Oscar Health Reports $137 Million Loss Amid Rising Costs

New York, NY — Oscar Health reported a third-quarter loss of $137.5 million on Thursday, forecasting a return to profitability despite the challenges facing the health insurance industry.

Oscar, one of the largest providers of individual health coverage under the Affordable Care Act (ACA), saw its total membership increase by 28% to over 2.1 million, contributing to a 23% rise in revenue, which reached nearly $2.9 billion for the quarter.

Although Oscar’s losses widened from $54.6 million in the same quarter last year, the company remains optimistic about its financial future. CEO Mark Bertolini stated that balancing growth in membership and profitability is key to achieving a positive net income next year.

“We resubmitted rate filings in states covering close to 99% of current membership for 2026,” Oscar said in a statement. The rate filings address significant cost trends and the need for adjustments due to a sicker patient pool.

Oscar anticipates an expansion of market share as other competitors, such as CVS Health’s Aetna, are pulling out of the ACA market. Bertolini emphasized the potential for growth within the individual market, particularly as employment in the service sector increases.

“More Americans work in the service economy than ever before,” he said. “More businesses want affordable benefit options. More people want greater choice. Oscar is ahead of this demand and is working to create the future of individual healthcare for all Americans,” he added.

As the company prepares for next year, it is focused on capturing market opportunities while navigating the complexities of rising healthcare costs and policy uncertainties.