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Cigna, Oscar to Launch Health Plan for Small Businesses
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Cigna Corporation (CI - Free Report) along with Oscar, a tech-driven health insurance company, launched Cigna + Oscar, a unique consumer-first health insurance for small businesses available in Atlanta and the San Francisco Bay Area as well as across Tennessee, Nashville, Memphis, Knoxville and Chattanooga. Subject to certain conditions, this will be effective fourth-quarter 2020.
Per a new research conducted by Cigna and Oscar, 70% of small businesses suffered a shrinkage in revenues while 52% laid off or furloughed staff amid the COVID-19 crisis. Small businesses, which constitute a major portion of the U.S. economy, have been hard hit by the coronavirus outbreak.
As small business houses are starting to resume operations, most decision makers agreed that offering health insurance to their workers is a top priority in their budget (66%) besides lending an access to pocket-friendly solutions that contribute to employee health (88%), both physical and mental.
Notably, more than 50% small businesses are still unsure or thinking of changing their health insurer heading into 2021.
The fully-insured health plans include no charge, 24/7 virtual doctor visits, $3 drug co-pays on the most commonly prescribed medicines and constant Care Team member help, etc. It will allow access to local and nationwide networks of doctors, hospitals and specialists. Tailored according to budgets, this health insurance is expected to cover all the unique requirements of small businesses.
People will also have access to behavioral health services via Cigna Behavioral Health's specialized coaching programs and a 24/7 crisis helpline. Companies realized that taking care of their employees’ health is mandatory to keep the productivity intact. This launch will enable companies to choose from a broad range of affordable and simple health coverages at a time when it is imperative.
Both Cigna and Oscar will share risks equally under a reinsurance agreement for solutions offered through this strategic tie-up. They also have plans to expand the relationship over time.
Back in January, Cigna collaborated with Oscar to offer feasible commercial health solutions to small businesses. This new initiative strengthens the partnership further.
Zacks Rank and Price Performance
Shares of this currently Zacks Rank #3 (Hold) company have gained 17.3% in a year’s time against its industry’s decline of 20.1%.
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
See More Zacks Research for These Tickers
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Cigna, Oscar to Launch Health Plan for Small Businesses
Cigna Corporation (CI - Free Report) along with Oscar, a tech-driven health insurance company, launched Cigna + Oscar, a unique consumer-first health insurance for small businesses available in Atlanta and the San Francisco Bay Area as well as across Tennessee, Nashville, Memphis, Knoxville and Chattanooga. Subject to certain conditions, this will be effective fourth-quarter 2020.
Per a new research conducted by Cigna and Oscar, 70% of small businesses suffered a shrinkage in revenues while 52% laid off or furloughed staff amid the COVID-19 crisis. Small businesses, which constitute a major portion of the U.S. economy, have been hard hit by the coronavirus outbreak.
As small business houses are starting to resume operations, most decision makers agreed that offering health insurance to their workers is a top priority in their budget (66%) besides lending an access to pocket-friendly solutions that contribute to employee health (88%), both physical and mental.
Notably, more than 50% small businesses are still unsure or thinking of changing their health insurer heading into 2021.
The fully-insured health plans include no charge, 24/7 virtual doctor visits, $3 drug co-pays on the most commonly prescribed medicines and constant Care Team member help, etc. It will allow access to local and nationwide networks of doctors, hospitals and specialists. Tailored according to budgets, this health insurance is expected to cover all the unique requirements of small businesses.
People will also have access to behavioral health services via Cigna Behavioral Health's specialized coaching programs and a 24/7 crisis helpline. Companies realized that taking care of their employees’ health is mandatory to keep the productivity intact. This launch will enable companies to choose from a broad range of affordable and simple health coverages at a time when it is imperative.
Both Cigna and Oscar will share risks equally under a reinsurance agreement for solutions offered through this strategic tie-up. They also have plans to expand the relationship over time.
Back in January, Cigna collaborated with Oscar to offer feasible commercial health solutions to small businesses. This new initiative strengthens the partnership further.
Zacks Rank and Price Performance
Shares of this currently Zacks Rank #3 (Hold) company have gained 17.3% in a year’s time against its industry’s decline of 20.1%.
Other companies in the same space, such as Humana Inc. (HUM - Free Report) , Centene Corporation (CNC - Free Report) and Molina Healthcare, Inc. (MOH - Free Report) have also rallied 43%, 18.9% and 25.5%, respectively, over the same time frame. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>