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Alex Proimos / AP

Oscar Insurance Corp., the startup that focused on Obamacare business, has gotten a big wakeup call: it lost more than $200 million on premium revenue of $425.9 million in 2016, per Bloomberg. Last year it offered plans in New York (its biggest market), New Jersey, California, and Texas.

The pattern: That's worse than 2015, when losses were $121.7 million. Other insurers have had a tough time too, with Aetna, Humana, and UnitedHealth Group exiting most of their Obamacare markets ahead of 2017 due to steep losses. Oscar exited New Jersey for 2017.

What lies ahead: CEO Mario Schlosser said the startup will try to stabilize business in New York by working with a smaller network of hospitals and doctors. It is also aiming to sell health insurance to small businesses in New York and California, which will move it away from the relatively volatile individual market.

Why it matters: Oscar gets a lot of attention because it was specifically trying to build its plans on Obamacare business — and because its co-founder, Joshua Kushner, is the brother of Jared Kushner, Ivanka Trump's husband and President Trump's adviser.

The backers affected: Kushner's Thrive Capital, Fidelity Investments, Khosla Ventures, and Peter Thiel's Founders Fund.

Go deeper

Bryan Walsh, author of Future
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Illustration: Aïda Amer/Axios

President Biden's plan to accelerate the reopening of K-8 schools faces major challenges from a still out-of-control pandemic and more contagious coronavirus variants.

Why it matters: The longer American kids miss in-person schooling, the further they fall behind. But the uncertain state of the science on the role young children play in the pandemic continues to complicate efforts to reopen schools.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 16 hours ago - Politics & Policy

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Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
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  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
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