Oscar
Health will roll out its biggest expansion of health insurance yet, expanding
to 12 new markets and six new states to sell coverage for individuals and
families in 2020.
Calling
the expansion its “biggest market expansion ever,” Oscar’s effort comes as
health insurance companies across the country make more money and better manage
the care of sick patients signing up for individual Obamacare coverage sold
under the Affordable Care Act.
“This
is the third consecutive year Oscar has significantly expanded its footprint,
and this expansion brings Oscar’s total geographic footprint to 15 states and
26 markets,” Oscar said Thursday. The company said its “2020 insurance plan
portfolio” is still being reviewed by regulators so executives didn’t release
pricing or provider network partners on Thursday.
The
announcement comes after Oscar announced another quarterly underwriting profit
and signed an agreement with a new
reinsurance partner, Berkshire Hathaway’s National
Indemnity reinsurance subsidiary. Such reinsurance partnerships typically
mean a health plan like Oscar will have more capital to expand and invest in
new technology.
Oscar
currently sells individual Obamacare coverage in 14 markets in 9 states: New
York, New Jersey, California, Tennessee, Ohio, Texas, Florida, Michigan and
Arizona. Oscar now has 260,000 health plan enrollees across the country.
On
Thursday, Oscar said it will expand in Florida to Miami, Tampa, Ocala and
Daytona. In addition, Oscar said it will sell plans for the first time in
Philadelphia; Denver; Richmond, Va.; Atlanta and the Kansas City market that
includes both Kansas and Missouri. And in Texas, where Oscar has offered
coverage for several years, company executives said they will “enter Houston
and expand the plan options we offer in Dallas-Fort Worth.” The company is also
expanding to “serve several counties in Western Michigan,” Oscar said.
“Oscar’s
expansion proves that our commitment to making health care easy — by developing
seamless technology and providing personalized support — is working,” Oscar CEO
and Co-founder Mario Schlosser said. Schlosser founded Oscar with Joshua
Kushner, brother of Donald Trump’s son-in-law Jared.
Oscar,
which made its name as a startup focused on providing Obamacare coverage,
earlier this month reported second-quarter “underwriting profit of $128
million.” Earlier this year, Oscar announced plans to enter the business
of selling private Medicare Advantage plans for seniors.
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