It's not just insurance giants such as UnitedHealthCare that have had a hard time turning a profit in the state exchanges set up by the Patient Protection and Affordable Care Act (ACA). 

A recent story in The New York Times profiles the struggles that Oscar Health, a New York City-based insurance startup, has faced in trying to offer low-cost health plans on the state ACA exchange. 

In 2015, Oscar Health lost $92 million on the more than 60,000 customers it has in New York. In just the first three months of 2016, the company reported losses of $39 million. 

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