Oscar Health has all but abandoned Medicare Advantage after attracting few policyholders during its four years in the market, CEO Mario Schlosser said during the company’s third-quarter earnings call with investors Tuesday.
Oscar Health offered Medicare Advantage plans in New York and Texas this year but has pulled out of those states for next year. The company's lone remaining Medicare Advantage product is a plan sold in Broward County, Florida, that is jointly marketed with Trinity Health's Holy Cross Health in Fort Lauderdale and Memorial Healthcare System in Hollywood. The insurtech did not immediately respond to questions about whether it would sell this plan in 2023, but the policy is listed on Medicare.gov as available.
The insurtech offered its first Medicare Advantage plans in 2019 after receiving a $375 million investment from Alphabet. Oscar Health inked the deal with Holy Cross Health and Memorial Healthcare the following year. “We’re confident that our approach will ensure long-term, sustainable growth in Medicare Advantage—unlocking a new opportunity to bring consumers a health insurer that puts them first,” Schlosser wrote in 2018.