Oscar Health Announces New Health Insurance Options in Florida in 2025

Rhea-AI Summary

Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in Florida for 2025, covering 30 markets starting January 1. The company will introduce affordable health plans through the ACA marketplace, including Bronze, Silver, and Gold EPO plans with features like $0 virtual primary care and $3 medications. New solutions include Buena Salud, a Spanish-first healthcare solution, and a multi-condition plan offering significant savings for managing diabetes, pulmonary, and cardiovascular diseases. The network includes major healthcare providers like AdventHealth, Memorial Healthcare System, and Baptist Health. Oscar's plans will be available through healthcare.gov, with options for both individuals and small businesses.

Positive

• Expanding coverage to 30 markets in Florida
• Offering cost-effective solutions with $0 virtual care and $3 medications
• Introducing specialized plans for multi-condition management with potential 25% savings
• High member satisfaction with industry-leading NPS of 87

Negative

• None.

Insights

Market Research Analyst

This expansion announcement represents a significant strategic move for Oscar Health in Florida, targeting a substantial market opportunity in the state's healthcare sector. The introduction of specialized plans like Buena Salud shows smart demographic targeting, particularly considering Florida's large Hispanic population. The multi-condition plan addressing diabetes, pulmonary and cardiovascular diseases could capture a valuable market segment, potentially leading to higher-margin business.

The partnership with major healthcare networks like AdventHealth and Baptist Health strengthens Oscar's competitive position. The employer-focused offering through stretchdollar.com opens a new revenue stream in the small business segment. However, the 2025 implementation timeline means revenue impact won't be realized until next year.

NEW YORK--(BUSINESS WIRE)-- Oscar Health, Inc. (“Oscar”) (NYSE: OSCR), a leading healthcare technology company, today announced it will bring the Oscar experience to more individuals, families, and businesses through the ACA marketplace in Florida in 2025. Oscar is introducing affordable health insurance products¹ that empower everyone to pursue a healthy life on their terms with:

• Services built around personal health needs and cultural preferences.
• High-quality networks that align with their schedules, neighborhoods, and more.
• Technology solutions to help members make informed choices about their health.

The Oscar experience will be available in 30 markets in Florida starting January 1, 2025.

Oscar has been a proud health plan of choice in Florida for more than six years and ranks high in member satisfaction². Friends and family are more likely to recommend Oscar than any other health plan.

Individuals can go to healthcare.gov to select from Oscar’s full suite of easy, affordable plans, including:

• Bronze, Silver, and Gold EPO plans that work within any budget.
• $0 virtual primary³ and urgent care through Oscar Medical Group on most plans.
• $3 medications⁴ and even lower cost access for people managing specific conditions.
• A dedicated concierge care team and healthcare app worth using.

Oscar is also introducing new solutions for Florida residents:

• Buena Salud⁵: A Spanish-first solution connecting Hispanic and Latino members with an Oscar care team, primary care provider, and healthcare community that share their cultural heritage.
• Oscar for Employers and Employees: An offering that gives employees access to Oscar’s plans using tax-free contributions from their employer to buy individual health insurance. Businesses with fewer than 50 employees can instantly offer these benefits through stretchdollar.com/oscar.⁶
• Multi-condition plan: A plan that helps members manage diabetes, pulmonary, and cardiovascular disease together, which can save 25% or more. Benefits include: $0 cardiologist, pulmonologist, endocrinologist visits; $0 screenings and labs; $0 primary and behavioral care; $0 medications.

Oscar’s networks include AdventHealth, Memorial Healthcare System, Holy Cross Hospital., Orlando Health Network, Las Madrinas, Baptist Health, Jackson Memorial Hospital, University of Miami Hospital, Imc Health Medical Centers, Westchester General Hospital, Inc., and regional and independent facilities. Members can access all Oscar plans in Spanish through the Hola Oscar experience, which has an industry-leading NPS of 87⁷.

About Oscar Health

Oscar Health, Inc. (“Oscar”) is a leading healthcare technology company built around a full stack technology platform and a relentless focus on serving our members. We have been challenging the status quo in the healthcare system since our founding in 2012, and are dedicated to making a healthier life accessible and affordable for all. Oscar offers Individual & Family plans and health technology solutions that power the healthcare industry through +Oscar. Our technology drives superior experiences, deep engagement, and high-value clinical care, earning us the trust of approximately 1.6 million members, as of June 30, 2024.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our business prospects, and our management’s plans and objectives for future operations, expectations and business strategy. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict and generally beyond our control. Although management believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, there are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission (“SEC”), and our other filings with the SEC. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Any forward-looking statement speaks only as of the date as of which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise.

^{_______________________________________
1} Oscar Medical coverage is underwritten by Oscar Insurance Company of Florida. Administrative Services for all plans provided by Oscar Management Corporation.
² Net promoter score (NPS) for Oscar members as of 1Q24.
³ $0 virtual primary care is only available in South Florida.
⁴ Except for standard plans and is not available on all off exchange plans.
⁵ Only available off exchange.
⁶ Applicable for employers with less than 50 employees, especially those that are new-to-insurance.
⁷ Spanish-speaking net promoter score (NPS) for Oscar members as of 1Q24.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241029395466/en/

Media Contact:

Kristen Prestano

VP, Communications

press@hioscar.com

Source: Oscar Health, Inc.

FAQ

When will Oscar Health (OSCR) launch its new Florida health insurance plans?

Oscar Health will launch its new health insurance plans in Florida starting January 1, 2025.

How many Florida markets will Oscar Health (OSCR) cover in 2025?

Oscar Health will cover 30 markets in Florida starting in 2025.

What are the key features of Oscar Health's (OSCR) new multi-condition plan in Florida?

The multi-condition plan includes $0 specialist visits (cardiologist, pulmonologist, endocrinologist), $0 screenings and labs, $0 primary and behavioral care, $0 medications, with potential savings of 25% or more.

What is Oscar Health's (OSCR) Buena Salud program in Florida?

Buena Salud is a Spanish-first healthcare solution that connects Hispanic and Latino members with Oscar care teams, primary care providers, and healthcare communities that share their cultural heritage.