Insurance Technology Featured Article

Oscar Gives Millenials the Healthcare They Want

July 17, 2014

The “young invincibles” of the millennial generation may finally be courted by the healthcare industry, thanks in part to the health insurance provider Oscar.

For years, 18 to 29 year olds have skipped out on health insurance, sighting the high premium costs coupled with a belief that they simply don’t need it. Even with considerable efforts nationally to create affordable healthcare, uninsured young adults could spend up to five times less than those enrolled in the Affordable Care Act plans, according to NerdWallet. Christina LaMontagne, health VP at NerdWallet, told CNBC, that “many young, healthy adults will skip insurance in 2014, as their expected health needs won’t justify insurance.”

Oscar claims to solve this problem by adjusting healthcare to 21st century needs. Following a FICO global study that stated 80 percent of smartphone users wanted to interact with doctors on their mobile devices, Oscar is offering members unlimited access to doctors over the phone.

Oscar is a fairly new provider, only founded in October 2013, and now, their 16,000 enrollees can skip the hassle and paperwork of a doctor’s visit for a simple ailment. Insurance quotes, nearby hospitals, participating doctors, and complete lists of medications will now all be available at user’s fingertips and at their convenience.

“It combines features similar to WebMD and Google (News - Alert) Maps, where members can simply search for doctors in their area, as well as their symptoms, in colloquial language,” Oscar co-founder Mario Schlosser told Tech Page One. “Oscar’s technology has simplified the sign-up process so potential members can get an estimated quote immediately.”

Oscar is also offering a fixed amount of free primary care visits as needed and generic drugs, directly appealing to relatively healthy millennials, who have historically skipped healthcare because they believe the cost is too pricy for their needs.

 Oscar is creating packages specifically for young, single persons with no kids, earning around or under $50,000 annually. Packages are also being created for a 20-year-old’s health needs, with disaster-type insurance for enrollers who don’t normally seek medical attention.

For now, Oscar is only available to residents of New York City, but a successful launch of these new programs could prompt a launch nationwide. 




Edited by Adam Brandt

Article comments powered by Disqus

Related Insurance Technology Articles

Auto Insurance Telematics Poised for Explosive Growth

Smart cars are getting smarter and have become foundational elements of our increasingly connected world. The data they generate pertaining to things like driver habits, the car condition and adherence to maintenance best practices, where the car is driven, where it calls home, etc. are all critical in determining insurance premiums. In fact, they are what will enable insurers the ability to reward customers who are good drivers and good owners while charging higher rates for those who are less … [ Read More ]
10/23/2014

Allscripts and ScriptSave Partner on Prescription Savings Program

While much attention in the insurance world is centered on using technology to improve the customer care of people with insurance, there are also efforts underway in the U.S. to help those without insurance get timely access to affordable medications. These efforts ultimately have the impact of bending the cost curve for medicines for everyone. [ Read More ]
10/23/2014

Leveraging M2M and IoT Services can Help Conventional Insurers Face Competition, says SAP Study

SAP SE stated that a recent study sponsored by it, revealed that long-standing insurance providers need to leverage and experiment with machine-to-machine and the Internet of Things and also invest more in customer-related technologies in order to gain a competitive advantage over non-insurance companies. [ Read More ]
10/21/2014

Vlocity Introduces Two New Cloud Apps Built on Salesforce1 Platform

Vlocity designs and creates industry-specific applications on the Salesforce1 platform to provide organizations with functional cloud in mobile software solutions that embed industry best practices and business processes. These applications take away all the hard work of integrating the latest technology and the processes an organization needs in one single app that can be deployed across different devices. With Vlocity, organizations are able to improve customer experience interactions across t… [ Read More ]
10/21/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!