selling individual health insurance known as Obamacare under the Affordable Care Act as well as a new form of coverage for workers and employersOscar Health is doubling its “market footprint” over the next three years to grow its business selling individual health insurance known as Obamacare under the Affordable Care Act as well as a new form of coverage for workers and employers.
In a disclosure Friday during its 2024 investor day, Oscar executives outlined a plan to expand to more than 150 metropolitan statistical areas, which essentially doubles the company’s footprint, the company said.and hired the former Aetna chief executive Mark Bertolini last year, reported a first quarter profit of $177.4 million.
Oscar, which has about 1.5 million health plan members and is best known for sales of individual Obamacare plans, is looking to build on its current ACA market share in 18 states. Oscar plans to grow market share from 13% in its 2024 footprint to about 18% by 2027 through a mix of new health insurance products for individuals, workers and their employers, the company said.
Oscar wouldn’t disclose what new states or metropolitan statistical areas it might enter in the next three years but said it has ample opportunity to grow from a current “in market opportunity” of 10 million potential customers to an “in market opportunity” of 20 million potential customers in 2027. One large market Oscar executives say they are targeting is the large U.S. gig economy of about 58 million independent workers.
“Our model is uniquely positioned to address these trends and reorient healthcare around individuals and families,” Oscar said in its investor day presentation unveiled Friday. “The U.S. healthcare system is failing individuals and families accelerating trends that are shaping the future of the market.”Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.