Oscar Insurance Corp. plans to begin selling health plans on theObamacare marketplace in Tennessee in 2018 and expand its offeringsin other states where it’s already operating.
|Related: Obamacare startup Oscar has $45 millionloss
|The closely held insurer will expand into new areas of Texas andCalifornia, according to a blog post Wednesday by Mario Schlosser,the chief executive officer. The company will also return to theNew Jersey market that it earlier dropped.
|Insurers that will participate in the health program in somestates are expected to send their proposed rates Wednesday, adeadline that was postponed several weeks by the Trumpadministration to give companies more time.
|Oscar said it’s filing to expand into the Austin market inTexas, and is seeking approval to sell individual and smallbusiness plans in east Los Angeles County in 2018.
|Related: Cuomo takes steps to keep New York insurers inObamacare
|Oscar, which said last week that it will also enter the Ohiomarketplace, is one of a few insurers swimming against the tide aslarger companies, including Aetna Inc. and Humana Inc., are fleeingObamacare’s individual marketplaces after suffering losses. CenteneCorp. also said last week that it would enter Obamacare markets inKansas, Missouri and Nevada while expanding in six other stateswhere it already sells plans.
|Republicans in Congress are devising legislation to repeal andreplace the Affordable Care Act, sometimes called Obamacare, whilePresident Donald Trump has threatened to withhold funds that defraycosts for low-income people buying plans through the program.Insurers have cited doubts about the future of the program as theyleave markets and raise rates.
|Related: Obamacare insurer Oscar's new strategy to narrowloss
|“Why seek to expand in a time of uncertainty?” Schlosser said inhis post. “We’re confident that when the dust settles, the marketfor health insurance will stabilize in time for 2018.”
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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