Dive Brief:
- Beginning in 2016, health insurance start-up Oscar will be available in Dallas and San Antonio as well as Los Angeles and Orange County, California. It is currently available in New York and New Jersey.
- Open enrollment will begin next month through the health insurance marketplaces in the states where they are available. Premium costs for 2016 have not been announced.
- The company currently has more than 40,000 customers and is considered attractive to younger, tech-savvy consumers.
Dive Insight:
Oscar CEO Mario Schlosser, formerly of McKinsey & Co., has long had his sights set on Texas, the Dallas Morning News reports. In Dallas, the insurer will partner with Tenet Healthcare and Baylor Scott & White Health.
The company bills itself as a new kind of health insurer that uses technology to guide customers toward better health. Its plans include free doctor visits, telemedicine, generic drugs, routine care and wearable fitness devices.
The company is valued at $1.75 billion and recently received $32.5 million from Google Capital, as previously reported in Healthcare Dive.
The venture lost $27.5 million in 2014 and $11.4 million in the first quarter of 2015. However, the company projects that it will be profitable by late 2016.