Oscar Health
An American health insurer selling plans to people who buy their own cover, almost all of it paid for with federal tax credits.
The scores
Growth3/4 ↑
Revenue rose 27.5% in 2025 and 61.2% in the first half of 2026 on share gains, but it all rides one subsidised market.
Business quality2/4 ↑
Low running cost wins share on price, but members re-shop yearly and 2025 showed rivals' members can erase the margin.
Financial position3/4 ↑
Excess statutory capital of $994M and no debt due before 2030, but growth leans on reinsurers for about $1.1B of capital.
Execution record2/4 ↑
Risk-adjustment estimates rose three times in 2025 and the year lost money; 2026 is ahead of plan but is one year.
Per share capture2/4 →
Shares rose 18.3% in a year after notes were swapped for stock, and the 2030 notes convert below today's price.
Potential2/4 →
The 2029 plan needs a margin never earned, share gains, and an employer market of 2.5M lives that is 0.5M today.
Risk profile2/4 →
Federal rules, court rulings on eligibility checks and a yearly payment set by CMS can each move profit in one step.
Valuation3/4 ↓
About 21 times taxed 2026 profit pays for this year's margin holding; at 8 times the 2029 target, the plan is not assumed.
Evidence quality3/4 →
Central facts are filed or CMS's, but the 2026 payment and the employer line rest on management's estimates.
If it works 0.9× · if it fails you keep about 76%.
The Verdict
We rate Oscar Health Neutral. The business is mixed: it runs cheaper than its rivals and took a large share of a shrinking market in 2026, but a federal scheme that moves money to insurers with sicker members took about a fifth of its premiums and wiped out 2025's profit. The price is fair: about 21 times this year's forecast profit, for a margin the company has earned once. As a bet on employers paying for workers' own plans it is priced for success: the line is too small to lift the price much even if it works. The scheme's 2026 answer, due next June, decides the view.
The long caseEmployers may start paying for individual plans instead of group cover, and Oscar has built the platform to sell them.
The evidence under this - 7 claims
The first-half figure includes about $160M of favourable 2025 true-up (C11); on current-year terms an analyst on the Q2 call estimated about 17.9%.
- Share won on price in a market where members re-shop every year can be lost the same way, and Centene still has about twice Oscar's members (C19).
- Part of the gain may be members the eligibility checks will remove (C22).
Oscar's tax losses carried forward kept its reported tax to $38.9M over the last four quarters, so reported profit per share will be higher than this taxed figure for some years.
2024 and 2025 were years of a market made sicker by Medicaid redeterminations and then a reset, which management argues will not recur (C52).
Oscar discloses no CHOICE member count or revenue, and its 2029 market figure rests on its own analysis of vendor data (C43).
The share target is stated for its counties, not nationally, so the national figure could be lower or higher; Oscar has never stated the count.
The company
Americans who get no health cover through work or the government can buy their own plan on the exchanges the Affordable Care Act set up. Oscar sells those plans: 2,042,449 members in 18 states at the end of 2025, more than half of them in Florida.
Almost every customer pays with help, since about 97% of 2025 premiums carried a federal tax credit. Its members skew younger and healthier than the market, and it runs on its own technology, with running costs down to 14.2% of revenue in Q2 2026.
The evidence under this - 4 claims
The same estimate rose three times in 2025 on third-party data (C07); the final figure for 2026 comes only in CMS's June 2027 report.
Part of the fall is a lower risk-adjustment share of premium and fixed costs spread over more members, both of which the CFO named; Oscar also stopped small-group plans.
How it makes money
Members, helped by their tax credits, pay a monthly premium, and Oscar keeps what is left after paying their doctors and hospitals and its own running costs. In 2025 premium was $11.47B of $11.70B of revenue; most of the rest was interest on the cash it holds. Because its members are healthier than average, Oscar must hand part of its premium to insurers with sicker members: about a fifth of it in the first half of 2026.
The evidence under this - 3 claims
The first-half figure includes about $160M of favourable 2025 true-up (C11); on current-year terms an analyst on the Q2 call estimated about 17.9%.
The same estimate rose three times in 2025 on third-party data (C07); the final figure for 2026 comes only in CMS's June 2027 report.
Where the money comes from, stream by stream
| Stream | Share of sales (fiscal year 2025) | How it earns it |
|---|---|---|
| Premium | 98.0% | Health insurance premiums from members and the federal tax credit, after the risk-adjustment payment to other insurers and reinsurance. |
| Investment income | 1.7% | Interest on the cash and investments held against claims and amounts owed to CMS. |
| Other revenues | 0.2% | Fees from the +Oscar software, the Lucie platform and the brokerage bought in 2025. |
Who runs it
Mark Bertolini, who ran Aetna from 2010 to 2018, has been chief executive since April 2023, and the company made its first profit under him. Insiders and Thrive Capital control the votes: directors and officers hold 21.8% of the shares but 77.2% of the votes.
Most of the yearly bonus rides on operating margin, premiums and running costs. Bertolini bought 1,000,000 shares from the company in April 2026 and sold about 2.45M under a plan in June; co-founder Mario Schlosser sold 750,000 outside one in August.
The evidence under this - 6 claims
He sold about 2.45M shares at $28 to $30 in late June 2026 under a trading plan adopted on 10 November 2025 (C36).
The insider base rate put the Q3 2026 bought-to-sold ratio at 0.78 against a 0.74 median, ordinary for this company, and most acquisitions are vesting rather than purchases.
Why it wins, and who could beat it
Why customers come back
Oscar's edge is cost. The tax credit is fixed against a benchmark plan, so a plan priced below it is cheaper for the member dollar for dollar, and members compare prices every year. Running costs of 14.2% of revenue let Oscar price low and still earn.
It worked in 2026. The exchanges shrank, by management's count about 12%, yet Oscar's members grew 46.2% and its share of the counties it serves roughly doubled to about 30%. But members won on price leave on price.
The evidence under this - 5 claims
The 10-Q expects 250,000 to 300,000 of these members to be removed retroactively under eligibility rules (C22), so the year-end count will be lower.
CMS's own snapshot counts 22,973,219 selected plans (C16); fewer pay, but the 19.2 million is management's figure rather than a CMS table read here.
Nationally its 2,963,002 members are 12.9% of plan selections (C16, C04); the in-county share is the company's own calculation.
- Share won on price in a market where members re-shop every year can be lost the same way, and Centene still has about twice Oscar's members (C19).
- Part of the gain may be members the eligibility checks will remove (C22).
Part of the fall is a lower risk-adjustment share of premium and fixed costs spread over more members, both of which the CFO named; Oscar also stopped small-group plans.
The threat
Its biggest rivals are Centene, the largest exchange insurer with 5.5 million members, and the local Blue Cross plans. In Florida, Oscar's largest state, Florida Blue received $1.32B from the risk-adjustment scheme for 2025 while Oscar's Florida insurer paid $1.47B: a rival with sicker members is paid partly out of Oscar's premiums.
The evidence under this - 3 claims
The rivals: CNC, ELV, UNH, MOH, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| CNC | Centene Corporation (Ambetter Health)Priced against it: Same product | Oscar's ACA individual plans | On sale | Same product |
| Private | Florida BluePriced against it: Private | Oscar's ACA individual plans | On sale | Private |
| ELV | Elevance Health's Blue plansPriced against it: One segment only | Oscar's ACA individual plans | On sale | One segment only |
| UNH | Group health plans from the large insurers, such as UnitedHealth'sPriced against it: One segment only | Oscar CHOICE and the +Oscar platforms | On sale | One segment only |
| MOH | Molina HealthcarePriced against it: One segment only | - | On sale | One segment only |
How big it could get
How big this could get
The exchanges had 22,973,219 plan selections for 2026. At the roughly $7,900 a year Oscar collects per member, that is a market of about $181B, and Oscar's 2,963,002 members are 12.9% of it. Nobody yet measures how large the part employers pay for will grow, and this count leaves it out.
The evidence under this - 3 claims
Not every selected plan is paid for, and Oscar's members are younger than average, so the market average premium may differ from Oscar's.
The 10-Q expects 250,000 to 300,000 of these members to be removed retroactively under eligibility rules (C22), so the year-end count will be lower.
The results
The numbers
Sales grew 43% over the twelve months to Jun 2026, faster than the 28% in the year to Dec 2025.
Operating margin is 4.1%, up from −4.0% in the year to Dec 2023.
Yearly sales growth has ranged from +28% to +297% over the last 5 years.
Each dollar put into the business earns 30% a year after tax, up from 3.7% in the year to Dec 2024.
It turned 29% of sales into free cash, $4.38B over the last twelve months.
It holds $8.56B of cash against $432M of debt, $8.12B more cash than it owes.
The share count rose 86% in 4.5 years, and pay in shares costs 0.5% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-18. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.84B | $3.96B | $5.86B | $9.18B | $11.7B | $15.3B |
| Sales growth | +297% | +116% | +48% | +57% | +28% | +43% |
| Profit | ||||||
| Operating margin | −30% | −15% | −4.0% | 0.6% | −3.4% | 4.1% |
| Net margin | −31% | −15% | −4.6% | 0.3% | −3.8% | 3.6% |
| What growth costs, per sales dollar | ||||||
| General and admin | 14% | 0.4% | 0.5% | 0.4% | 0.2% | 0.2% |
| Pay in shares | 4.7% | 2.8% | 2.7% | 1.2% | 0.7% | 0.5% |
| Capital spending | 1.4% | 0.7% | 0.4% | 0.3% | 0.3% | 0.3% |
| Cash | ||||||
| Cash from operations | −$182M | $380M | −$272M | $978M | $1.09B | $4.42B |
| Free cash flow | −$208M | $351M | −$298M | $950M | $1.06B | $4.38B |
| Balance sheet | ||||||
| Cash and short-term investments | $1.69B | $2.96B | $2.56B | $2.15B | $3.99B | $8.56B |
| Debt | $0 | $298M | $299M | $300M | $430M | $432M |
| Net cash | $1.69B | $2.66B | $2.26B | $1.85B | $3.56B | $8.12B |
| Returns and shares | ||||||
| Return on capital | - | - | - | 3.7% | - | 30% |
| Shares (diluted) | 179M | 212M | 222M | 266M | 262M | 333M |
What growth costs
For an insurer, growth costs running expenses and broker commissions, and here growing has made each member cheaper to serve: running costs fell as a share of revenue each year while revenue rose. The swings in profit come from claims and the risk-adjustment payment, not from what growth costs.
The evidence under this - 3 claims
Part of the fall is a lower risk-adjustment share of premium and fixed costs spread over more members, both of which the CFO named; Oscar also stopped small-group plans.
The last report (6 Aug)
Quarter ended June 2026, filed figures.
Q2 2026 confirmed the turnaround. Claims took 79.2% of premium against 91.1% a year earlier, running costs fell to 14.2% of revenue, and profit was $1.10 a share against $0.40 expected.
Part of it came from the past. $164M of the quarter's profit was earlier years' estimates reversing, mostly 2025's risk-adjustment bill arriving smaller than feared, and the chief financial officer put the claims ratio at about 82% without it. The shares fell 11.9% that day, and the guide still implies a loss in the second half.
What it did to the thesisIt proved the price rises worked and running costs fell, which supports the case that Oscar can earn in this market. It left open what decides the view: how much of the profit was last year's estimate reversing, and what the second half costs.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $1.10 against $0.40 expected; $1.10 as filed, with no adjustments.
The evidence under this - 4 claims
An analyst on the call computed about 85.2% for Q2 excluding the releases and the true-up; the CFO said the two would reconcile after the call.
Second halves lose money at every ACA insurer as members meet their deductibles, and management says it has not taken full credit for favourable morbidity data (C52).
What management did with the money
Oscar put $425.5M into its insurers in the first half of 2026 to back growth, $300M of it into a new Florida HMO. Its debt is $410M of convertible notes due 2030. Swapping other notes for about 30.8M shares in 2025 is part of why the share count rose 18.3% in a year.
Insiders in 2026Q3: 18 purchases and 23 sales, from their Form 4 filings.
The evidence under this - 3 claims
The price, and where we disagree
In short. Fair. The price pays for this year's record margin lasting, and only a little for the 2029 plan.
The shares doubled in six months from $15.79 in April, almost all of it a higher price per dollar of sales, and 8 of 11 analysts rate them hold or sell.
The tests come soon. Q3 2026 results on 5 November show what the second half loses as CMS removes members whose eligibility it doubts; Oscar expects 250,000 to 300,000. The 2027 sign-up season runs from 1 November to 15 January, and CMS's June 2027 report settles 2026's risk-adjustment bill.
The evidence under this - 5 claims
The 10-Q states 250,000 to 300,000 expected removals (C22), but the CMS list Oscar is reviewing was not quantified for Oscar.
How we read the multiple
Fully taxed, Oscar's 2026 guide gives about $1.54 of profit a share, so a buyer at $31.89 pays about 21 times this year's profit. That would be ordinary for a steady insurer, and Oscar is not yet one: over 2024 to 2026 its operating margin averages about 0.3%, and 2026 is the only year with a real margin.
If it reaches management's 2029 target of $4.00 a share, today's price is 8 times that, which is why the shares are not dear either.
Against its own history. Oscar has rarely had a profit to price, so its own past says little about what buyers should pay for each dollar of it.
The evidence under this - 3 claims
Oscar's tax losses carried forward kept its reported tax to $38.9M over the last four quarters, so reported profit per share will be higher than this taxed figure for some years.
2024 and 2025 were years of a market made sicker by Medicaid redeterminations and then a reset, which management argues will not recur (C52).
Oscar's best year before 2026 earned 0.6% (C05, C32), and its 2024 Investor Day targets were followed by a 2025 loss (C15).
Priced against its rivals
Only Centene sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Florida Blue (GuideWell Mutual Holding Corporation), Health Care Service Corporation (Blue Cross and Blue Shield of Texas).
The bet: what it pays if it works
The bet is that employers stop buying group cover and instead give workers money to buy their own plans, and that Oscar, which bought the platforms to sell them, wins a large slice. Management expects that market to grow several times over by 2029.
Even at the share Oscar targets, the profit is small beside the rest of the company, so success would move the price little. If it fails, shareholders keep most of what they own, because the exchange plans carry the value.
| Oscar CHOICE and the +Oscar platforms earnings in two to three years | CHOICE members needed | At the stated multiple |
|---|---|---|
| $75.00M | about 250.0K at 100% kept | 0.9× |
| $112.50M (the big win) | about 375.0K at 100% kept | 0.9× |
| $225.00M | about 750.0K at 100% kept | 1.1× |
To pay 2× (a Fair bet) it would need about $829.15M of Oscar CHOICE and the +Oscar platforms earnings (about 2.8M CHOICE members); to pay 5× (a Cheap bet), about $2.84B of Oscar CHOICE and the +Oscar platforms earnings (about 9.5M CHOICE members), at the same multiple.
Each row is Oscar CHOICE and the +Oscar platforms alone, plus the rest of the company (Oscar's ACA individual plans) counted at about $6.12B.
The steps it has to take
- Done Enrolment platform bought and rivals signed onto ICHRAx
- Done Oscar CHOICE membership doubles in a year
- In progress 250 or more off-exchange products for the 2027 open enrolment due 2026-11
- Not started Oscar discloses its CHOICE members or revenue due 2027-02
- Not started 10% to 15% of CHOICE in its counties due 2029-12
The detail behind the label
The evidence under this - 6 claims
Oscar discloses no CHOICE member count or revenue, and its 2029 market figure rests on its own analysis of vendor data (C43).
The HRA Council is a trade body of the platforms that sell ICHRA, so its count is an interested party's, though built from records rather than surveys.
The share target is stated for its counties, not nationally, so the national figure could be lower or higher; Oscar has never stated the count.
CHOICE members choose silver and gold more often (C40), which carry higher premiums, but Oscar has published no margin for the line.
Other revenues, where platform fees would sit, were $28.6M in all of 2025 (C53), and no ICHRAx figure has been published.
Where we disagree with the market
2026 is a cycle top: the shares doubled, most analysts rate them hold or sell, and a third-quarter loss is expected.
The year's margin turns less on claims than on the risk-adjustment payment, set by rivals' members and settled a year late, so the shares are fair, not cheap.
The payment is published once a year, in CMS's June report, and every quarterly figure until then is an estimate. 2025's loss arrived exactly that way, at Centene as well as Oscar, when outside data showed the market sicker than expected.
We would be wrong if CMS's June 2027 report puts Oscar's 2026 payment at or below 20% of premium, with members above 2.6 million after removals. Then 2026's margin would look repeatable, and 21 times its profit would look low.
What analysts say, and the evidence
The evidence under this - 7 claims
The first-half figure includes about $160M of favourable 2025 true-up (C11); on current-year terms an analyst on the Q2 call estimated about 17.9%.
The same estimate rose three times in 2025 on third-party data (C07); the final figure for 2026 comes only in CMS's June 2027 report.
Oscar's tax losses carried forward kept its reported tax to $38.9M over the last four quarters, so reported profit per share will be higher than this taxed figure for some years.
What could go wrong, and how we would know
The risks
- Rivals' members set the bill. If rivals' members prove sicker than Oscar's again, the risk-adjustment payment rises, as in 2025, when it helped turn a profit into a $396.4M loss.
- The subsidy is the product. About 97% of premiums carried a federal tax credit. The enhanced credits expired after 2025, and any further cut shrinks the market Oscar sells into.
- Members removed after the fact. CMS eligibility checks are expected to remove 250,000 to 300,000 members retroactively, and their premium is owed back rather than kept.
- Members won on price leave. Oscar won 2026's members by being cheap, and members re-shop every year, so a rival pricing lower for 2027 can take them back.
- Profit leans on old estimates. $232M of first-half profit was earlier years' estimates reversing, and the guide still implies a second-half loss of $292.7M to $492.7M.
- Insiders hold the votes. Thrive Capital and the founders control most of the votes through 20-vote shares, so outside holders cannot change the board.
The evidence under this - 9 claims
- Share won on price in a market where members re-shop every year can be lost the same way, and Centene still has about twice Oscar's members (C19).
- Part of the gain may be members the eligibility checks will remove (C22).
An analyst on the call computed about 85.2% for Q2 excluding the releases and the true-up; the CFO said the two would reconcile after the call.
Second halves lose money at every ACA insurer as members meet their deductibles, and management says it has not taken full credit for favourable morbidity data (C52).
What we still do not know
- How big Oscar's 2026 risk-adjustment bill really is, which CMS settles only in its June 2027 report.
- How many members CMS's eligibility checks remove by the end of 2026, and whether they cost more than the guide assumes.
- How many members Oscar's employer-paid plans have; the company does not report the number.
The evidence under this - 4 claims
The first-half figure includes about $160M of favourable 2025 true-up (C11); on current-year terms an analyst on the Q2 call estimated about 17.9%.
The 10-Q states 250,000 to 300,000 expected removals (C22), but the CMS list Oscar is reviewing was not quantified for Oscar.
The share target is stated for its counties, not nationally, so the national figure could be lower or higher; Oscar has never stated the count.
What would change our view
- Neutral→AttractiveA cheaper price on the same earnings
It needs:
- ○The shares fall to 12 times trailing profit per share, from about 18.6 when this was written.about $20.52 today, 34% below the last close
- Neutral→Attractive2026 proves to be a floor
It needs all of:
- ○Full-year 2026 profit from operations reaches $800M or more, with releases from earlier years under $250M.checked at the next results, due by 5 Nov
- ○The risk-adjustment payment stays at or below 20% of Oscar's direct premium for 2026.checked at the next results, due by 5 Nov
- ○Oscar's members grow at the 2027 sign-up season while total exchange sign-ups fall.checked at the next results, due by 5 Nov
- Neutral→UnattractiveThe payment to rivals rises again
It needs any of:
- ○The risk-adjustment payment rises above 21% of Oscar's direct premium for 2026.checked at the next results, due by 5 Nov
- ○Oscar cuts its 2026 guide below $600M of profit from operations.checked at the next results, due by 5 Nov
We would also be wrong if
- Retroactive removals run above 300,000 members, or members fall below 2.6 million by the end of 2026.
- Oscar starts reporting its employer-paid members, and they pass 100,000 during 2027.
What is coming
- 5 November 2026 Q3 2026 results: Whether the second half loses no more than the guide implies and how many members the eligibility checks removed.
Every dated event ahead
- 5 November 2026 Q3 2026 results: Whether the second half loses no more than the guide implies and how many members the eligibility checks removed.
- 15 January 2027 2027 open enrolment: Whether Oscar keeps growing in a market priced rationally, under mostly the old enrolment rules.
- 15 February 2027 FY2026 results and 2027 guide: 2026's final risk-adjustment estimate, the 2027 margin guide and, perhaps, a CHOICE member count.
- 30 June 2027 CMS risk adjustment report for 2026: The settled payment Oscar owes rivals for 2026, against its estimate of about 20% of direct premium.
Since we wrote this
- 26 OctBet moveBet re-struck: Priced for success to Safe, little upsideRe-priced at the 23 October close.
- 18 OctThesis writtenNeutral, medium convictionWritten after Investor Day raised the 2026 guide: a record year whose margin depends on a risk-adjustment bill CMS settles next June.
Sources 18
Sources - 18
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-13Item 1, the risk factors, membership by state, the income statement, risk adjustment and the debt notebacksC01C05C06C07C08C13C25C28C32C37C38C42C46C51C53
- S02primarycompany filing2026-08-07the balance sheet, statutory capital, membership, expected removals, the regulatory update, convertibles and share countsbacksC03C04C08C11C21C22C23C26C27C28C29C44C47C49
- S03primarycompany release2026-08-06Q2 and first-half results and the August guidebacksC02C03C13C46
- S04primarytranscript2026-08-06Oscar Health Q2 2026 earnings call transcript (FMP), held 6 August 2026risk adjustment, prior-period releases, churn, the CMS list, ICHRAx and Lucie
So in general, we're a risk adjustment payer because our members skew younger.
backsC04C10C11C12C17C24C41C52 - S05primarycompany release2026-09-16the raised 2026 guide, the 2029 targets, share and CHOICE slides, the 2024 targets
Current 2029 projections assume: ~$20M in interest and other expenses, a mid-20s Effective Tax Rate, and 331M diluted shares as of 2Q26 growing 2-3% per year
backsC12C13C14C15C17C18C21C31C32C39C43C44 - S06primarycompany release2026-09-16the 2029 margin, cost and share targets and the capital projection
PROJECTED CUMULATIVE INTERNAL CAPITAL GENERATION, 2027 TO 2029
backsC14C39C50 - S07primaryregulator2026-01-28national and state plan selections for 2026
The Centers for Medicare & Medicaid Services (CMS) reports that 23.0 million consumers have signed up for 2026 individual market health insurance coverage through the Marketplaces
backsC16C47 - S08primaryregulator2026-06-30each issuer's 2025 transfer, Oscar's three insurers and Florida Blue
the absolute value of risk adjustment state transfers remained 11.0 percent of premiums in the individual non-catastrophic market risk pool
backsC09 - S09primarycompany filing2026-02-17its exchange membership, the 2025 morbidity data, its 2026 repricing and segment revenuebacksC07C19C21
- S10primarycompany filing2026-02-10its planned exchange retreatbacksC20C21
- S11primarycompany filing2026-04-22ownership, pay and the leaders' recordsbacksC33C34C45
- S12primarycompany filing2026-04-07the 1,000,000-share purchase from the company and the performance-share vestingbacksC35
- S13primarycompany filing2026-08-31the option exercises and discretionary salesbacksC36
- S14primarycompany filing2026-09-18the distribution in kind and Kushner's holdingbacksC37
- S15primaryvendor data2026-10-16Research pack for OSCR (FMP market tier, FINRA short interest, insider series), fetched 18 October 2026the 16 October close, ranges and returns, the trailing multiple, analysts, earnings reactions, short interest, the insider roster and headcountbacksC30C31C36C46C55C56
- S16primaryindustry data2026-08-12the outside count of ICHRA lives and employers
The data suggests the number of ICHRA-covered lives alone (not including the thousands of QSEHRA-covered lives) surpassed 500,000 at the beginning of 2026.
backsC40C43 - S17primarycompany filing2026-02-06its Blue licence and business mixbacksC48
- S18primarycompany release2026-02-10the first 2026 guide (profit from operations $250M to $450M) and the $475M revolving credit facility entered on 6 February 2026backsC12