Aetna’s exit from the individual market is both “sad” and an “opportunity” for Oscar Health, CEO Mark Bertolini told investors.
In May, Aetna said it would exit the individual exchange at the end of 2025. The exit will leave around 1 million members looking for a new insurer.
“We hate when competition is lessened in the marketplace,” Mr. Bertolini said of Aetna’s exit. “We believe that’s appropriate. The more people we have in, the more opportunities there are for people to find the product that works for them.”
Oscar Health’s footprint overlaps significantly with Aetna’s, Mr. Bertolini told investors on a May 7 call.
“We view that as an opportunity come Jan. 1 to help people maintain their coverage at a level of pricing that we find disciplined and competitive in the market,” he said.
Oscar reported its first quarter earnings May 7, growing its membership 45% year over year. Mr. Bertolini has previously said the company plans to double its membership levels from 2024 to 2027.
