Oscar Health just raised $375 million from Alphabet

August 14, 2018

 

Oscar Health just got a cool $375 million from Google’s parent company to bring its tech-backed health insurance plans to more people.

 

In total, the company has now raised more than $1 billion. Its last-reported valuation was $3.2 billion. 

Co-founded in 2012 by Josh Kushner, whose brother Jared a senior adviser to President Donald Trump, Oscar Health is a health-insurance startup that got its start operating on the Affordable Care Act’s insurance exchanges. The goal is to be a more consumer-friendly insurance option by integrating technology. It also works with small businesses to provide health insurance. 

 

In 2019, Oscar plans to be in nine states, including Florida, Arizona and Michigan.

 

As part of the additional funding, Oscar CEO Mario Schlosser  told Wired that the company plans to go beyond the individual exchanges and small employer market and into the Medicare Advantage market. When seniors in the US turn 65, they can choose to be part of either traditional Medicare or Medicare Advantage, which is operated through private insurers like Oscar and often provides additional healthcare benefits.

 

Oscar’s plan to move into the Medicare Advantage market will put it up against startups like Clover Health and Devoted Health.

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