Oscar Health, the health insurance company co-founded by Jared Kushner’s brother Joshua, has submitted a bid and announced that former Barack Obama campaign manager David Plouffe will join its board of directors.
Why does it matter: Oscar Health is one of the highest attempts to disrupt the health insurance industry.
Background: Oscar was launched to provide health insurance to people under the Affordable Care Act, but has since diversified into other health insurance markets.
By numbers:
- Income: The company brought in $ 1.67 billion in 2020, up from $ 1.04 billion in 2019. However, net losses expanded to $ 406.83 million in 2020, up from $ 261.18 million in 2019.
- Members: Oscar has a total of 402,044 insurance customers at the end of 2020, with just under 2,000 being covered under the Oscar Medicare Advantage plan, while the rest are individuals or small groups. In 2019, it had a total of 229,818 members.
Oscar Health’s main shareholders include Alphabet (parent company Google), Fidelity, Formation8, Founders Fund, General Catalyst, Khosla Ventures and Thrive Capital (Joshua Kushner’s VC company).
Editor’s note: The story has been updated with additional details from the submission.