Oscar Health: Gig Workers Drive Record Jump in ‘Obamacare’ Enrollment
Insurance platform Oscar Health recorded its first-ever net profit amid record customer enrollment in Affordable Care Act plans.
During an earnings call Tuesday (May 7), CEO Mark Bertolini said that total plan membership was up 42% during the quarter as “Obamacare” enrollment soared.
“The ACA now has more than 21 million people enrolled and is the fastest growing health insurance segment, driven by the gig economy, consumerization and government policies,” Bertolini told analysts. “The market has reached a size that makes it a permanent, attractive option supporting our country’s most diverse and vulnerable populations, filling a critical gap in the insurance market.”
The ongoing growth of the ACA shows that individual plans meet consumer needs of affordability, access and quality, he said during the call. They also present a viable alternative to employer-based models as well as a long-term opportunity for the company to reach a broader selection of consumers and markets.
“With this in mind, we are not renewing the CignaPlus Oscar Small Group offering in 2025, to better align with our strategic direction,” Bertolini said on the call. “We continue to believe in the value of small businesses and look forward to serving this market in new ways in the future.”
The company’s total membership at the end of the first quarter was more than 1.4 million, the bulk of those from individual and small group plans.
Elsewhere in the healthcare space, PYMNTS Intelligence’s “2024 Women’s Wellness Index” drew on survey insights with more than 10,000 U.S. consumers to come up with a clearer picture of the various factors shaping women’s finances and their health and well-being.
For example, the survey found that women are 11% more likely than men to research aspects of health and wellness on their own and are 19% more likely to grasp how to determine the best medical and wellness providers.
“This may explain why single women living alone have some of the best health outcomes, scoring 20% better than the average woman on our index,” PYMNTS wrote last week. “Why? Our data shows that healthcare needs of children or significant others can take precedence — with major impacts on women’s health outcomes.”
The largest portion of women PYMNTS surveyed — 30% — who prioritize their own personal wellness and health are single without children. By contrast, 28% of women who live with partners and have children prioritize the health and well-being of their households over their own.
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