Oscar — The Health Care Startup — Continues To Lose Millions
Also in the news, a federal judge tosses out a lawsuit by a now-defunct health insurance company that says it is owed more than $70 million by the government.
Obamacare Startup Oscar Has $45 Million Loss In Three States
Oscar Insurance Corp., the Silicon Valley-backed health-care startup, continued to lose tens of millions of dollars in the third quarter as the company exits some markets and works to diversify away from of its Obamacare business. The New York-based company sells health insurance to individuals in new markets set up by the Affordable Care Act. Its attempt to reinvent the insurance business has been marked by large losses -- in the third quarter, closely held Oscar lost $45 million in New York, Texas and California, according to filings with regulators. That follows losses of $83 million in those states during the first six months of this year. (Tracer, 11/15)
Court Rejects Land Of Lincoln Lawsuit Seeking More Than $70 Million
A federal judge has tossed out Land of Lincoln's lawsuit seeking more than $70 million that the now-defunct health insurer says it's owed by the federal government. The insurer shut down at the end of September amid financial woes, sending 49,000 Illinoisans scrambling to find new coverage for the last three months of the year. Shortly before the insurer's closure was announced, it sued the federal government in June for more than $70 million. (Schencker, 11/15)