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Cigna (CI), Oscar to Address Needs of Arizona's Small Businesses

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Cigna Corporation CI recently joined forces with Oscar Health, Inc. OSCR for extending small group health insurance products across 15 counties of Arizona.

The product named Cigna Administered by Oscar will be available from July of this year. It can be availed by Arizona’s small businesses with employees between one and 50.

Cigna Administered by Oscar brings together strong nationwide provider network of Cigna and Oscar’s consumer-focused and technology-based approach. This, in turn, is likely to offer enhanced and low-cost health plans for addressing the specific needs of Arizona’s small businesses that intend to offer health insurance to their employees.

Cigna and Oscar had rolled out this product in 2020 primarily for benefiting small businesses across the United States. Since its launch, the product has been striving hard to offer affordable health plans across several states for addressing employees’ health needs. Prior to the recent move, Cigna teamed up with Oscar to roll out the health insurance product across California’s small businesses.

A survey of Cigna Administered by Oscar further highlights the dire need of affordable health plans by small businesses. Per the same, 88% of the small businesses plan to pay increased attention to employees’ health going forward. Also, 66% of them realized higher necessity of health insurance in their budgets during the current scenario compared to the pre-pandemic era.

Per Small Business Administration (SBA) Office of Advocacy, the United States had 31.7 million small businesses in 2020. This represented 99.9% of all U.S. businesses. Small businesses have been contributing significantly to the nation’s economy. With such businesses affected during the COVID-19 pandemic, dearth of financial resources dampened their growth prospects.

With the economy now recovering, the Cigna + Oscar product aims to boost small businesses. This sector keeps on generating substantial job opportunities, which makes catering to employees’ needs to be of utmost importance.

Other health insurers present in Arizona offering coverage to small businesses are UnitedHealth Group Incorporated UNH and Centene Corporation CNC.

Zacks Rank & Price Performance

Shares of this Zacks Rank #3 (Hold) healthcare provider have gained 37.9% over a year compared with the industry’s rally of 35.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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UnitedHealth Group Incorporated (UNH) : Free Stock Analysis Report

Cigna Corporation (CI) : Free Stock Analysis Report

Centene Corporation (CNC) : Free Stock Analysis Report

Oscar Health, Inc. (OSCR) : Free Stock Analysis Report

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