Healthcare is the most expensive line item in every household in America, followed by housing, transportation, education and groceries, according to Mark Bertolini, CEO of Oscar Health. However, unlike healthcare, Americans can actually “shop as a consumer” in these other industries.
“You go out and look for what you want,” he said. “You decide what you’re going to buy. … You make trade-offs, you negotiate and you get the best deal for you. In healthcare, you take what your employer offers. You pay 15%, you go into a system that has no pricing, and you don’t know what you can do to control costs. We need to put the consumer in the middle of what happens in healthcare and make the choices they need to make for their lives.”
Bertolini made these comments at the Medicarians Conference in Las Vegas on Tuesday. It came a day after Oscar Health unveiled Lucie Health Marketplace, a storefront that aims to make it easier for Americans to shop for healthcare. In other words, Lucie is “Airbnb for healthcare,” according to Bertolini.
Lucie’s platform brings together all major individual health insurers alongside ancillary and supplemental providers such as Aflac. Consumers can search for plans that meet their needs, including for health, dental, vision, accident and cancer. Consumers can enroll in a plan on their own, but if they want help, they can rely on one of Oscar Health’s broker partners.
For employers who are interested in offering ICHRAs (Individual Coverage Health Reimbursement Arrangements), Lucie makes it easier for their employees to find a plan. ICHRAs allow employers to provide their employees with tax-free money so they can purchase their own individual health insurance plans. Lucie helps narrow down plan options for employees with ICHRAs, and shows annual costs.
It also supports brokers, making it easier for them to compare plans, walk clients through options and enroll them in coverage.
“The whole idea is to have you maximally productive and capable of moving forward with your clients and growing your base, instead of having to constantly react to regulatory things that come forward and try and figure out how you can make it all work and maintain your income,” Bertolini told brokers at Medicarians.
Lucie is intended to support a variety of consumers, including entrepreneurs, full-time employees, part-time employees, gig workers and early retirees, the announcement stated. Ultimately, it aims to allow people to shop like they do for other industries.
“That’s what Lucie is all about, creating that marketplace,” Bertolini said. “And not only where I can get connected with my broker and a health plan and a network, but I also can buy drugs like Eliquis for $120 from Mark Cuban versus $495 at your local pharmacy. We’re going to create a shopping experience, which we’re just starting. We have Kroger interested and Hy-Vee supermarkets. We have Allstate on the platform. Everybody wants to contribute.”
Photo: Hong Li, Getty Images
