“If you like your broker, you can keep your broker…period.” (sarcasm)
Yes…this is the message Oscar Health Insurance Corp is sending to all of their NY individual market customers this open enrollment season. Meaning, effective 1/1/19, Oscar will be terminating all individual licensed broker contracts for new and existing business. In other words, if you previously enrolled in an individual Oscar health insurance plan with broker assistance, you will no longer be able to get policy servicing assistance with the broker who placed you with them. It’s basically Oscar telling all of their previously appointed brokers in New York, “Thank you for all of the individual business you brought us to help us get started, but your services are no longer necessary”.
Effective immediately, existing Oscar customers will now need to contact Member Services directly for all plan renewal information and pricing options in the 2019 NY individual market. When you do, be sure to thank the Oscar representative for kicking your broker to the curb, and ask them what they are going to do with the $8 they will be saving. That is correct…for each broker Oscar gets rid of in the individual market, they will be saving $8 for every single rate premium that gets paid to them per customer, which was brought to them by the previously contracted broker. As an example, if you are currently paying $838 a month for a single platinum plan in 2018, your broker receives $8 (1%) from Oscar out of that payment. Well, not anymore…even if you stay enrolled with Oscar beyond 1/1/19. Charming of them isn’t it?
Oscar launched in the NY individual market in January of 2014, and where New York City remains its headquarters location.