Offering health insurance for their employees has long been a pain point for small business owners. Recognizing this, health insurers Cigna and Oscar have teamed up to offer a solution.
"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, Oscar's chief policy and strategy officer.
Related: Small businesses burdened by rising health costs
The companies see an opportunity in the small-business space, which accounted for 40 percent of net job creation in 2018. The new "consumer-centric" plans will include services such as:
- Integrated medical, behavioral, and pharmacy services
- Broad access to high-performing networks of doctors and hospitals
- Concierge team support
- Telemedicine access at no charge
- Deductible tracking
- Search tools to help review health care providers, book appointments, find facilities and check prescriptions
- Broker, business and provider portals
According to Forbes, he new partnership represents the biggest expansion yet for Oscar since its launch in 2014. The two companies will split the risk of the fully insured plans equally, utilizing a reinsurance agreement. The plans are still subject to regulatory approval but are expected to begin rolling out in select markets in 2020.
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Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
