Oscar Health is a health insurer that sells individual and family health plans exclusively through the ACA marketplace. Oscar serves approximately 2 million members as of end of 2025, expanding to 3.4 million enrolled members in the 2026 open enrollment period across 20 states. Oscar sells plans through federal and state ACA marketplaces, its own digital platform, and independent brokers, with brokers accounting for roughly 90-95% of membership. Oscar is heavily concentrated in Florida (~58% of membership), Texas (~18%), and Georgia (~11%). Oscar offers plans across all five ACA metal tiers and differentiates through condition-specific and lifestyle-oriented plans, such as menopause- and diabetes-focused products, as well as its technology platform and member experience. Oscar makes money by collecting premiums, then paying medical claims and operating expenses — the key metric is the Medical Loss Ratio (the share of premium revenue spent on claims). Profitability depends on annual pricing discipline, utilization management through narrow provider networks, and SG&A leverage as membership scales. A key feature of ACA economics is risk adjustment, where CMS redistributes premiums across insurers based on member health status — in 2025, Oscar paid out roughly 18.5% of direct premiums into the risk pool. Beyond insurance, Oscar licenses its technology platform to external payors and providers, and made several acquisitions in 2025 to build out brokerage and enrollment infrastructure to support its ICHRA growth strategy.