Oscar
Health has been offering health plans since 2014, amassing a
national presence and hundreds of thousands of members. The company
mainly sells health insurance to individuals in the markets created by the
Affordable Care Act.
For 2019,
Oscar offered health-insurance plans in nine states: Arizona, California,
Florida, Michigan, New Jersey, New York, Ohio, Texas, and Tennessee.
Documents reveal
the company plans to operate in Philadelphia and nearby Delaware county in
Pennsylvania next year. Oscar has also filed to be an insurer in Illinois and
Georgia.
Oscar has
said that it’s planning to offer a new type of health insurance as well. In
2020, Oscar will start offering Medicare Advantage plans. The company hasn’t
yet said where it will sell those plans.
Oscar in
May provided reporters with a summary of its financial results for the first
quarter of 2019. The company said it took in $354 million in gross premium
revenue, and that it generated a gross underwriting profit of $82 million. The
company said it spent about 70% of its members premium dollars on medical care.
The
figures that Oscar provides are adjusted to account for a reinsurance agreement
with insurance giant Axa.
According
to the filings reviewed by Business Insider, Oscar posted a net profit of $24
million in the first quarter of 2019.
http://www.rapid-evolution.com/2019/06/03/health-insurance-startups-like-bright-and-oscar-have-raked-in-3-billion-in-venture-funding-theyre-using-that-war-chest-to-plot-out-massive-expansions-across-the-us/
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