Oscar Health expanding its footprint for the 5th straight year

A bus stop displaying advertisements for Oscar Health
Oscar Health has unveiled its latest expansion plans. (Oscar Health)

Oscar Health said it plans to offer its individual and family plans in three new states and 146 new counties for the 2022 plan year, marking its fifth straight year of geographic expansion.

The startup insurer will offer plans for the first time in Arkansas, Illinois and Nebraska and also intends to expand its reach in Colorado, Florida, Georgia, Iowa, Missouri, Oklahoma, Pennsylvania and Texas.

The expansion, which is pending regulatory approval, will bring the company's total footprint to 22 states and 607 counties including its individual and family, Medicare Advantage and small group plans, which includes the co-branded Cigna + Oscar coverage.

“Our focus at Oscar has always been to expand access to high quality, low-cost health care that meets the individual needs of our members,” said Oscar co-founder and CEO Mario Schlosser in a statement. “In light of the COVID-19 pandemic, this has never been more important. With this latest market expansion, we’re doubling down on our efforts to bring our members the most innovative and personalized care possible.”

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In addition to the geographic expansion, Oscar said it is planning to roll out new plan options for members. For one, the insurer said it will expand its virtual primary care program to select plans in El Paso and San Antonio in Texas.

It also said it plans to grow its culturally competent care program, which includes connecting members with providers who can care for them in a way that meets their social, cultural and linguistic needs, Oscar said.

The insurer is also planning to launch a new design to improve care for people with diabetes. The plan would offer $0 diabetic foot and eye exams, $0 labs to manage diabetes, monthly out-of-pocket costs for insulin capped at $100 and $0 primary care visits.

Oscar Health went public earlier this year, listing on the New York Stock Exchange and joining a number of its startup insurer peers in launching an IPO.

It released its second-quarter earnings earlier this week, where it posted a $73 million loss. Despite the loss, membership in Oscar's plans is growing, according to the report, hitting 563,114. By comparison, Oscar touted 417,480 members in the prior-year quarter.