Cigna, Oscar Health to Launch Co-Branded Health Plans for Small Businesses
Source: FierceHealthcare, by Paige Minemyer
Cigna and Oscar Health are joining forces to offer health benefits for small employers.
The Cigna + Oscar plans will be fully insured and available on the small group market, the insurers announced. The plans will include integrated medical, behavioral health and pharmacy services and a broad network of providers. In addition, plans will have access to Oscar’s technology tools, including round-the-clock telemedicine.
“Small businesses are the backbone of the American economy and through this partnership, we can take a disciplined approach to offering differentiated health care solutions that help small businesses save money, expand network and product choice and keep employees healthy,” said Julie McCarter, vice president of product solutions at Cigna, in a statement.
Plan members will also be able to access search tools that can assist with booking appointments, reviewing providers, finding facilities and checking prescriptions, and the plans will be enabled with broker, business and provider portals to streamline enrollment and care management, according to the announcement.
About 15 million people are enrolled in small group insurance plans, and small businesses are a growing segment of the economy, according to the announcement. More than 500,000 new companies launch monthly.
The two payers said they intend to equally share risk under the co-branded plans through a reinsurance program, and they intend to launch the new plans in select markets this year, pending regulatory approval. They plan to continue growing the partnership over time.
“Together, we are giving small business owners an affordable, simple-to-use option that makes it easier for their employees to get appropriate care quickly and stay healthy,” said Joel Klein, chief policy and strategy officer at Oscar, in a statement. “Cigna + Oscar will give these business owners and their employees consumer-centric health care coverage and physician networks that provide personalized care.”