Cigna + Oscar Launches New Plans to Expand Affordable Coverage for Connecticut Small Businesses

Rhea-AI Summary

Cigna and Oscar Health, Inc. announced the launch of Cigna + Oscar small business health insurance in Connecticut, effective July 1, 2021. This partnership aims to provide affordable and predictable health care coverage tailored to the needs of small businesses, which have faced significant challenges during the COVID-19 pandemic. With 37% of Connecticut small businesses shutting down due to the pandemic, Cigna + Oscar plans to enhance employee health prioritization. The initiative offers various services, including behavioral health benefits and affordable pharmacy services, supported by a shared risk model.

Positive

• Launch of Cigna + Oscar health insurance for small businesses in Connecticut.
• Plans to provide affordable and predictable health care coverage.
• Focus on addressing the needs of small businesses impacted by COVID-19.
• Offerings include behavioral health benefits and 24/7 virtual urgent care.

Negative

• None.

Cigna (NYSE: CI), a global health service company, and Oscar Health, Inc. (NYSE: OSCR), the first health insurance company built on a full stack technology platform, today announced that Cigna + Oscar¹ small business health insurance will be available to Connecticut employers starting July 1, 2021.

“Connecticut’s small businesses need more choice and value in their health care coverage options, and that is what we will offer them and their employees through this innovative partnership,” said Wendy Sherry, president of Cigna Connecticut. “The Cigna + Oscar health plans will provide affordable, predictable and simple health care coverage that prioritizes whole-person health, at a time when small business owners and their employees need it most.”

The COVID-19 pandemic has severely impacted small businesses across the country, especially in Connecticut. Over one-third (37%) of Connecticut small businesses were forced to shut down since the beginning of the pandemic according to a report from Opportunity Insights, a Harvard University-based research institute. In a survey conducted by Cigna + Oscar, 88% of small businesses plan to better prioritize their employees' health moving forward, and 66% say that health insurance is more important to calculate in their budgets than before the outbreak of coronavirus.

“Small businesses have had to be resilient throughout the pandemic, and it’s exciting to see them begin reopening their doors for business,” said Louis DeStefano, head of the small group business and senior vice president of growth at Oscar. “Cigna + Oscar is designed to help these businesses keep their doors open for the years to come by, offering affordable health plans specific to their employees’ needs and budgets.”

Connecticut small businesses with between one and 50 employees² will have access to unique services driven by the combination of Cigna’s provider relationships and Oscar’s consumer-centric, tech-driven approach to customer service and care navigation, including:

• Expected monthly savings for businesses and their employees.
  • Range of plan options across price points to meet the needs of every employee.
  • Behavioral health benefits to help keep teams productive and healthy.
• Local and nationwide networks of quality doctors, hospitals, and specialists.
  • Healthy minds and bodies: Access to Cigna's behavioral health network for mental health resources and step-tracking rewards.
  • Cigna Open Access Plus network, a national network of quality, cost-effective providers.
  • 24/7 virtual urgent care to support employees wherever they are, at $0 cost.
• Affordable and easy-to-access pharmacy services.
  • $3 co-pays on the most commonly prescribed prescriptions.
  • Express Scripts pharmacists, nurses and specialty drug experts.
• Dedicated care team experts to help employees understand their benefits, find nearby care, and get the most value out of their plan.

Cigna and Oscar will share risk equally under a reinsurance agreement for solutions offered through this strategic partnership and plan to expand the partnership over time.

About Cigna
Cigna Corporation (NYSE: CI) is a global health service company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, Evernorth companies or their affiliates, and Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products. Cigna maintains sales capability in over 30 countries and jurisdictions, and has more than 175 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.

About Oscar Health, Inc.
Oscar Health, Inc. (“Oscar”) is the first health insurance company built around a full stack technology platform and a relentless focus on serving its members. At Oscar, our mission is to make a healthier life accessible and affordable for all.

Headquartered in New York City, Oscar has been challenging the health care system's status quo since our founding in 2012. The company’s member-first philosophy and innovative approach to care has earned us the trust of approximately 529,000 Americans across 291 counties, as of January 31, 2021. We offer Individual & Family, Small Group and Medicare Advantage plans. We also offer our full stack technology platform to others within the provider and payor space. Our vision is to refactor health care to make good care cost less. Refactor is a term used in software engineering that means to improve the design, structure, and implementation of the software, while preserving its functionality. At Oscar, we take this definition a step further. We improve the member experience by building trust through deep engagement, personalized guidance, and rapid iteration.

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¹gna + Oscar coverage is insured by Cigna Health and Life Insurance Company. CA: benefits administered by Oscar Health Administrators. Other states: benefits administered by Oscar Management Corporation. Pharmacy benefits provided by Express Scripts, Inc. Cigna + Oscar health insurance contains exclusions and limitations. For complete details on product availability and coverage, please refer to your plan documents or contact a representative.

²gna + Oscar plans are built for small businesses with at least one qualified full-time (or full-time equivalent) employee, other than the business owner or their spouse.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210421005128/en/

FAQ

What is the launch date for Cigna + Oscar health insurance in Connecticut?

Cigna + Oscar health insurance will be available starting July 1, 2021.

What percentage of Connecticut small businesses shut down during the pandemic?

37% of Connecticut small businesses were forced to shut down since the pandemic began.

What services does the Cigna + Oscar insurance offer to small businesses?

The insurance offers options like behavioral health benefits, 24/7 virtual urgent care, and affordable pharmacy services.

Who will benefit from the Cigna + Oscar health plans?

Small businesses in Connecticut with between one and 50 employees will benefit from the Cigna + Oscar health plans.

What is the goal of the Cigna + Oscar partnership?

The goal is to provide small businesses with more choice and value in health care coverage options.