Saturday, 27 June 2020

Cigna, Oscar to Launch Health Plan for Small Businesses

Cigna, Oscar to Launch Health Plan for Small Businesses

Cigna Corporation CI along with Oscar, a tech-driven health insurance company, launched Cigna + Oscar, a unique consumer-first health insurance for small businesses available in Atlanta and the San Francisco Bay Area as well as across Tennessee, Nashville, Memphis, Knoxville and Chattanooga. Subject to certain conditions, this will be effective fourth-quarter 2020.
Per a new research conducted by Cigna and Oscar, 70% of small businesses suffered a shrinkage in revenues while 52% laid off or furloughed staff amid the COVID-19 crisis. Small businesses, which constitute a major piece of the U.S. economy, have been hard hit by the coronavirus outbreak.
As small business houses are starting to resume operations, most decision makers agreed that offering health insurance to their workers is a top priority in their budget (66%) besides lending an access to pocket-friendly solutions that contribute to employee health (88%), both physical and mental.
Notably, more than 50% small businesses are serene unsure or thinking of changing their health insurer heading into 2021.

The fully-insured health plans include no charge, 24/7 virtual doctor visits, $3 drug co-pays on the most commonly prescribed medicines and constant Care Team member help, etc. It will allow access to local and nationwide networks of doctors, hospitals and specialists. Tailored according to budgets, this health insurance is expected to cover all the unique requirements of small businesses.
People will also have access to behavioral health services via Cigna Behavioral Health's specialized coaching programs and a 24/7 crisis helpline. Companies realized that taking care of their employees’ health is mandatory to keep the productivity intact. This launch will enable companies to choose from a broad range of affordable and simple health coverages at a time when it is imperative.
Both Cigna and Oscar will share risks equally conception a reinsurance agreement for solutions offered through this strategic tie-up. They also have plans to expand the relationship over time.
Back in January, Cigna collaborated with Oscar to offer feasible commercial health solutions to puny businesses. This new initiative strengthens the partnership further.
Zacks Rank and Price Performance
Shares of this currently Zacks Rank #3 (Hold) company have gained 17.3% in a year’s time against its industry’s decline of 20.1%.

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