Oscar Health Announces New Health Insurance Options in New Jersey in 2025

Rhea-AI Summary

Oscar Health (NYSE: OSCR) announced its expansion of health insurance offerings in New Jersey for 2025. The company will provide statewide coverage through the ACA marketplace, featuring Bronze, Silver, and Gold EPO plans. The offerings include $3 medications, dedicated concierge care teams, and a healthcare app. Oscar is also introducing a new employer solution allowing businesses with fewer than 50 employees to offer health benefits through tax-free contributions. The company's Hola Oscar Spanish-language experience boasts an NPS of 87.

Positive

• Expanding market presence statewide in New Jersey
• Introducing new employer-focused solution for small businesses
• High member satisfaction with NPS of 87 for Spanish-language service

Negative

• None.

Insights

Market Research Analyst

This expansion in New Jersey represents a strategic growth opportunity but with immediate financial impact. The 2025 timeline means revenue implications won't materialize for over a year. However, New Jersey's market dynamics offer promising potential - the state has a 9.2% uninsured rate and strong ACA marketplace participation.

The introduction of employer-focused solutions through the tax-free contribution model could help capture small business market share, a historically underserved segment. The Hola Oscar Spanish language offering with an NPS of 87 demonstrates strong product-market fit with Hispanic communities, who make up 20.9% of New Jersey's population.

While this expansion shows positive momentum in Oscar's growth strategy, investors should note that success will depend on competitive pricing, network adequacy and effective distribution through the ACA marketplace.

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 New Jersey 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 statewide starting January 1, 2025.

Oscar has been a proud health plan of choice in New Jersey for more than 6 years and ranks high in member satisfaction.² 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.
• $3 medications³ and even lower cost access for people managing specific conditions.
• A dedicated concierge care team and healthcare app worth using.

Oscar is also introducing the following new solution for New Jersey residents:

• 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.⁴

Members can access all Oscar plans in Spanish through the Hola Oscar experience, which has an industry-leading NPS of 87.⁵

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 1.65 million members, as of September 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 Garden State Insurance Corporation.
² Net promoter score (NPS) for Oscar members as of 1Q24.
³ Except for standard plans.
⁴ Applicable for employers with less than 50 employees, especially those that are new-to-insurance.
⁵ Spanish-speaking net promoter score (NPS) for Oscar members as of 1Q24. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241115594240/en/

Kristen Prestano

VP, Communications

press@hioscar.com

Source: Oscar Health, Inc.

FAQ

When will Oscar Health (OSCR) launch its new health insurance plans in New Jersey?

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

What types of health insurance plans will Oscar Health (OSCR) offer in New Jersey for 2025?

Oscar Health will offer Bronze, Silver, and Gold EPO plans through the ACA marketplace, including $3 medications and concierge care teams.

How can small businesses access Oscar Health's (OSCR) new employer solution in New Jersey?

Businesses with fewer than 50 employees can access Oscar Health's employer solution through stretchdollar.com/oscar, offering tax-free contributions for employee health insurance.