As politicians continue to squabble over the future of Obamacare, prompting major health insurers to pull out of markets, Oscar is doing just the opposite. On Wednesday, the tech-driven health insurance startup announced its plans to sell insurance through the Affordable Care Act exchanges in parts of Ohio, New Jersey, Texas, Tennessee, and California.
What's more, Oscar will continue selling health insurance to businesses, families, and individuals in New York in 2018. "We're confident that when the dust settles, the market for health insurance will stabilize in time for 2018," the company wrote in a blog post. "For all of the political noise, there are simply too many lives at stake for representatives in Washington, D.C., not to do what's right for the people."
That "political noise" has prompted many insurers to pull out of Obamacare's health insurance exchanges. They are unsure if the government will continue to pay subsidies for the ACA at a time when insurers must submit their plans and rates for 2018. Recently, Aetna left Virginia's ACA exchange, Humana pulled out of Tennessee's, and Medica threatened to exit Iowa's, leaving residents with limited health insurance options. A Kaiser Family Foundation analysis from 2016 found that 31 percent of counties will have only one insurer this year, up from 7 percent in 2016.
Oscar's announcement also comes a day before Republicans are expected, according to Senate majority leader Mitch McConnell on Tuesday, to release a discussion draft of their version of the health care bill.