Oscar accrued higher premiums than care costs in Texas and California in the first six months of this year. However, its healthcare costs in New York continued to surpass premium revenue, according to state regulatory filings obtained by Bloomberg.
Oscar retreated from certain ACA markets this year after losing $115 million in 2015. However, the payer will extend its ACA exchange presence in Ohio, Texas, New Jersey, Tennessee and California for 2018. In Ohio, Cleveland Clinic will offer a joint health plan with Oscar, marking the clinic’s entrance into the health insurance market.
More articles on payer issues:
David Wichmann named UnitedHealth’s new CEO: 3 things to know
CBO: Cutting ACA insurer payments would increase federal deficit by $194B by 2026
UnitedHealthcare exec says gain-sharing value-based contracts work better than bundles
