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PHOENIX AND NEW YORK – (COMMERCIAL THREAD) – Cigna (NYSE: CI), a global health services company, and Oscar Health, Inc. (NYSE: OSCR), the leading health insurance company based on a comprehensive technology platform, announced today hui que Cigna, owned by Oscar1 Small group health insurance will be available for Arizona employers in Apache, Cochise, Coconino, Gila, Graham, Greenlee, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Santa Cruz, Yavapai and Yuma from July 1, 2021.
“This pandemic has forced Arizona small business owners to make many sacrifices, especially when it comes to their healthcare choices,” said Bruce Grimm, senior vice president of Cigna segments. “As more workplaces reopen, maintaining a safe workplace is essential to helping employees have peace of mind. Through our partnership with Oscar, we’re bringing more choices for affordable, predictable, and simple health coverage to small businesses when they need it most. ”
Arizona small businesses continue to fight the impact of the COVID-19 pandemic. According to the Census Bureau’s Small Business Pulse Survey, 30.2% of small businesses in Arizona reported a drop in revenue during the first week of October 2020. A survey conducted by Cigna Administered by Oscar found that 88% of small businesses plan to prioritize employee health better in the future, and 66% say health insurance is more important to budget in their budgets than before the COVID-19 outbreak.
“As the country begins to reopen, it is critical that small businesses are helped to get back on their feet and keep their doors open,” said Louis DeStefano, head of small group business and senior vice president of growth at Oscar. “Cigna administered by Oscar specifically addresses these needs by providing small businesses with affordable health plans that meet the needs of their employees, now and in the future. ”
Small Arizona businesses with one to 50 employees2 will have access to unique services through the combination of Cigna’s supplier relationships and Oscar’s consumer-centric, technology-driven approach to customer service and care navigation, including:
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Monthly savings expected for businesses and their employees.
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Range of plan options at all price points to meet the needs of each employee.
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Behavioral health benefits to help teams stay productive and healthy.
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Local and national networks of doctors, hospitals and quality specialists.
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Access to Cigna’s behavioral health network for mental health resources.
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Cigna Open Access Plus Network, a national network of quality and profitable suppliers.
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Cigna LocalPlus®, a locally designed network of quality providers providing quality and cost-effective medical care.
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24/7 virtual emergency care to support employees wherever they are, at $ 0.
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Affordable and easy-to-access pharmacy services.
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A $ 3 copayment on the most commonly prescribed prescriptions.
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Express Scripts pharmacists, nurses and specialist drug experts.
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Dedicated care team experts to help employees understand their benefits, find care nearby, and get the most from their plan.
Cigna and Oscar have agreed to share the risk on an equal basis under a reinsurance arrangement for the solutions offered under this strategic partnership and plan to expand the partnership over time.
About Cigna
Cigna Corporation (NYSE: CI) is a global health services company dedicated to improving the health, wellness, and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected and personalized solutions that advance the health of the whole person. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, Evernorth companies or their affiliates, and Express Scripts companies or their affiliates. These products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplementary benefits and other related products. Cigna maintains sales capacity in more than 30 countries and jurisdictions, and has more than 175 million customer relationships around the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
About Oscar Health, Inc.
Oscar Health, Inc. (“Oscar”) is the premier health insurance company built around a comprehensive technology platform and an ongoing focus on serving its members. At Oscar, our mission is to make healthier living accessible and affordable for everyone.
Based in New York City, Oscar has challenged the status quo of the healthcare system since our founding in 2012. The company’s membership-focused philosophy and innovative approach to care have earned us the trust of approximately 540,000 Americans in 291 counties, as of January 31. , 2021. We offer Individual and Family, Small Group and Medicare Advantage plans. We also offer our full stack technology platform to others within the vendor and payer space. Our vision is to overhaul healthcare so that good care costs less. Refactor is a term used in software engineering which means to improve the design, structure and implementation of software, while preserving its functionality. At Oscar, we go even further in this definition. We enhance the member experience by building trust through deep engagement, personalized advice and rapid iteration.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this document are forward-looking statements. These statements include, without limitation, statements regarding the expected expansion of our Oscar Managed Cigna program and our strategic relationship with Cigna. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expects”, “plans”, “anticipates”, “may”, “” plans ” , “consider”, “believe”, “estimate”, “predict”, “potential” or “continue” or the negative of these terms or other similar expressions. Therefore, we caution you that these forward-looking statements do not constitute guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict and generally beyond our control.
Although we believe that the expectations reflected in these forward-looking statements are reasonable at the time of writing, there are or will exist significant factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to the following: the impact of COVID-19 on global markets, economic conditions, the healthcare industry and our results of operations, and the response of governments and other third parties; our ability to retain and expand our membership base; our ability to execute our growth strategy; our ability to maintain or enter into new partnerships or collaborations with players in the healthcare industry; negative publicity, adverse changes in the perception of our digital platform or other member service channels; our ability to achieve and / or maintain future profitability; changes to any federal or state laws or regulations, including changes to the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act 2010 (collectively, the “ACA”) and any by-law adopted thereunder; our ability to accurately estimate our incurred claims expenses or to effectively manage our claim costs or related administrative costs, including due to fluctuations in medical utilization rates due to the impact of COVID-19; our ability to comply with applicable regulatory requirements and applicable performance standards, including through our participation in government sponsored programs, such as Medicare; changes or developments in the United States health insurance markets, including the passage and implementation of legislation to create a single-payer or government-administered health insurance program; our ability to comply with applicable privacy, security and data laws, regulations and standards; our ability to maintain key providers within the network and good relationships with physicians, hospitals and other providers within and outside our provider networks, or to organize the delivery of quality care; adverse or otherwise costly results of lawsuits and claims arising from the extensive laws and regulations to which we are subject; unanticipated outcomes of risk adjustment programs; delays in receiving our bonuses; disruptions or challenges in our relationship with the Oscar medical group; cybersecurity vulnerabilities in our IT and technological systems and those of our partners; unforeseen changes in population morbidity and large-scale changes in the use of health care; and the other factors set out under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2021 and our other documents filed with the SEC.
You are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Any forward-looking statement speaks only as of the date on which it is made and, except as otherwise required by law, we assume no obligation to update or publicly review any forward-looking statement, whether at following new information, future developments or others. New factors appear from time to time, and it is impossible for us to predict which ones will arise.
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1 Cigna coverage administered by Oscar is provided by Cigna Health and Life Insurance Company. CA: benefits administered by Oscar’s health administrators. Other states: services administered by Oscar Management Corporation. Pharmaceutical Benefits Provided by Express Scripts, Inc. Cigna + Oscar Health Insurance contains exclusions and limitations. For more details on product availability and coverage, please consult your plan documents or contact a representative.
2 Cigna plans administered by Oscar are designed for small businesses with at least one qualified full-time (or full-time equivalent) employee other than the business owner or spouse.
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