Cigna has teamed up with tech-driven health insurance company Oscar to launch co-branded commercial health insurance plans for small businesses.
The fully insured plans will be sold to the small group market under the ‘Cigna + Oscar’ brand.
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The plans, according to the partners, will include integrated medical, behavioural health and pharmacy services and a broad network of providers.
The companies added they will share risk equally under a reinsurance agreement. They will start offering the plans to small companies in select areas starting this year and expand partnership going forward.
Members can avail the support of a dedicated team to understand their benefits and find care. They will also get access to Oscar’s round-the-clock telemedicine as well as other digital tools.
Cigna vice president of product solutions Julie McCarter said: “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.”
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By GlobalDataOscar chief policy and strategy officer Joel Klein said: “Cigna + Oscar will give these business owners and their employees consumer-centric health care coverage and physician networks that provide personalised care.”
Small businesses accounted for over 40% of net job creation in the US in 2018. Small group health plans caters to nearly 15 million people in the US currently.
