Businesses around the world have been severely impacted due to the coronavirus pandemic. In response, health insurance carriers have stepped up in an effort to lessen the blow of the impact. In addition to businesses being forced to downsize their employee population, adjust work schedules, and account for lost revenue, maintaining quality health insurance for all proves to be an added challenge.
Through the Harris Poll, Cigna and Oscar conducted a survey of more than 1,000 small business decision-makers and found that 70% of respondents reported that they have lost revenue and more than half have had to lay off or furlough employees. With the funds they do have, 66% of respondents said health insurance was a high priority in their budgets.
That is why health insurance companies Cigna and Oscar have teamed up to create a new product for small businesses called, Cigna + Oscar. For small businesses of less than 50 people, the program will offer options including:
- 24/7 access to telehealth visits with primary care physicians at no additional cost.
- Access to Cigna’s network of doctors, specialists, and hospitals.
- Access to Cigna’s Behavioral Health programs, which include coaching and access to a 24/7 crisis helpline.
- Eligibility for $3 drug copays on common prescriptions — applies to employees who live outside California and are not enrolled in a high-deductible health plan (HDHP).
“Small businesses are the lifeblood of the U.S. economy and have been significantly challenged by the COVID-19 pandemic. Cigna + Oscar was created with the purpose of addressing small businesses’ unique challenges through solutions tailored to their budgets and care designed to prioritize their employees’ health needs.”Chelsea Cooper, Senior Vice President of Small Group Business at Oscar
This program will be available to small businesses in Atlanta, the San Francisco Bay Area and Tennessee in the fourth quarter of this year, should it meet all regulatory requirements.
In light of today’s climate, employers making continued investment in the health and wellness of their employees through sufficient healthcare coverage may lend to a smoother transition into a new normal and a boost in employee productivity.
Information provided by Employee Benefit News.