Global healthcare company Cigna has partnered with New York-based health insurance startup Oscar Health to provide commercial health options to small businesses.
Oscar Health, launched in 2012, is a technology-driven health insurance company that was named one of the most promising private companies by CB Insights last year. The company was also among the most well-funded, with $1.27 billion, according to CB Insights.
The partnership will offer fully insured health benefits to the small group market under the Cigna + Oscar brand.
"Small businesses are the backbone of the American economy and through this partnership, we can take a disciplined approach to offering differentiated health care solutions that help small businesses save money, expand network and product choice and keep employees healthy," Julie McCarter, vice president of product solutions at Cigna, said in a statement.
Currently, small group health plans serve roughly 15 million people in the U.S. The services under the combined brand will include integrated medical, behavioral and pharmacy services; broad access to networks of doctors and hospitals; support from Oscar Health’s concierge team; digital support, including 24/7 telemedicine, ID care access, an overview of copay details and benefits, deductible tracking, lab results and health history; search tools to review healthcare providers, book appointments, find facilities and check prescriptions; and broker, business and provider portals for enrollment and management.
"Together, we are giving small business owners an affordable, simple-to-use option that makes it easier for their employees to get appropriate care quickly and stay healthy," Joel Klein, chief policy and strategy officer at Oscar, said in a statement. "Cigna + Oscar will give these business owners and their employees consumer-centric health care coverage and physician networks that provide personalized care."
Both Oscar Health and Cigna are sharing risk equally under a reinsurance agreement. The small business offerings will launch in select markets in 2020, with plans to expand over time.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."