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Cleveland Clinic Enters Individual Health Insurance Market

The Cleveland Clinic will enter the individual insurance market later this year through a joint venture with New York-based Oscar Insurance Corp., a health insurance tech startup. The venture, called Cleveland Clinic | Oscar Health, will offer its new insurance during open enrollment in 2017, and will begin coverage starting Jan. 1, 2018...
June 20, 2017

Cleveland Clinic

The Cleveland Clinic will enter the individual insurance market later this year through a joint venture with New York-based Oscar Insurance Corp., a health insurance tech startup.

The venture, called Cleveland Clinic | Oscar Health, will offer its new insurance during open enrollment in 2017, and will begin coverage starting Jan. 1, 2018. The new individual plans will be available on the public exchange, off the exchange or directly through Oscar in five Northeast Ohio counties:  Cuyahoga, Lake, Medina, Lorain and Summit. Future expansion is possible.

“Oscar was founded to help restore the focus of our health care system on the needs of the consumers,” said Mario Schlosser, Oscar Health’s chief executive officer and co-founder. “By linking Oscar’s member engagement platform to a world-renowned, physician-led health system like the Cleveland Clinic, we can align incentives and focus on the things that matter most.” One of Oscar’s founders, Joshua Kushner, is the younger brother of Jared and brother-in-law of Ivanka Trump.

Although many insurers have begun to flee the individual ACA markets in 2018, other insurers have been stepping up to fill the void. Centene, a Medicaid-focused insurer, previously announced that would begin selling exchange plans in Kansas, Missouri and Nevada next year, and expand its footprint in six existing markets: Florida, Georgia, Indiana, Ohio, Texas, and Washington. The company’s ACA plan enrollment grew sharply this year, to 1.2 million people as of the end of March, from 537,000 at the end of 2016.

 

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