Startup insurer Oscar Health is planning to add six new states and 12 new markets to its Affordable Care Act (ACA) exchange footprint in 2020.
The expansion is pending regulatory approval but would mark the third straight year Oscar has grown its reach substantially in the ACA exchanges, the company announced Thursday morning.
The new regions would raise the insurer’s full geographic footprint to 15 states and 26 markets. The news comes on the heels of Oscar’s announcement last month that it would launch its first Medicare Advantage (MA) plans in New York and Houston.
Oscar CEO Mario Schlosser wrote in an accompanying blog post that the expansion would continue the company’s efforts to address the “broken” healthcare system.
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“Being an Oscar member means having a health insurance company that’s always there during challenging moments, and we are eager to be there for new and existing members alike in 2020,” Schlosser wrote.
Oscar intends to grow notably in Florida to reach the Miami, Tampa, Daytona and Ocala markets as well as to launch products in Philadelphia, Denver, Richmond, Atlanta and Kansas City.
Oscar also said it plans to enter the ACA market in Houston while growing its plan offerings in Dallas-Fort Worth. It will also expand its reach to new counties in western Michigan, officials said.
As the expansion plan is under regulatory review, Oscar did not reveal details on rates, networks or additional benefit options. That information will be made available closer to open enrollment this fall, should the new plans be approved.
For 2019, Oscar added three states to its portfolio—Arizona, Florida and Michigan—while expanding the plans offered in Ohio, Texas and Tennessee. It announced that it would enter the MA market after securing a $375 million investment from Alphabet, Google’s parent company.