Oscar Insurance is a health insurance company that operates in the United States. It was founded in 2012 and is headquartered in New York City. The company was created with the goal of providing affordable and accessible health insurance to people in the US. Since then, Oscar has expanded its services and is now available in more than 15 states across the country. In this article, we will take an in-depth look at Oscar’s Insurance, its history, its offerings, and how it compares to other health insurance providers.
The History of Oscar Insurance
Oscar Insurance was founded in 2012 by three entrepreneurs, Kevin Nazemi, Joshua Kushner, and Mario Schlosser. The idea for the company came about when Nazemi’s sister had trouble understanding her health insurance policy. Nazemi realized that many people in the US were in a similar position, struggling to understand the complexities of the healthcare system. The three founders decided to create a health insurance company that would simplify the process and make it more accessible to people.
In 2013, Oscar’s Insurance was launched in New York City, offering plans on the New York State of Health insurance marketplace. The company received a lot of attention for its unique approach to health insurance, which included a user-friendly website and mobile app, as well as personalized customer service.
Since then, Oscar has expanded its services to other states, including Texas, California, Florida, Ohio, and more. The company has also received significant investments from several high-profile investors, including Google’s parent company Alphabet, and Fidelity Investments.
Oscar Insurance Offerings
Oscar’s Insurance offers a variety of health insurance plans, including individual and family plans, small business plans, and Medicare Advantage plans. The company’s plans are available on the health insurance marketplaces in each state where it operates. Additionally, Oscar has partnerships with several healthcare providers, including Cleveland Clinic and Mount Sinai Health System.
One of the standout features of Oscar’s Insurance is its technology. The company’s website and mobile app allow customers to easily search for doctors and hospitals, view their medical history, and manage their claims. Customers can also chat with a doctor or nurse practitioner 24/7, at no additional cost.
Oscar’s Insurance plans also include several benefits that are not typically offered by other health insurance providers. For example, the company offers a program called “Doctor on Call,” which allows customers to have a virtual consultation with a doctor for free. Oscar also offers a rewards program, where customers can earn rewards for healthy behavior, such as going for a run or getting a flu shot.
How Oscar Insurance Compares to Other Health Insurance Providers
When it comes to health insurance, there are many options available in the US. Each provider has its own strengths and weaknesses and choosing the right one can be a daunting task. Here’s how Oscar’s Insurance compares to some of the other major health insurance providers in the US.
Blue Cross Blue Shield: Blue Cross Blue Shield is one of the largest health insurance providers in the US, covering more than 100 million people. The company offers a wide range of health insurance plans, including individual, family, and group plans. While Blue Cross Blue Shield has a larger network of healthcare providers than Oscar, its plans can be more expensive.
Aetna: Aetna is another major health insurance provider in the US, covering more than 22 million people. The company offers individual, family, and group plans, as well as Medicare and Medicaid plans. Like Blue Cross Blue Shield, Aetna has a larger network of healthcare providers than Oscar, but its plans can be more expensive.
Types of Health Plans offered by Oscar Insurance
Bronze Plans: These plans have the lowest premiums but the highest deductibles. They are suitable for those who are generally healthy and don’t expect to use their insurance frequently.
Silver Plans: These plans have slightly higher premiums than bronze plans, but they offer lower deductibles and out-of-pocket costs. They are suitable for those who expect to use their insurance more frequently.
Gold Plans: These plans have higher premiums but lower deductibles and out-of-pocket costs. They are suitable for those who expect to use their insurance frequently and want to minimize their out-of-pocket expenses.
Platinum Plans: These plans have the highest premiums but the lowest deductibles and out-of-pocket costs. They are suitable for those who want the most comprehensive coverage and are willing to pay a higher premium for it.
Benefits of Choosing Oscar Insurance
Telemedicine: Oscar’s Insurance offers virtual visits with doctors, allowing members to receive medical care from the comfort of their own homes.
Easy-to-use app: Oscar Insurance’s app makes it easy for members to manage their healthcare needs, including finding doctors, scheduling appointments, and tracking their medical expenses.
Competitive pricing: Oscar Insurance offers competitive pricing for its health plans, making healthcare more accessible and affordable for everyone.
Network of doctors and hospitals: Oscar’s Insurance has a network of doctors and hospitals, making it easy for members to find healthcare providers that are covered by their insurance plan.
Preventive care: Oscar’s Insurance covers preventive care, such as annual checkups, flu shots, and cancer screenings, at no additional cost to members.
How to Enroll in Oscar Insurance
To enroll in Oscar Insurance, individuals can visit their website and enter their zip code to see what plans are available in their area. From there, they can compare plans and prices and choose the one that best suits their needs and budget. They can also enroll over the phone by calling Oscar Insurance’s customer service department.
In terms of membership plans, Oscar Insurance offers a few different options, which vary by state. Generally, they offer a choice of bronze, silver, gold, and platinum plans, which differ in terms of monthly premiums, deductibles, copays, and out-of-pocket maximums. Some plans also include additional benefits such as dental, vision, and virtual urgent care visits. Additionally, Oscar offers plans for small businesses, which can be customized to fit the needs of the business and its employees.
Oscar Insurance has also implemented a number of innovative features to make the healthcare experience more streamlined and convenient for its members. One of these features is its mobile app, which allows members to access their health plan information, search for doctors and hospitals, and schedule appointments. The app also includes a telemedicine feature, which allows members to consult with a doctor via video chat without having to leave their homes.
Another notable feature of Oscar Insurance is its “Concierge” service, which is designed to help members navigate the often-complex world of healthcare. The Concierge service is staffed by a team of trained professionals who can assist with everything from finding a doctor to negotiating medical bills. This service is available to all members, free of charge.
Does Oscar Insurance offer coverage in all states?
No, Oscar Insurance currently only offers coverage in select states, including California, New York, Texas, Florida, and several others.
Is Oscar Insurance plans affordable?
Oscar Insurance plans vary in price, but they are generally competitive with other health insurance options on the market. The company offers a range of plans with varying levels of coverage and cost, so there are options available for a variety of budgets.
Can I use my Oscar Insurance plan when traveling outside of my home state?
This depends on the specific plan you have chosen. Some Oscar Insurance plans offer out-of-network coverage for emergencies when traveling, while others do not. It’s important to carefully review your plan documents to understand your coverage options when traveling.
How do I find healthcare providers that are covered by Oscar Insurance?
You can search for healthcare providers that accept Oscar Insurance using the company’s online directory or mobile app. You can also contact the Concierge service for assistance with finding a provider.
Does Oscar Insurance offer any additional wellness programs or resources?
Yes, Oscar Insurance offers a variety of wellness programs and resources, including fitness tracking apps, smoking cessation programs, and mental health support services. These resources are designed to help members stay healthy and manage their health more effectively.
Oscar Insurance is a relatively new entrant in the health insurance market, but it has quickly gained a reputation for offering innovative and convenient healthcare solutions. With a focus on member experience and technology-driven solutions, Oscar Insurance is well-positioned to continue growing and expanding its offerings in the years to come. Whether you’re an individual looking for health insurance coverage or a small business owner seeking benefits for your employees, Oscar Insurance may be worth considering as a potential provider.