- Cigna Administered by Oscar will offer small businesses access
to member-first health insurance products across 15 Arizona
counties.
- Covered employees will have access to $0 cost 24/7 virtual
doctor visits, low cost prescription coverage, behavioral health
support and Cigna’s networks of quality physicians, specialists and
hospitals.
Cigna (NYSE: CI), a global health service company, and Oscar
Health, Inc. (NYSE: OSCR), the first health insurance company built
on a full stack technology platform, today announced that Cigna
Administered by Oscar1 small group health insurance will be
available to Arizona employers across Apache, Cochise, Coconino,
Gila, Graham, Greenlee, La Paz, Maricopa, Mohave, Navajo, Pima,
Pinal, Santa Cruz, Yavapai, and Yuma counties starting July 1,
2021.
“This pandemic has forced small business owners in Arizona to
make many sacrifices, especially when it comes to their health care
choices,” said Bruce Grimm, Cigna's senior vice president of
segments. “As more workplaces reopen, maintaining a safe workplace
is vital to helping employees have peace of mind. Through our
partnership with Oscar, we are providing more choices for
affordable, predictable and simple health coverage to small
businesses at a time when they need it most.”
Small businesses throughout Arizona continue to struggle from
the impact brought on by the COVID-19 pandemic. According to the
Census Bureau’s Small Business Pulse Survey, 30.2 percent of small
businesses in Arizona reported a decline in revenue during the
first week of October 2020. A survey conducted by Cigna
Administered by Oscar found that 88 percent of small businesses
plan to better prioritize their employees' health moving forward,
and 66 percent say that health insurance is more important to
calculate in their budgets than before the outbreak of
COVID-19.
“As the country begins to reopen, it is critical that small
businesses are being helped to get back on their feet and keep
their doors open,” said Louis DeStefano, head of the small group
business and senior vice president of growth at Oscar. “Cigna
Administered by Oscar specifically meets those needs by offering
small businesses affordable health plans that meet the needs of
their employees, in this moment and moving forward.”
Arizona small businesses with between one and 50 employees2 will
have access to unique services driven by the combination of Cigna’s
provider relationships and Oscar’s consumer-centric, tech-driven
approach to customer service and care navigation, including:
- Expected monthly savings for businesses and their employees.
- Range of plan options across price points to meet the needs of
every employee.
- Behavioral health benefits to help keep teams productive and
healthy.
- Local and nationwide networks of quality doctors, hospitals,
and specialists.
- Access to Cigna's behavioral health network for mental health
resources.
- Cigna Open Access Plus network, a national network of quality,
cost-effective providers.
- Cigna LocalPlus®, a locally designed network of quality
providers offering quality, cost-effective medical care.
- 24/7 virtual urgent care to support employees wherever they are
located, at $0 cost.
- Affordable and easy-to-access pharmacy services.
- $3 co-pays on the most commonly prescribed prescriptions.
- Express Scripts pharmacists, nurses and specialty drug
experts.
- Dedicated care team experts to help employees understand their
benefits, find nearby care, and get the most value out of their
plan.
Cigna and Oscar have agreed to share risk equally under a
reinsurance agreement for solutions offered through this strategic
partnership and plan to expand the partnership over time.
About Cigna
Cigna Corporation (NYSE: CI) is a global health service company
dedicated to improving the health, well-being and peace of mind of
those we serve. Cigna delivers choice, predictability,
affordability and access to quality care through integrated
capabilities and connected, personalized solutions that advance
whole person health. All products and services are provided
exclusively by or through operating subsidiaries of Cigna
Corporation, Evernorth companies or their affiliates, and Express
Scripts companies or their affiliates. Such products and services
include an integrated suite of health services, such as medical,
dental, behavioral health, pharmacy, vision, supplemental benefits,
and other related products. Cigna maintains sales capability in
over 30 countries and jurisdictions, and has more than 175 million
customer relationships throughout the world. To learn more about
Cigna®, including links to follow us on Facebook or Twitter, visit
www.cigna.com.
About Oscar Health, Inc.
Oscar Health, Inc. (“Oscar”) is the first health insurance
company built around a full stack technology platform and a
relentless focus on serving its members. At Oscar, our mission is
to make a healthier life accessible and affordable for all.
Headquartered in New York City, Oscar has been challenging the
health care system's status quo since our founding in 2012. The
company’s member-first philosophy and innovative approach to care
has earned us the trust of approximately 540,000 Americans across
291 counties, as of January 31, 2021. We offer Individual &
Family, Small Group and Medicare Advantage plans. We also offer our
full stack technology platform to others within the provider and
payor space. Our vision is to refactor health care to make good
care cost less. Refactor is a term used in software engineering
that means to improve the design, structure, and implementation of
the software, while preserving its functionality. At Oscar, we take
this definition a step further. We improve the member experience by
building trust through deep engagement, personalized guidance, and
rapid iteration.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
contained herein are forward-looking statements. These statements
include, but are not limited to, statements about the expected
expansion of our Cigna Administered by Oscar program and our
strategic relationship with Cigna. In some cases, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential,” or “continue” or the negative of these
terms or other similar expressions. Accordingly, we caution you
that any such forward-looking statements are not guarantees of
future performance and are subject to risks, assumptions, and
uncertainties that are difficult to predict and generally beyond
our control.
Although we believe that the expectations reflected in these
forward-looking statements are reasonable as of the date made,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
forward-looking statements, including, but not limited to, the
following: the impact of COVID-19 on global markets, economic
conditions, the healthcare industry and our results of operations,
and the response by governments and other third parties; our
ability to retain and expand our member base; our ability to
execute our growth strategy; our ability to maintain or enter into
new partnerships or collaborations with healthcare industry
participants; negative publicity, unfavorable shifts in perception
of our digital platform or other member service channels; our
ability to achieve and/or maintain profitability in the future;
changes in federal or state laws or regulations, including changes
with respect to the Patient Protection and Affordable Care Act and
the Health Care and Education Reconciliation Act of 2010, as
amended (collectively, the “ACA”) and any regulations enacted
thereunder; our ability to accurately estimate our incurred claims
expenses or effectively manage our claims costs or related
administrative costs, including as a result of fluctuations in
medical utilization rates due to the impact of COVID-19; our
ability to comply with ongoing regulatory requirements and
applicable performance standards, including as a result of our
participation in government-sponsored programs, such as Medicare;
changes or developments in the health insurance markets in the
United States, including the passage and implementation of a law to
create a single-payer or government-run health insurance program;
our ability to comply with applicable privacy, security, and data
laws, regulations, and standards; our ability to maintain key
in-network providers and good relations with the physicians,
hospitals, and other providers within and outside our provider
networks, or to arrange for the delivery of quality care;
unfavorable or otherwise costly outcomes of lawsuits and claims
that arise from the extensive laws and regulations to which we are
subject; unanticipated results of risk adjustment programs; delays
in our receipt of premiums; disruptions or challenges to our
relationship with the Oscar Medical Group; cyber-security breaches
of our and our partners’ information and technology systems;
unanticipated changes in population morbidity and large-scale
changes in health care utilization; and the other factors set forth
under the caption “Risk Factors” in our Quarterly Report on Form
10-Q for the period ended March 31, 2021 and our other filings with
the SEC.
You are cautioned not to place undue reliance on any
forward-looking statements made in this press release. Any
forward-looking statement speaks only as of the date as of which it
is made, and, except as otherwise required by law, we do not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. New factors emerge from time to
time, and it is not possible for us to predict which will
arise.
___________________________ 1 Cigna Administered by Oscar
coverage is insured by Cigna Health and Life Insurance Company. CA:
benefits administered by Oscar Health Administrators. Other states:
benefits administered by Oscar Management Corporation. Pharmacy
benefits provided by Express Scripts, Inc. Cigna + Oscar health
insurance contains exclusions and limitations. For complete details
on product availability and coverage, please refer to your plan
documents or contact a representative. 2 Cigna Administered by
Oscar plans are built for small businesses with at least one
qualified full-time (or full-time equivalent) employee, other than
the business owner or their spouse.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210520005169/en/
Courtney Nogas, Cigna 860.902.5531 Courtney.Nogas@cigna.com
Jackie Kahn, Oscar 202.538.0128 JKahn@hioscar.com
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