Oscar Health has largely abandoned its Medicare Advantage business, opting to focus on ACA exchange plans, CEO Mario Schlosser told investors on a Nov. 9 call.
Mr. Schlosser said the company has exited MA markets in New York and Texas. The company's lone remaining plan is a partnership with Holy Cross Health and Memorial Healthcare system in Broward County, Fla.
The county, home to Fort Lauderdale, has a saturated MA market with 67 plans available, according to broker website medicareadvantage.com
Mr. Schlosser said the company wants to stay focused on ACA plans but hopes to eventually go back to the MA market.
"We don't grow tired of saying this, but the individualized ACA market looks to us much more like the future of a competitive U.S. healthcare system than any other health insurance markets," he told investors.
According to Oscar Health's third quarter earnings report, its MA members are a tiny fraction of its total members. As of September, the company reports having 4,577 MA members and over 1 million individual plan members.