee It: The Insurance Department and the State Department of Health will make sure this new rule is followed.

This law helps people with diabetes save money for their medical care and makes sure their insurance coverage stays the same.

Who will benefit from this law?

✔️Individuals with Diabetes: They will be able to set aside money tax-free to cover their diabetes-related medical expenses, making it easier to manage their treatment costs.

✔️People with High-Deductible Health Plans: Those with specific types of insurance plans will have a new way to save money for their health care needs related to diabetes.

✔️Families of Diabetic Individuals: Families can benefit from the ability to save money for diabetes care, which can help reduce financial stress related to managing diabetes.

✔️Health Care Providers: Providers might see more consistent payment for diabetes care due to the financial planning enabled by this new law.

Overall, the law provides financial relief and ensures continued insurance coverage for people managing diabetes.

What are some concerns people might have about this law?

⚠️Limited Impact: Only individuals with certain high-deductible health plans will benefit, leaving out those with other types of insurance.

⚠️Complexity: Setting up and managing tax-free savings accounts for diabetes care might be complicated for some people to understand and use effectively.

⚠️Potential for Increased Costs: High-deductible plans might still result in high out-of-pocket expenses for individuals, even with the tax-free savings option.

⚠️Insurance Plan Adjustments: Some insurance companies might adjust their plans or coverage options in response to this law, which could affect the availability or cost of other benefits.

⚠️Administrative Burden: Both insurance companies and individuals might face extra paperwork or administrative work to manage the new savings accounts and ensure compliance.

⚠️Limited Savings: The amount of money that can be saved tax-free is limited by federal regulations, which might not cover all diabetes-related expenses for some individuals.

This bill is making its way through the legislative process. When introduced, it was set to go into effect at the end of 2023. It remains in committee.

💥Other stories you might be interested in:
SB1251: New Law Gives Refund of Property Taxes to Oklahoma Families

SB1929: Dental Game Changer: New Law Shakes Up Dentist Rules

➡️Is this something that you think Oklahomans need? How will it benefit the county you live in?

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Hi, I'm Judy! I love talking about the area I live in and what affects us. Follow me if you'd like more stories like this.