Oscar Health Returning To New Jersey Exchange In 2018

June 21--Oscar Health will return to New Jersey's Obamacare market next year, the insurer said Tuesday in a sign that the Garden State's health insurance market has stabilized.

The company, which left the market last year, said it will begin selling policies to individuals and small businesses when open enrollment begins in November.

"The market in New Jersey is stable and growing," said Mario Schlosser, Oscar's chief executive officer and founder. "We wouldn't have filed for approval (with state regulators) to serve New Jerseyans in 2018 if we weren't confident that we could offer seamless, guided health insurance plans for both small businesses and individuals."

New York-based Oscar sold policies in New Jersey in 2015 and 2016, featuring a slick website designed to appeal to young consumers.

It announced its return as the nation's $3 trillion health care industry faces uncertainty. President Donald Trump and Congressional Republicans have been working to repeal and replace the Patient Protection and Affordable Care Act, calling it a disaster.

The Obamacare marketplace is designed to sell policies to consumers who aren't covered by Medicare, Medicaid or their employer. It amounted to about 250,000 consumers statewide in 2017.

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Insurers had a deadline of today to file proposals with state regulators. Horizon Blue Cross Blue Shield of New Jersey said it also will serve the state's Obamacare market, but it declined to disclose its proposed rates.

An AmeriHealth New Jersey spokesperson said it will participate as long as the marketplace is viable enough that it does not negatively impact its members or business.

Neither company indicated how much its plan would cost next year.

Oscar, whose early investors included Jared Kushner's brother, Josh, said it would sell policies in 14 New Jersey counties in Central and Northern New Jersey.

Schlosser said the uncertainty of health care policy in Washington, D.C. didn't dissuade him from expanding to New Jersey.

"We're confident that when the dust settles, the market for health insurance will stabilize in time for 2018," Schlosser said. "For all of the political noise, there are simply too many lives at stake for representatives in Washington, D.C., not to do what's right for the people."

This is a breaking news story. Check back later for more information.

Michael L. Diamond; 732-643-4038; [email protected]

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