Oscar Health plans to expand its individual and family coverage offerings by 165 new counties across 18 states as the health insurer approaches profitability for the first time in its history.
Oscar, which is one of the nation’s largest providers of individual coverage under the Affordable Care Act known as Obamacare, on Thursday said by the addition of 165 new counties to sell individual and family plans means the company will serves 512 counties in 18 states for the 2024 coverage year.
The expansion will include, for the first time, a major push into rural markets. For example, Oscar will sell coverage in all 99 of Iowa’s counties, expanding from bigger cities like Des Moines and Cedar Rapids to less populated areas of the state where individual coverage choices are known to be lacking.
“We continue to meet members where they are – using our technology horsepower to rapidly respond and adapt to their needs, break one-size-fits-all approaches, and place power back in their hands,” said Oscar chief executige Mark Bertolini.
Founded in 2012, Oscar has yet to turn a profit but executives are forecasting that will change next year and remain bullish on the individual health insurance market to get them to a better financial position.