Despite proposed double-digit premium hikes for some exchange plans next year, one insurer plans to expand their footprint.
Oscar Health announced June 21 that it filed to expand its plan offerings to three additional states—Arizona, Florida and Michigan—as well as expand markets in Ohio, Tennessee, and Texas.
"Our sustained expansion positions Oscar as one of the fastest-growing insurers in the country, and speaks to the power and effectiveness of our unique playbook," the insurer said in a statement.
The insurer said earlier this year it planned on expanding to three additional states, but did not specify which. The company currently operates in six states, including Texas and New York, and has enrolled over 250,000 members in 2018, up from 100,000 last year. If the expansion is approved, the insurer will have plans available in nine states in 2019.
The announcement comes as some marketplace insurers are proposing double digit premium hikes for next year.
For example, in Maryland CareFirst requested a 91.4% premium increase for their individual PPO Plans, citing concerns over the repeal of the individual mandate.
Oscar's expansion also follows the insurer's first ever quarterly profit. Oscar received over $300 million in premium revenue in the first quarter of 2018, three times higher than the same time last year, as well as a net profit of $7.4 million.