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.
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.”
Oscar 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.