Feb 5, 2021 - Economy

Oscar Health files for IPO, adds David Plouffe to board

Illustration of a band-aid with binary code

Illustration: Annelise Capossela/Axios

Oscar Health, the health insurance company co-founded by Jared Kushner's brother, Joshua, has filed for an IPO and announced that Barack Obama's former campaign manager, David Plouffe, will join its board of directors.

Why it matters: Oscar Health is one of the highest-profile attempts at disrupting the health insurance sector.

Background: Oscar was launched to provide health insurance to individuals under the Affordable Care Act, but has since diversified into other health insurance markets.

By the numbers:

  • Revenue: The company brought in $1.67 billion in 2020, up from $1.04 billion in 2019. However it's net losses widened to $406.83 million in 2020, up from $261.18 million in 2019.
  • Members: Oscar has a total of 402,044 insurance customers as of the end of 2020, with just under 2,000 being covered under Oscar's Medicare Advantage plan, while the rest are individuals or small groups. In 2019, it had a total of 229,818 members.

Oscar Health's top shareholders include Alphabet (Google's parent company), Fidelity, Formation8, Founders Fund, General Catalyst, Khosla Ventures, and Thrive Capital (Joshua Kushner's VC firm).

Editor's note: The story has been updated with additional details from the filing.

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