Cigna + Oscar, which began selling medical insurance to small businesses in Connecticut in 2021, has announced it will no longer remain in the market in 2025.
Employers currently using Cigna + Oscar will be able to renew their existing plans throughout the remainder of 2024. Upon the anniversary date next year, these employers must find another solution for their employees. Any employers interested in implementing coverage with Cigna + Oscar can do so up until December 15, 2024.
Just in the last 10 years, the Connecticut fully-insured small group market has now lost:
Aetna
Cigna + Oscar
ConnectiCare
HealthyCT
Harvard Pilgrim
As it currently stands, Anthem and Oxford/UnitedHealthcare will be the lone options for employers interested in these policies in 2025. Plans and pricing will not be finalized until later in 2024, and are subject to approval by the Connecticut Department of Insurance.
This announcement comes just days after the conclusion of the Connecticut legislative session, where a bill failed that would’ve allowed employers to band together for the purpose of providing more affordable health insurance. There will likely be more initiatives to pass similar legislation in the future given the limited options available to this market segment.
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