Posts Tagged ‘Oscar health insurance’

New York Gets a New Health Insurance Company Based on Simplicity

Tuesday, September 24th, 2013

Well I must admit that I am intrigued by this new health insurance concept in New York.  According to ny1 news in New York, Erin Billups says that a “New health insurance company offers (a) unique approach to coverage for New Yorkers.”  Each state’s health insurance exchange will start offering health insurance plans October 1 and New York has a brand new insurer involved in their exchange.  Three men with tech industry backgrounds have started a new health insurance company called Oscar and their goal is to simplify the process of health insurance and make it more straightforward.  They were motivated to build Oscar after one of the entrepreneurs opened a health insurance bill and was utterly confused.  He said that the benefits and even who his doctors were had been unclear and the men involved in Oscar have vowed to change that confusing process.

There will be 17 health insurance companies in New York’s insurance exchange, one of which is Oscar.  Plans from this insurer range from $0 to $500 per month.  On the company’s website, your health history will be laid out for you in a similar fashion to Facebook’s timeline feature.  Your information can be accessed from your phone and goes back years into your health history.  The overall goal is to translate the health care system and make it easy to understand and very transparent.  Costs will be clear up front, from the cost of a prescription to any necessary services.  One feature that Oscar is particularly proud of is their “tele-doc” service.  You can make a phone call to a doctor at any time and receive a call back within an hour.  This helps eliminate unnecessary emergency room and other doctor visits when a simple question could have been quickly answered.

Oscar definitely has an uphill battle as a new insurer entering the market, but they are hopeful to reach their capacity of 50,000 customers quickly.  They will have to manage finding the right mix of customers and maintaining the simplicity that they are basing their company off of to become successful.  But if Oscar can make this simple concept work, they could change the face of health insurance in America at a time when everything is up in the air.  Contact us with any health insurance questions, including those regarding health insurance exchanges.