Oscar Health To Double Insurer's Market Reach

Core Insights - Oscar Health is planning to double its market footprint over the next three years, focusing on individual health insurance under the Affordable Care Act and new coverage options for workers and employers [1][2] Expansion Plans - The company aims to expand to over 150 metropolitan statistical areas, effectively doubling its current market presence [2] - Oscar is targeting an increase in market share from 13% in 2024 to approximately 18% by 2027 through new health insurance products [4] Financial Performance - Oscar reported a first-quarter profit of $177.4 million, marking a significant turnaround as the company had not been profitable since its founding in 2012 [3] Market Opportunities - The potential customer base for Oscar is expected to grow from 10 million to 20 million by 2027, with a focus on the gig economy, which comprises about 58 million independent workers [5] Product Strategy - Oscar will discontinue small group policies after December 2024, shifting focus to individual coverage health reimbursement arrangements (ICHRAs) [6] - ICHRAs are designed to provide defined non-taxed reimbursements for qualified medical expenses, appealing to small and mid-sized businesses [6]