Oscar will offer coverage options for people living in north and central Jersey, including 14 of the state's 21 counties.
TRENTON -- Oscar, the New York-based health insurance company that withdrew from New Jersey after two years, is looking to make a comeback in the Garden State in 2018.
Oscar's CEO and Co-Founder Mario Schlosser announced Wednesday the company is seeking approval from the state Department of Banking and Insurance to re-enter the health exchange, created under the Affordable Care Act.
Oscar, known for its strong tele-medicine presence and digital-friendly website, also wants to sell individual and small business policies independent of the landmark health care law, according to the announcement.
With U.S. Senators meeting behind closed doors to draft a replacement for the Affordable Care Act, Schlosser acknowledged that an expansion at such a time of uncertainty may appear risky.
"We're confident that when the dust settles, the market for health insurance will stabilize in time for 2018," Schlosser said in a statement. "For all of the political noise, there are simply too many lives at stake for representatives in Washington, D.C. not to do what's right for the people."
Another N.J. insurance company drops out of Obamacare
Oscar withdrew from New Jersey in 2016 "in anticipation of the short-term instability in the market. Health Republic, an insurance co-op, folded amid deep debt in 2016. Oxford Health Plans, owned by UnitedHealthcare Co., also announced it was pulling out of New Jersey's health exchange at about the same time.
But conditions have improved, Schlosser said.
"The market in New Jersey is stable and growing. We wouldn't have filed for approval to serve New Jerseyans in 2018 if we weren't confident that we could offer seamless, guided health insurance plans for both small businesses and individuals," he told NJ Advance Media.
"Our new 'Oscar for Business' plans would be an especially attractive product for New Jersey businesses and include regional coverage" in New York, he said.
If approved by state regulators, the re-emergence of another player in the market is good news for people who rely on Obamacare.
New Jerseyans had only two carriers, Horizon Blue Cross Blue Shield of New Jersey and AmeriHealth, although they offered many policy options. Premiums rose on average of 8 percent this year, in contrast to the double-digit increases that have prompted President Trump to declare Obamacare close to death.
Oscar will offer coverage options for people living in north and central Jersey, comprising 14 of the state's 21 counties: Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Warren and Union, the announcement said.
Oscar's first foray into New Jersey limited its market to nine counties, serving 25,000 people.
Oscar also seeks to expand into portions of Ohio, Texas, California and Tennessee, and will renew its request to continue selling "Oscar for Business" as well as individual and family policies on and off the exchanges in New York, according to the announcement.
Susan K. Livio may be reached at slivio@njadvancemedia.com. Follow her on Twitter @SusanKLivio. Find NJ.com Politics on Facebook.
