Major insurers have announced that they’ll not participate in the Obamacare market exchanges next year, and time’s running out for those health plans still on the fence since they must file their intentions and proposed premium rates today.
That’s why the decision by startup company Oscar Insurance to expand its presence in the exchanges has garnered attention, the Wall Street Journal reports. Oscar did not sell on the exchange in New Jersey this year, but plans to re-enter that market next year. In addition, it will begin selling plans in Tennessee and Ohio next year, and expand in California and Texas. It also sells plans on the New York exchange.
The story comes with a somewhat ironic twist in that Oscar was co-founded by Josh Kushner, the brother of President Trump’s son-in-law Jared Kushner. Space aliens might be surprised to learn that President Trump campaigned on repealing and replacing the ACA, and insists that the program is financially unsustainable.
The Wall Street Journal: “Mario Schlosser, Oscar’s chief executive, said the insurer believed that ultimately the marketplaces will stabilize, and the ‘apocalyptic scenario…just won’t come to pass, not this year, and not in the future.’ Oscar is working closely with hospital systems, he said, and it is planning to bolster its presence by offering employer plans in several places.”
Source: Wall Street Journal