Oscar Health

Oscar Health, legally Oscar Management Corporation, is a United States health insurance company that combines insurance underwriting with consumer-facing technology and healthcare services. It was founded in 2012 by Mario Schlosser, Joshua Kushner, and Kevin Nazemi, who had been classmates at Harvard Business School. The company entered the market as the Affordable Care Act was creating new individual insurance exchanges and expanding access to regulated coverage. Oscar’s original proposition was to make health insurance easier to purchase and use through a more comprehensible digital interface, member support services, telemedicine, and clearer presentation of claims and healthcare pricing. The company initially concentrated on individual and family plans sold through the Affordable Care Act marketplace and directly to consumers. It enrolled approximately 16,000 members in its first year and expanded into New Jersey in 2015. By 2016, it served members in New York, New Jersey, California, and Texas. Rapid growth exposed the difficulty of accurately pricing a relatively new insurance pool: early losses were associated with members having higher medical needs than Oscar’s models had anticipated. In response, Oscar reduced or exited certain markets, adjusted its provider networks, and placed greater emphasis on controlling medical costs and managing the member experience. Oscar also developed physical and service-oriented extensions of its insurance model. In 2016 it opened the Oscar Center in Brooklyn Heights in partnership with Mount Sinai Health System, offering primary care and behavioral-health services to Oscar policyholders together with educational programming. The company later expanded beyond individual coverage. In 2017 it entered the small-group market in New York and announced arrangements involving Cleveland Clinic, Humana, and other partners. In 2020 it partnered with Cigna on Cigna + Oscar, a small-business health insurance offering intended for selected markets. Oscar has also sold Medicare Advantage plans in markets including New York City and Houston. Its operating model relies on digital enrollment and member tools, telemedicine, healthcare-focused software interfaces, provider and claims information, and a service approach known as Concierge. The company established a member-services operation in Tempe, Arizona, and maintains a technology presence in Los Angeles in addition to its New York headquarters. Its consumer marketing has generally emphasized simplicity, education, approachable design, and the reduction of friction in dealing with insurance. Oscar financed its expansion through multiple private funding rounds involving investors such as Founders Fund, Thrive Capital, General Catalyst, Khosla Ventures, CapitalG, Fidelity Investments, and other institutional backers. It became a public company in 2021 through an initial public offering on the New York Stock Exchange under the symbol OSCR. The business continued to adjust its geographic footprint; for plan year 2023 it announced exits from Arkansas and Colorado. In April 2023, co-founder Mario Schlosser moved from chief executive officer to president of technology, while Mark Bertolini became CEO. Oscar remains an active health insurance brand focused primarily on United States commercial and government-sponsored health coverage, supported by technology and healthcare-service capabilities.

Oscar Health was established in 2012 by Mario Schlosser, Joshua Kushner, and Kevin Nazemi. The founders sought to apply software-oriented design and consumer service practices to American health insurance. Oscar began selling coverage during the period when the Affordable Care Act exchanges were being implemented, giving it an opportunity to serve consumers shopping for individual and family plans in a newly structured marketplace. Its first year produced approximately 16,000 members, and the company expanded into New Jersey in 2015. The early expansion period was accompanied by significant operational and actuarial challenges. By 2016 Oscar had about 145,000 members across New York, New Jersey, California, and Texas according to reported company figures. The insurer found that medical utilization among some early enrollees was higher than anticipated, contributing to substantial losses. Oscar responded by withdrawing from the New Jersey marketplace, reshaping its New York provider network, and focusing more closely on pricing, care management, and the member experience. It also opened a Concierge operation in Tempe, Arizona, to support members. Oscar pursued an integrated model rather than limiting itself to online policy sales. In 2016 it opened the Oscar Center in Brooklyn Heights through a partnership with Mount Sinai Health System. The center provided primary care and behavioral-health services to eligible policyholders and hosted member education activities. It closed in 2020 during the COVID-19 period. In 2017 Oscar entered the small-group segment in New York, announced a Cleveland Clinic relationship for plans in northeastern Ohio, and described further expansion across several states. It also worked with Humana on small-business coverage in the Nashville area. The company continued to broaden its commercial model through partnerships. In 2020 Oscar and Cigna announced Cigna + Oscar, a small-business insurance offering intended to launch in selected markets and expand over time. Oscar also offered Medicare Advantage plans in New York City and Houston, alongside its individual and family marketplace business. Its technology proposition included telemedicine, digital enrollment, member applications and interfaces, and systems designed to make claims and pricing information easier to understand. Oscar’s growth was funded by private investors including Founders Fund, Thrive Capital, General Catalyst, Khosla Ventures, CapitalG, Fidelity Investments, and others. The company raised a reported $1.2 billion in connection with its 2021 initial public offering and began trading on the New York Stock Exchange as OSCR. Subsequent strategy involved continuing geographic optimization, including planned exits from Arkansas and Colorado for the 2023 plan year. In April 2023, co-founder Mario Schlosser moved from CEO to president of technology, and Mark Bertolini assumed the CEO role. Oscar remains an active United States health insurer whose brand is built around digital access, consumer-oriented service, and technology-supported insurance administration.

1. 2023Chief executive transition

   Mark Bertolini becomes CEO while Mario Schlosser transitions to president of technology.

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2. 2021Public listing

   Oscar Health completes an initial public offering and lists on the New York Stock Exchange under OSCR.

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3. 2020Cigna + Oscar partnership

   Oscar and Cigna announce a joint small-business health insurance offering.

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4. 2017Entry into small-group insurance

   Oscar announces small-group plans in New York and additional small-business activity through partnerships.

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5. 2016Oscar Center opens

   Oscar and Mount Sinai Health System open a Brooklyn Heights primary-care center for Oscar policyholders.

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6. 2015Expansion to New Jersey

   Oscar expands coverage into New Jersey and reaches roughly 40,000 members according to reported figures.

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7. 2013Initial insurance enrollment

   Oscar begins selling health insurance during the rollout of Affordable Care Act marketplace coverage and enrolls approximately 16,000 members in its first year.

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8. 2012Oscar Health is founded

   Mario Schlosser, Joshua Kushner, and Kevin Nazemi establish the company.

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A consumer-oriented, technology-enabled health insurer positioned around simpler enrollment, digital healthcare access, transparent claims information, and an integrated member-support experience.

• Individual and family health plansHealth insurance2013

  Oscar’s core offering consists of individual and family medical insurance sold through Affordable Care Act marketplaces and directly to consumers in selected United States markets. The plans are supported by digital enrollment, member-service tools, provider information, telemedicine, and claims interfaces intended to make coverage and healthcare use easier to navigate.

• Small-group health plansEmployer health insurance2017

  Oscar entered the small-group market in 2017, initially offering coverage in New York and later working with partners to serve businesses in additional markets. The product is designed for smaller employers seeking commercial medical coverage combined with Oscar’s digital administration and member-support model.

• Cigna + OscarEmployer health insurance partnership2020

  Cigna + Oscar is a small-business health insurance collaboration announced in 2020. It combines Cigna’s insurance and network capabilities with Oscar’s consumer technology and service model, with availability planned for selected markets.

• Medicare AdvantageGovernment-sponsored health insurance

  Oscar has offered Medicare Advantage plans in selected markets, including New York City and Houston. These plans extend the company’s technology-supported insurance approach to Medicare-eligible consumers while operating within the regulatory and benefit requirements of the Medicare Advantage program.

• Oscar ConciergeMember services2016

  Concierge is Oscar’s member-support model, associated with teams that help policyholders understand benefits, navigate care, and resolve insurance questions. The model is part of the company’s broader effort to differentiate through service and accessible digital communication.

• 2016Subway healthcare education campaign

  New York City

  Oscar used subway advertising featuring approachable illustrations and educational messages about problems in the American healthcare system. The campaign supported the brand’s effort to present insurance as more transparent and consumer-friendly.

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• 2015First television campaign

  New York and New Jersey

  Oscar’s first reported television campaign targeted new parents and positioned health insurance as something that could be made easier to understand and purchase. The campaign ran across network and cable television, cinemas, and Spotify advertising.

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• 2023Leadership realignmentOther

  Oscar separated its executive leadership responsibilities from its technology leadership priorities.

  What changed. Mark Bertolini became CEO, while co-founder Mario Schlosser became president of technology.

  Aftermath. The change preserved Schlosser’s involvement in the company while placing day-to-day chief executive responsibilities with Bertolini.

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• 2022Exit from Arkansas and ColoradoStrategy

  Oscar continued to optimize its geographic footprint as it assessed market economics and operating requirements.

  What changed. The company announced that it would exit Arkansas and Colorado for plan year 2023.

  Aftermath. The decision narrowed Oscar’s marketplace presence in order to focus on selected markets.

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• 2021Initial public offeringOther

  Oscar required additional capital to support its health insurance and technology operations.

  What changed. The company completed an IPO and began trading on the New York Stock Exchange as OSCR.

  Aftermath. Oscar became a publicly traded health insurer subject to public-company reporting and market scrutiny.

  Capital raised in IPO. 1.2 billion USD (March 3, 2021)

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• 2020Cigna + Oscar partnershipStrategy

  Oscar sought to broaden small-business distribution while using a larger established insurer’s capabilities.

  What changed. Oscar and Cigna announced a partnership to offer small-business health plans in selected markets.

  Aftermath. The arrangement expanded Oscar’s potential employer-market reach without relying solely on its own distribution footprint.

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• 2017Expansion into small-group insuranceProduct launch

  After establishing an individual-market business, Oscar sought additional growth through employer-sponsored coverage.

  What changed. The company announced small-group plans in New York and additional partnership-based offerings.

  Aftermath. Small-business insurance became a second commercial channel alongside individual and family plans.

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• 2016Exit from the New Jersey marketplaceStrategy

  Oscar cited uncertainty in the New Jersey market and difficulty operating effectively while maintaining access to quality healthcare.

  What changed. The company announced that it would stop offering marketplace coverage in New Jersey at the end of 2016.

  Aftermath. Oscar concentrated its resources on markets where it believed it could better manage pricing, networks, and member experience.

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• 2016Reduction of the New York provider networkStrategy

  Rising premiums and difficulty controlling medical costs led Oscar to reassess its provider strategy.

  What changed. Oscar announced that it would halve the size of its New York provider network.

  Aftermath. The company said a narrower network would give it greater control over pricing and the patient experience.

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• 2017Questions about Saudi-linked investment connectionsControversy

  Media reports questioned whether Saudi interests had connections to investment funds associated with Joshua Kushner and Oscar after visits by Kushner family members to Saudi Arabia. Reporting did not establish direct Saudi investment in Oscar, and the company’s management reportedly said it was unaware of such direct investment.

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• 2023Mario Schlosser transitions from CEO to technology president

  Mario Schlosser stepped down as chief executive officer and moved into a technology-focused leadership role, with Mark Bertolini becoming CEO.

  Leadership change
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• 2022Oscar announces market exits for plan year 2023

  Oscar announced that it would leave the Arkansas and Colorado markets for the 2023 plan year.

  Other
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• 2021Oscar Health completes initial public offering

  Oscar Health became publicly traded on the New York Stock Exchange under the ticker OSCR after its initial public offering.

  Other
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• 2020Oscar and Cigna announce small-business insurance partnership

  Oscar and Cigna introduced Cigna + Oscar, a partnership intended to offer small-business health plans in selected markets and expand over time.

  M&AProduct launch
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• 2017Oscar enters the small-group insurance market

  Oscar announced small-group health plans in New York and later described additional small-business activity in the Nashville area through a partnership involving Humana.

  Product launch
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• 2017Oscar partners with Cleveland Clinic

  The company announced individual health plans for selected counties in northeastern Ohio in cooperation with Cleveland Clinic.

  Product launch
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• 2016Oscar Health announces exit from New Jersey marketplace

  Oscar said it would stop offering marketplace coverage in New Jersey at the end of 2016, citing market uncertainty and difficulty operating effectively while maintaining access to care.

  Other
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• 2016Oscar reduces its New York provider network

  The insurer announced that it would substantially reduce the size of its New York provider network as part of an effort to gain greater control over pricing and the member experience.

  Pricing
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1. Oscar Health
2. Oscar Health official website