Orlando Harmon
Oscar is an American health insurance company founded in 2012 by Joshua Kushner, Kevin Nazemi and Mario Schlosser. The company is headquartered in New York City and offers health insurance plans for individuals, families, and employers. Oscar's intention is to provide benefits that are easy to understand and quality care that conserves both time and money. The company uses technology to simplify the entire health insurance experience, allowing customers to consult with a doctor at any time and get prescriptions without leaving home. Oscar offers health plans in three insurance markets: Individual and Small Group, Cigna + Oscar, and Medicare Advantage. The company generates most of its revenue from insurance premiums.
| Characteristics | Values |
|---|---|
| Year of Founding | 2012 |
| Headquarters | New York City |
| Founders | Joshua Kushner, Kevin Nazemi, and Mario Schlosser |
| No. of Members | 40,000+ |
| No. of States Covered | 20 |
| Insurance Markets | Individual and Small Group, Cigna + Oscar, and Medicare Advantage |
| Insurance Plans | EPO, HMO, Platinum, Gold, Silver, and Bronze |
| Services | Virtual Urgent Care, Primary Care, Auto-pay, Virtual Consultations, Prescription Delivery, 24/7 Provider Access, Care Team Support, and Fitness Rewards |
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What You'll Learn
Oscar Health's history
Oscar Health, Inc. is an American health insurance company founded in 2012 by Joshua Kushner, Kevin Nazemi, and Mario Schlosser. Headquartered in New York City, the company focuses on the health insurance industry through telemedicine, healthcare-focused technological interfaces, and transparent claims pricing systems.
Oscar Health was created in the wake of the Affordable Care Act (ACA) to cater to those who do not qualify for Medicaid, Medicare, or employer benefits. The company aimed to provide benefits that are easy to understand and quality care that conserves both time and money. Oscar began selling insurance in 2013, the same year that the Affordable Care Act exchanges and individual mandate went into effect for the 2014 plan year. In its first year, Oscar secured 16,000 members, and by 2015, it had 40,000 subscribers, with an average subscriber paying annual fees of $4,500, placing its revenue estimates at $180 million.
In 2015, Oscar ran its first television campaign targeted at new parents who were too busy to shop for health insurance. The ad aired on network stations in New Jersey and New York areas, cable, movie theatres in New Jersey, and within the Spotify app. In 2016, Oscar expanded its operations to Tempe, Arizona, and opened the Tempe Health Hub to support the growth of its dedicated Care Teams. That year, Oscar also announced it would be exiting the New Jersey Marketplace, citing uncertainties in the market that would challenge its ability to deliver access to quality healthcare.
In 2017, Oscar announced its entrance into the small group insurance market, offering health plans in New York. The company also announced its partnership with the Cleveland Clinic to offer individual health insurance plans to consumers in five counties in Northeastern Ohio. On July 12, 2017, Oscar shared that it would be selling small group insurance in the Nashville metro area through a strategic partnership with Humana. In 2018, Oscar expanded to additional markets in Tennessee, Ohio, Texas, New Jersey, and California.
In 2020, Oscar launched Medicare Advantage as its third business line and announced a partnership with Cigna to bring health insurance plans to small businesses. In 2021, Oscar celebrated its Initial Public Offering on the NYSE and raised $1.2 billion. As of 2024, Oscar has 1.1 million members across its platform and has run marketing campaigns on the New York City Subway, featuring cartoons that suggest "an easier way of getting medical care."
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Oscar's insurance plans
Oscar is an American health insurance company founded in 2012 by Joshua Kushner, Kevin Nazemi, and Mario Schlosser. Headquartered in New York City, the company aims to simplify the entire health insurance experience through technology.
Oscar offers health insurance plans for individuals, families, and employers, with the option to shop online to compare benefits and options. Their plans are designed for those who do not qualify for Medicaid, Medicare, or employer benefits, and they offer benefits that are easy to understand and quality care that saves time and money. Oscar's plans include EPO, individual and small group, Cigna + Oscar, and Medicare Advantage.
The company provides a personalized experience for those seeking affordable healthcare, with incentives such as cash rewards for meeting fitness goals. Oscar's app allows users to consult with a doctor at any time, get prescriptions, and track their health history. Oscar also uses Geofencing and geo-locational data to enable members to choose relevant doctors based on their location.
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Oscar's marketing campaigns
Oscar Health, Inc. is an American health insurance company founded in 2012. It offers health insurance plans for individuals, families, and employers. The company's intention is to provide benefits that are easy to understand and quality care that conserves both time and money.
Oscar Health's marketing campaigns have been just as innovative as their healthcare plans. Here is a look at some of their notable campaigns:
New York City Subway Campaign
Oscar Health ran a marketing campaign on the New York City Subway featuring cartoons suggesting "an easier way of getting medical care." The campaign featured whimsical, animated characters and aimed to showcase the problems with the American healthcare system.
Television Campaign
In 2015, Oscar Health aired its first television campaign targeted at new parents who might be too busy to shop for health insurance. The ad ran on network stations in New Jersey and New York, cable, movie theatres, and even within the Spotify app.
Expansion Campaigns
As Oscar Health expanded its services to additional markets, including Tennessee, Ohio, Texas, New Jersey, and California, it likely ran concurrent marketing campaigns to promote its new availability in these areas.
Digital Marketing Campaign
The 95th Oscars Digital Marketing Campaign highlighted the diverse Oscar nominees and the legacy of the Oscars by releasing digital content globally. The campaign resulted in over 100 videos released across various channels and gained a significant social media following. It was the most-watched awards show in three years and trended worldwide on Twitter.
Self-Funded Campaigns
Some Oscar campaigns have been self-funded by the nominees themselves. For example, Melissa Leo self-funded an extravagant campaign for "The Fighter," and Kirkland self-funded a campaign for the 1987 melodrama "Anna." These campaigns involved personal investments, attending events, promoting themselves to journalists, and even enlisting the help of influential friends.
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Oscar's financial status
Oscar Health, Inc. is an American health insurance company founded in 2012 by Joshua Kushner, Kevin Nazemi, and Mario Schlosser. The company is headquartered in New York City and focuses on providing health insurance through telemedicine, healthcare-focused technological interfaces, and transparent claims pricing systems. Oscar's intention is to provide benefits that are easy to understand and quality care that conserves both time and money.
In its first year, Oscar secured 16,000 members, with an estimated revenue of $72 million. By 2015, Oscar Health had 40,000 subscribers, with an average subscriber paying annual fees of $4,500, placing its revenue estimates at $180 million. However, in the same year, Oscar Health lost $92.4 million in New York due to analytical model inaccuracies. Despite this setback, Oscar's subscriber base grew to 135,000 by 2016, with roughly half residing in New York State.
In February 2017, Bloomberg reported a loss of $204.9 million for Oscar in 2016. However, by May 2017, Oscar's financial situation had improved, with its first-quarter loss narrowing by nearly half. Bloomberg attributed this improvement to the company "beginning to get a handle on its medical costs."
Oscar has raised capital through various funding rounds, with investors including Thrive Capital, General Catalyst Partners, Khosla Ventures, CapitalG, and Fidelity Investments. The company offers health insurance plans for individuals, families, and employers, with options available in New York, New Jersey, California, and Texas. Oscar's product offerings include EPO plans, and they understand the unique insurance needs of their customers, including small business owners and their employees.
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Oscar's expansion
Oscar Health Inc. is an American health insurance company founded in 2012 by Joshua Kushner, Kevin Nazemi, and Mario Schlosser. The company is headquartered in New York City. Oscar's product offerings include EPO plans, and it sells health plans from all four metal tiers (platinum, gold, silver, and bronze). The company's plans are designed to be easy to understand and provide quality care that saves both time and money. Oscar's intention is to be more than just a health insurance company and instead act as a healthcare partner.
Oscar's marketing campaigns have featured cartoons and "whimsical, animated characters" suggesting an easier way of getting medical care. The company has also offered incentives for customers to stay healthy, including cash rewards and discounted brand-name medications for meeting fitness goals. Oscar's expansion has been facilitated by funding rounds with investors such as Thrive Capital, General Catalyst Partners, Khosla Ventures, CapitalG, and Fidelity Investments.
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Frequently asked questions
Oscar is a health insurance company that was founded in 2012 by Joshua Kushner, Kevin Nazemi, and Mario Schlosser. The company is headquartered in New York City and offers health insurance plans for individuals, families, and employers.
Oscar uses technology to simplify the health insurance experience and make it more engaging for its customers. The company also provides personalized support to help its members navigate the healthcare system and find quality care that conserves time and money.
Oscar offers a range of benefits to its members, including free visits to the doctor, free generic medicine, and more than 75 free practical care services such as flu and immunization shots, and pregnancy screenings. Oscar also provides incentives for its customers to stay healthy, including cash rewards and discounted brand-name medications.
Oscar generates most of its revenue from insurance premiums. The company uses a risk assessment algorithm to set its prices, which vary according to the customer's age, income, geography, and range of coverage.
As of July 2023, Oscar Health Insurance is available in 20 states: Arizona, California, Connecticut, Florida, Georgia, Iowa, Illinois, Kansas, Michigan, Missouri, North Carolina, Nebraska, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, and Virginia.
