Cleveland Clinic jumps into insurance market in joint venture with Oscar

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The Cleveland Clinic will offer plans on the individual insurance market in five Ohio counties next year through a new joint venture with New York-based insurer Oscar.

According to the Cleveland Plain-Dealer, the partnership will lean heavily on Oscar’s tech-based approach, with an emphasis on telehealth and preventive care, while having limited benefits outside the Cleveland Clinic system. The plans will be available both on and off the Affordable Care Act exchanges in Cuyahoga, Lake, Medina, Lorain and Summit counties.

“I do want to acknowledge the turmoil and the uncertainty around the public exchange and the public marketplace,” said Kevin Sears, the clinic's executive director of market and network services. “That said, the individual insurance segment is not going anywhere. We expect it will grow for some.”

Oscar itself had exited the individual market in Dallas and New Jersey, but CEO Mark Schlosser said those markets were unstable, a label he wouldn’t attach to Ohio.

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