Oscar Health Insurance will offer coverage through the state’s insurance exchange for the next open enrollment period
New Jersey residents that will be shopping for health insurance through the state’s exchange will have more options beginning on November 15 this year. Oscar Health Insurance, a startup that was launched last year in New York, has announced that it is expanding to New Jersey. The insurer covers some 16,000 people in New York and has won praise from its customers. The insurer will be participating in New Jersey’s insurance exchange when open enrollment begins in November.
Oscar aims to offer more intuitive coverage for consumers and encourages its customers to compare prices before purchasing a policy
Oscar claims that it is a new type of insurance company that uses technology to make coverage more simple and intuitive for consumers. According to the insurer’s website, it provides coverage that is “the kind of healthcare we want for ourselves.” The insurer is encouraging its potential customers to use its mobile application, website, and other resources in order to compare the cost of the coverage it offers with other kinds of insurance policies.
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Several other insurers will be offering coverage during the open enrollment period
UnitedHealthcare, Horizon Blue Cross Blue Shield, Health Republic of New Jersey, and AmeriHealth will also be participating in the state’s insurance exchange. Insurers will begin selling their policies on November 15, when the open enrollment period for the exchange begins. The policies sold through the exchange will go into effect on January 1, 2015. Insurers will continue selling policies through the exchange until the open enrollment period ends.
162,000 people enrolled for coverage during the last enrollment period
Approximately 162,000 New Jersey residents enrolled for insurance coverage using the state’s exchange during the last open enrollment period. Another 140,000 people found insurance coverage through the state’s Medicaid program. Approximately 11.5% of those under the age of 64 lacked insurance coverage as of March of this year. The state’s insurance exchange is being managed by the federal government, which has been working to resolve technical issues with HealthCare.gov before the next open enrollment period begins in order to ensure that enrollment is easier for consumers.