Oscar Health (OSCR) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40154
Entity Registrant Name	Oscar Health, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1315570
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001568651
Entity Address, Address Line One	75 Varick Street, 5th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10013
City Area Code	(646)
Local Phone Number	403-3677
Title of 12(b) Security	Class A Common Stock, $0.00001 par value per share
Trading Symbol	OSCR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		179,639,669
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,115,807

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 2,112,930	$ 1,103,995
Short-term investments	718,228	587,086
Premiums and accounts receivable	215,471	138,414
Risk adjustment transfer receivable	44,256	40,659
Reinsurance recoverable	824,478	431,990
Other current assets	15,811	3,782
Total current assets	3,931,174	2,305,926
Property, equipment, and capitalized software, net	56,492	46,611
Long-term investments	196,454	844,476
Restricted deposits	27,459	28,085
Other assets	97,130	96,552
Total assets	4,308,709	3,321,650
Current Liabilities:
Benefits payable	995,760	513,582
Risk adjustment transfer payable	1,078,694	794,398
Premium deficiency reserve	14,966	29,246
Unearned premiums	75,134	75,044
Accounts payable and other liabilities	252,358	234,788
Reinsurance payable	435,632	205,231
Total current liabilities	2,852,544	1,852,289
Long-term debt	297,805	0
Other liabilities	73,791	76,839
Total liabilities	3,224,140	1,929,128
Commitments and contingencies (Note 13)
Stockholders' Equity
Preferred stock, $0.00001 par value; 82,500,000 shares authorized, none issued or outstanding as of September 30, 2022 and December 31, 2021	0	0
Treasury stock (314,600 shares as of September 30, 2022 and December 31, 2021)	(2,923)	(2,923)
Additional paid-in capital	3,479,392	3,393,533
Accumulated deficit	(2,379,941)	(1,999,712)
Accumulated other comprehensive income (loss)	(14,491)	(3,671)
Total Oscar Health, Inc. stockholders' equity	1,082,039	1,387,229
Noncontrolling interests	2,530	5,293
Total stockholders' equity	1,084,569	1,392,522
Total liabilities and stockholders' equity	4,308,709	3,321,650
Class A
Stockholders' Equity
Common stock	2	2
Class B
Stockholders' Equity
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	82,500,000	82,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock (in shares)	314,600	314,600
Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	825,000,000	825,000,000
Common stock, shares issued	179,639,669	175,212,223
Common stock, shares outstanding	179,639,669	175,212,223
Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	82,500,000	82,500,000
Common stock, shares issued	35,115,807	35,115,807
Common stock, shares outstanding	35,115,807	35,115,807

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Premiums before ceded reinsurance	$ 1,318,048	$ 673,460	$ 4,001,589	$ 2,007,486
Reinsurance premiums ceded	(364,384)	(231,717)	(1,097,929)	(669,047)
Premiums earned	953,664	441,743	2,903,660	1,338,439
Administrative services revenue	19,421	1,548	58,366	2,242
Investment income and other revenue	5,342	688	6,485	1,967
Total revenue	978,427	443,979	2,968,511	1,342,648
Operating Expenses
Claims incurred, net	852,689	453,576	2,395,894	1,141,503
Other insurance costs	174,978	111,302	510,580	285,929
General and administrative expenses	78,557	60,003	233,975	175,741
Federal and state assessments	71,114	35,453	209,730	102,841
Premium deficiency reserve release	(6,539)	(4,675)	(14,280)	(15,139)
Total operating expenses	1,170,799	655,659	3,335,899	1,690,875
Loss from operations	(192,372)	(211,680)	(367,388)	(348,227)
Interest expense	6,126	398	16,488	4,323
Other expenses (income)	(3,336)	0	(1,076)	0
Loss on extinguishment of debt	0	0	0	20,178
Loss before income taxes	(195,162)	(212,078)	(382,800)	(372,728)
Income tax expense (benefit)	(1,615)	(597)	192	957
Net loss	(193,547)	(211,481)	(382,992)	(373,685)
Less: Net income (loss) attributable to noncontrolling interests	(634)	0	(2,763)	0
Net loss attributable to Oscar Health, Inc.	$ (192,913)	$ (211,481)	$ (380,229)	$ (373,685)
Earnings (Loss) per Share
Net loss per share, basic (in dollars per share)	$ (0.91)	$ (1.02)	$ (1.80)	$ (2.22)
Net loss per share, diluted (in dollars per share)	$ (0.91)	$ (1.02)	$ (1.80)	$ (2.22)
Weighted average common shares outstanding, basic	212,822,733	208,159,343	211,560,332	168,585,157
Weighted-average common shares outstanding, diluted	212,822,733	208,159,343	211,560,332	168,585,157

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (193,547)	$ (211,481)	$ (382,992)	$ (373,685)
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale	730	57	(10,820)	(862)
Comprehensive loss	(192,817)	(211,424)	(393,812)	(374,547)
Comprehensive income (loss) attributable to noncontrolling interests	(634)	0	(2,763)	0
Comprehensive loss attributable to Oscar Health, Inc.	$ (192,183)	$ (211,424)	$ (391,049)	$ (374,547)

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Common Stock Class A	Common Stock Class B	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020	400,904,302
Beginning balance at Dec. 31, 2020	$ 1,744,911
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of pre-IPO shares to Class A and Class B common stock (in shares)	(400,904,302)
Conversion of pre-IPO shares to Class A and Class B common stock	$ (1,744,911)
Ending balance (in shares) at Mar. 31, 2021	0
Ending balance at Mar. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2020		31,409,202	0	0
Beginning balance at Dec. 31, 2020	(1,295,893)	$ 2	$ 0	$ 0	$ (2,923)	$ 133,255	$ (1,427,106)	$ 879
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of pre-IPO shares to Class A and Class B common stock (in shares)		(31,409,202)	(130,280,651)	(35,115,807)
Conversion of pre-IPO shares to Class A and Class B common stock	1,744,910	$ (2)	$ 1			1,744,911
Issuance of common stock upon IPO, net of underwriting discount (in shares)			36,391,946
Issuance of common stock upon IPO, net of underwriting discount	1,338,875		$ 1			1,338,874
Issuance of common stock upon exercise of warrants and call options (in shares)			1,115,973
Issuance of common stock upon exercise of warrants and call options	37,071					37,071
Issuance of common stock from equity incentive plans (in shares)			4,272,060
Issuance of common stock from equity incentive plans	29,805					29,805
Stock-based compensation expense	19,115					19,115
Unrealized gains (losses) on investments, net	(275)							(275)
Net loss	(88,881)						(88,881)
Ending balance (in shares) at Mar. 31, 2021		0	172,060,630	35,115,807
Ending balance at Mar. 31, 2021	$ 1,784,727	$ 0	$ 2	$ 0	(2,923)	3,303,031	(1,515,987)	604
Beginning balance (in shares) at Dec. 31, 2020	400,904,302
Beginning balance at Dec. 31, 2020	$ 1,744,911
Ending balance (in shares) at Sep. 30, 2021	0
Ending balance at Sep. 30, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2020		31,409,202	0	0
Beginning balance at Dec. 31, 2020	(1,295,893)	$ 2	$ 0	$ 0	(2,923)	133,255	(1,427,106)	879
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gains (losses) on investments, net	(862)
Net loss	(373,685)
Ending balance (in shares) at Sep. 30, 2021		0	174,056,898	35,115,807
Ending balance at Sep. 30, 2021	$ 1,552,711	$ 0	$ 2	$ 0	(2,923)	3,356,406	(1,800,791)	17
Beginning balance (in shares) at Mar. 31, 2021	0
Beginning balance at Mar. 31, 2021	$ 0
Ending balance (in shares) at Jun. 30, 2021	0
Ending balance at Jun. 30, 2021	$ 0
Beginning balance (in shares) at Mar. 31, 2021		0	172,060,630	35,115,807
Beginning balance at Mar. 31, 2021	1,784,727	$ 0	$ 2	$ 0	(2,923)	3,303,031	(1,515,987)	604
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)			393,581
Issuance of common stock from equity incentive plans	3,033					3,033
Stock-based compensation expense	18,273					18,273
Unrealized gains (losses) on investments, net	(644)							(644)
Net loss	(73,323)						(73,323)
Ending balance (in shares) at Jun. 30, 2021		0	172,454,211	35,115,807
Ending balance at Jun. 30, 2021	$ 1,732,066	$ 0	$ 2	$ 0	(2,923)	3,324,337	(1,589,310)	(40)
Ending balance (in shares) at Sep. 30, 2021	0
Ending balance at Sep. 30, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)			1,602,687
Issuance of common stock from equity incentive plans	11,429					11,429
Stock-based compensation expense	20,640					20,640
Unrealized gains (losses) on investments, net	57							57
Net loss	(211,481)						(211,481)
Ending balance (in shares) at Sep. 30, 2021		0	174,056,898	35,115,807
Ending balance at Sep. 30, 2021	1,552,711	$ 0	$ 2	$ 0	(2,923)	3,356,406	(1,800,791)	17
Beginning balance (in shares) at Dec. 31, 2021			175,212,223	35,115,807
Beginning balance at Dec. 31, 2021	1,392,522		$ 2	$ 0	(2,923)	3,393,533	(1,999,712)	(3,671)	$ 5,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)			596,556
Issuance of common stock from equity incentive plans	560					560
Stock-based compensation expense	27,690					27,690
Joint venture contributions	250					250
Unrealized gains (losses) on investments, net	(8,535)							(8,535)
Net loss	(77,320)						(75,152)		(2,168)
Ending balance (in shares) at Mar. 31, 2022			175,808,779	35,115,807
Ending balance at Mar. 31, 2022	1,335,167		$ 2	$ 0	(2,923)	3,422,033	(2,074,864)	(12,206)	3,125
Beginning balance (in shares) at Dec. 31, 2021			175,212,223	35,115,807
Beginning balance at Dec. 31, 2021	1,392,522		$ 2	$ 0	(2,923)	3,393,533	(1,999,712)	(3,671)	5,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gains (losses) on investments, net	(10,820)
Net loss	(382,992)
Ending balance (in shares) at Sep. 30, 2022			179,639,669	35,115,807
Ending balance at Sep. 30, 2022	1,084,569		$ 2	$ 0	(2,923)	3,479,392	(2,379,941)	(14,491)	2,530
Beginning balance (in shares) at Mar. 31, 2022			175,808,779	35,115,807
Beginning balance at Mar. 31, 2022	1,335,167		$ 2	$ 0	(2,923)	3,422,033	(2,074,864)	(12,206)	3,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)			1,227,353
Issuance of common stock from equity incentive plans	364					364
Stock-based compensation expense	26,991					26,991
Joint venture contributions	1,021					1,021
Unrealized gains (losses) on investments, net	(3,015)							(3,015)
Net loss	(112,125)						(112,164)		39
Ending balance (in shares) at Jun. 30, 2022			177,036,132	35,115,807
Ending balance at Jun. 30, 2022	1,248,403		$ 2	$ 0	(2,923)	3,450,409	(2,187,028)	(15,221)	3,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)			2,603,537
Issuance of common stock from equity incentive plans	370					370
Stock-based compensation expense	28,560					28,560
Joint venture contributions	53					53
Unrealized gains (losses) on investments, net	730							730
Net loss	(193,547)						(192,913)		(634)
Ending balance (in shares) at Sep. 30, 2022			179,639,669	35,115,807
Ending balance at Sep. 30, 2022	$ 1,084,569		$ 2	$ 0	$ (2,923)	$ 3,479,392	$ (2,379,941)	$ (14,491)	$ 2,530

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (382,992)	$ (373,685)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred taxes	6	8
Net realized gain (loss) on sale of financial instruments	1,269	(268)
Loss on fair value of warrant liabilities	0	12,856
Depreciation and amortization expense	11,548	10,635
Amortization of debt issuance costs	519	329
Stock-based compensation expense	83,241	58,028
Investment amortization, net of accretion	4,138	5,490
Debt extinguishment loss	0	20,178
(Increase) / decrease in:
Premiums and accounts receivable	(77,057)	(52,211)
Risk adjustment transfer receivable	(3,597)	(11,941)
Reinsurance recoverable	(392,488)	165,604
Other assets	(12,159)	(6,434)
Increase / (decrease) in:
Benefits payable	482,178	185,410
Unearned premiums	90	(15,729)
Premium deficiency reserve	(14,280)	(15,139)
Accounts payable and other liabilities	13,842	25,788
Reinsurance payable	230,401	(122,003)
Risk adjustment transfer payable	284,296	(103,140)
Net cash provided by (used in) operating activities	228,955	(216,224)
Cash flows from investing activities:
Purchase of investments	(343,178)	(1,525,908)
Sale of investments	360,449	422,030
Maturity of investments	483,224	364,254
Purchase of property, equipment and capitalized software	(21,882)	(18,679)
Change in restricted deposits	1,548	3,625
Net cash provided by (used in) investing activities	480,161	(754,678)
Cash flows from financing activities:
Proceeds from long-term debt	305,000	0
Payments of debt issuance costs	(7,035)	0
Proceeds from joint venture contribution	1,324	0
Debt prepayment	0	(153,173)
Debt extinguishment costs	0	(12,994)
Proceeds from IPO, net of underwriting discounts	0	1,348,321
Offering costs from IPO	0	(9,447)
Proceeds from exercise of warrants and call options	0	9,191
Proceeds from exercise of stock options	1,294	43,841
Net cash provided by financing activities	300,583	1,225,739
Increase in cash, cash equivalents and restricted cash equivalents	1,009,699	254,837
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	1,125,557	843,105
Cash, cash equivalents, restricted cash and cash equivalents—end of period	2,135,256	1,097,942
Cash and cash equivalents	2,112,930	1,076,699
Restricted cash and cash equivalents included in restricted deposits	22,326	21,243
Total cash, cash equivalents and restricted cash and cash equivalents	2,135,256	1,097,942
Supplemental Disclosures:
Interest payments	9,810	3,994
Income tax payments	1,660	936
Non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	0	1,744,914
Net exercise of preferred stock warrants to preferred stock upon initial public offering	0	28,248
Adjustment to fair value of preferred stock warrant liability upon initial public offering	$ 0	$ 13,243

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Oscar Health, Inc. ("Oscar" or the "Company") is the first health insurance company built around a full stack technology platform and a relentless focus on serving its members. Headquartered in New York City, Oscar offers two complementary products: (1) innovative and consumer-oriented health plans are sold to Individual, Small Group and Medicare Advantage members and (2) via +Oscar, the Company leverages its technology platform to sell services to providers and payers to directly enable their shift to value-based care. The Company operates as one segment to sell insurance to its members directly and through the state-run health care exchanges formed in conjunction with the Patient Protection and Affordable Care Act via its health insurance subsidiaries and to sell services via its +Oscar offering. Individual plans are offered to individuals and families through Health Insurance Marketplaces. Small Group plans are offered to employees of companies with 50 - 100 full-time workers. Medicare Advantage plans are offered to adults who are age 65 and older and eligible for traditional Medicare but who instead select coverage through a private market plan. The Company has also partnered with Cigna through the Cigna + Oscar partnership, which unites Oscar’s highly-differentiated member experience with Cigna’s broad provider networks, to exclusively serve the Small Group employer market. The Company's Class A common stock is traded on the New York Stock Exchange under the symbol "OSCR." Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, and the applicable rules and regulations of the Securities and Exchange Commission for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the information presented for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying interim condensed consolidated financial statements include healthcare costs incurred but not yet reported, premium deficiency reserve and risk adjustment. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting Pronouncements - Recently Adopted In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). The ASU 2020-06 simplified the accounting for convertible debt instruments by reducing the number of accounting models required under current GAAP. It requires convertible debt instruments to be accounted for under one of the following three models: embedded derivative, substantial premium, or no proceeds allocated (traditional debt) models. It eliminates the cash conversion and beneficial conversion feature models and amends the requirements for a conversion option to be classified in equity. The guidance also simplifies the diluted earnings per share calculations for certain convertible debt instruments. ASU 2020-06 was adopted on January 1, 2022 and did not have an impact on the Company's consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Premiums earned Premium revenue includes direct policy premiums collected directly from members and from the Centers for Medicare & Medicaid Services ("CMS") as part of the Advanced Premium Tax Credit Program ("APTC") and Medicare Advantage programs, along with assumed premiums from the Company's reinsurance agreements. Premium revenue is adjusted for the estimated impact of the risk adjustment program required by CMS. Total premiums earned includes the effect of reinsurance premiums ceded as part of the Company's reinsurance agreements. Refer to Note 4 - Reinsurance for more information. Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Direct policy premiums $ 1,644,880 $ 895,407 $ 4,962,133 $ 2,554,296 Assumed premiums 37,409 3,830 96,294 9,426 Direct and Assumed Policy Premiums 1,682,289 899,237 5,058,427 2,563,722 Risk adjustment (364,241) (225,777) (1,056,838) (556,236) Premiums before ceded reinsurance 1,318,048 673,460 4,001,589 2,007,486 Reinsurance premiums ceded (364,384) (231,717) (1,097,929) (669,047) Total premiums earned $ 953,664 $ 441,743 $ 2,903,660 $ 1,338,439 The following table summarizes the amounts of direct policy premiums received directly from CMS as part of APTC and Medicare Advantage for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) APTC $ 1,393,664 $ 668,647 $ 4,185,920 $ 1,812,335 Medicare Advantage 13,304 9,969 41,610 29,472 Total paid by CMS $ 1,406,968 $ 678,616 $ 4,227,530 $ 1,841,807 Administrative services revenue Administrative services revenue includes revenue earned for services provided under the Company's +Oscar offering. The Company leverages its technology platform to provide administrative services to providers and payers to directly enable their shift to value-based care. Revenue from contracts with customers is reported within administrative services revenue in the consolidated statements of operations.

REINSURANCE

REINSURANCE	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
REINSURANCE	REINSURANCE The Company enters into reinsurance contracts under two different types of arrangements: quota share reinsurance contracts and excess of loss ("XOL") reinsurance contracts. In quota share reinsurance, the reinsurer assumes an agreed percentage of the underlying policies being reinsured and shares all premiums and incurred claims accordingly. In XOL reinsurance, the reinsurer agrees to assume all or a portion of the ceding company’s losses in excess of a specified amount. All premiums and claims ceded under the Company's quota share arrangements are shared proportionally with the reinsurers. As part of the agreements, the Company also receives ceding commissions, which are calculated based on a percentage of ceded premiums, and experience refunds (resulting from actual claims experience being lower than a specified threshold). Reinsurance Contracts Accounted for under Reinsurance Accounting and Deposit Accounting ASC 944: Financial Services - Insurance requires the substance of all reinsurance arrangements to be evaluated to ensure that significant risk is transferred by the ceding entity to the reinsurer. When significant risk is transferred, reinsurance accounting is required. Reinsurance contracts that do not meet the risk transfer requirements necessary to be accounted for under reinsurance accounting are accounted for under the deposit accounting method. The Company currently has quota share reinsurance arrangements with more than one counterparty with multiple state-level treaties. These arrangements are accounted for under both reinsurance accounting and deposit accounting. Under reinsurance accounting, premiums paid to the reinsurer are recorded as ceded premiums (a reduction to premium revenue). Expected reimbursements from the reinsurer for claims incurred are recorded as a reduction to claims incurred and a corresponding reinsurance recoverable asset. Under deposit accounting, a deposit asset or deposit liability is recorded based on the consideration paid or received, irrespective of the experience of the contract. Fees retained by the reinsurer are recognized within other insurance costs on the statement of operations. As a result, premiums earned and claims incurred that would have otherwise been ceded under reinsurance accounting are recorded on a net basis on the consolidated balance sheet as a deposit liability. The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premiums earned in the consolidated statement of operations, is as follows: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Reinsurance premiums ceded, gross $ (382,597) $ (220,472) $ (1,143,565) $ (724,512) Experience refunds 18,213 (11,245) 45,636 55,465 Reinsurance premiums ceded (364,384) (231,717) (1,097,929) (669,047) Reinsurance premiums assumed 37,409 3,830 96,294 9,426 Total reinsurance premiums (ceded) and assumed $ (326,975) $ (227,887) $ (1,001,635) $ (659,621) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Direct claims incurred $ 1,153,270 $ 668,966 $ 3,255,721 $ 1,725,089 Ceded reinsurance claims (339,248) (220,894) (955,291) (593,175) Assumed reinsurance claims 38,667 5,504 95,464 9,589 Total claims incurred, net $ 852,689 $ 453,576 $ 2,395,894 $ 1,141,503 The Company records selling, general and administrative expenses net of reinsurance ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Other insurance costs, gross $ 215,064 $ 129,516 $ 629,993 $ 343,915 Reinsurance ceding commissions (40,086) (18,214) (119,413) (57,986) Other insurance costs, net $ 174,978 $ 111,302 $ 510,580 $ 285,929 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: September 30, 2022 December 31, 2021 (in thousands) Ceded reinsurance claim recoverables $ 718,058 $ 406,017 Reinsurance ceding commissions 45,181 23,517 Experience refunds on reinsurance agreements 61,239 2,456 Reinsurance recoverable $ 824,478 $ 431,990 Credit Ratings The financial condition of the Company's reinsurers is regularly evaluated to minimize exposure to significant losses. A key credit quality indicator for reinsurance is the financial strength ratings issued by the credit rating agencies, which provide an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. The Company's reinsurers have most recently been issued financial strength ratings of AA- (Fitch) and AA (Fitch).

BUSINESS ARRANGEMENTS

BUSINESS ARRANGEMENTS	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS ARRANGEMENTS	BUSINESS ARRANGEMENTS Holy Cross Health/Memorial Partnership In 2021, the Company partnered with Holy Cross Hospital, Inc. (“Holy Cross”), a top-rated health, teaching and research institution, and Memorial Healthcare System, a leading provider in high-quality healthcare services, to form a joint venture arrangement for its co-branded Medicare Advantage plan in Florida. As part of this arrangement, Holy Cross and Memorial Foundation, Inc. jointly own an indirect 50% interest in one of the Company's consolidated subsidiaries. As a result, the Company presents noncontrolling interest on its consolidated balance sheets and net loss attributable to noncontrolling interests on its consolidated statement of operations. Variable Interest Entities In the normal course of business, the Company enters into business arrangements with integrated health systems and several medical professional corporations that employ health care providers to deliver telemedical healthcare services to its covered member population in various states. The financial results of these entities are consolidated into the Company's financial statements. The following table presents the collective assets and liabilities of the Company's variable interest entities: September 30, 2022 December 31, 2021 (in thousands) Assets $ 138,683 $ 123,524 Liabilities $ 84,169 $ 70,165

RESTRICTED CASH AND RESTRICTED

RESTRICTED CASH AND RESTRICTED DEPOSITS	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH AND RESTRICTED DEPOSITS	RESTRICTED CASH AND RESTRICTED DEPOSITS The Company maintains cash, cash equivalents and investments on deposit or pledged primarily to various state agencies in connection with its insurance licensure. The restricted cash and cash equivalents and restricted investments presented below are included in “restricted deposits” in the accompanying consolidated balance sheets. September 30, 2022 December 31, 2021 (in thousands) Restricted cash and cash equivalents $ 22,326 $ 21,562 Restricted investments 5,133 6,523 Restricted Deposits $ 27,459 $ 28,085

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS The following tables provide summaries of the Company's investments by major security type as of September 30, 2022 and December 31, 2021: September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 564,340 $ 111 $ (7,834) $ 556,617 Corporate notes 317,898 10 (6,114) 311,794 Municipalities 26,130 — (536) 25,594 Certificate of deposit 18,649 — — 18,649 Commercial paper 2,028 — — 2,028 Total $ 929,045 $ 121 $ (14,484) $ 914,682 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 895,865 $ 34 $ (1,837) $ 894,062 Corporate notes 454,416 2 (1,746) 452,672 Municipalities 50,366 10 (140) 50,236 Certificate of deposit 21,370 — — 21,370 Commercial paper 13,222 — — 13,222 Total $ 1,435,239 $ 46 $ (3,723) $ 1,431,562 The following table summarizes those available-for-sale investments that have been in a continuous loss position for less than 12 months at September 30, 2022 and December 31, 2021. September 30, 2022 Number of Securities Fair Value Gross (in thousands) U.S. treasury and agency securities 52 $ 221,787 $ (4,710) Corporate notes 233 197,987 (3,773) Municipalities 31 $ 8,026 (145) Total 316 $ 427,800 $ (8,628) December 31, 2021 Number of Securities Fair Value Gross (in thousands) U.S. treasury and agency securities 108 $ 894,060 $ (1,837) Corporate notes 357 452,672 (1,746) Municipalities 108 50,236 (140) Total 573 $ 1,396,968 $ (3,723) The following table summarizes those available-for-sale securities that have been in a continuous unrealized loss position for longer than twelve months as of September 30, 2022. The available-for-sale securities that have been in a continuous unrealized loss position for longer than twelve months as of December 31, 2021 are immaterial. September 30, 2022 Number of Securities Fair Value Gross (in thousands) U.S. treasury and agency securities 24 $ 205,203 $ (3,123) Corporate notes 89 107,230 (2,342) Municipalities 44 $ 13,884 (391) Total 157 $ 326,317 $ (5,856) The amortized cost and fair value of the Company's fixed maturity securities as of September 30, 2022 by contractual maturity are shown below. Actual maturities of these securities could differ from their contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties. Amortized Cost Fair Value (in thousands) Due in one year or less $ 729,839 $ 718,228 Due after one year through five years 199,206 196,454 Total $ 929,045 $ 914,682 Net investment income was attributable to the following: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Interest income $ 5,987 $ 3,125 $ 9,069 $ 7,054 Investment discount amortization net of premium accretion (972) (2,458) (4,101) (5,520) Net realized gain (loss) (761) 21 (1,270) 271 Total $ 4,254 $ 688 $ 3,698 $ 1,805 The Company monitors available-for-sale debt securities for credit losses and recognizes an allowance for credit losses when factors indicate a decline in the fair value of a security is credit-related. Certain investments may experience a decline in fair value due to changes in market interest rates, changes in general economic conditions, or a deterioration in the credit worthiness of a security's issuer. The Company has assessed the gross unrealized losses during the period and determined an allowance for credit losses is not necessary because the declines in fair value are believed to be due to market fluctuations and not due to credit-related events.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair value represents the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The Company's financial assets and liabilities measured at fair value on a recurring basis are categorized into a three-level fair value hierarchy based on the priority of the inputs used in the fair value valuation technique. The levels of the fair value hierarchy are as follows: • Level 1 : Inputs utilize quoted (unadjusted) prices in active markets for identical assets or liabilities. • Level 2 : Inputs utilize other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 : Inputs utilized that are unobservable but significant to the fair value measurement for the asset or liability. The unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available. They typically reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: September 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents $ 249,428 $ — $ — $ 249,428 Investments U.S. treasury and agency securities $ — $ 556,617 $ — $ 556,617 Corporate notes — 311,794 — 311,794 Municipalities — 25,594 — 25,594 Certificates of deposit — 18,649 — 18,649 Commercial paper — 2,028 — 2,028 Restricted investments U.S. treasury securities $ — $ 5,133 $ — $ 5,133 Total Assets $ 249,428 $ 919,815 $ — $ 1,169,243 December 31, 2021 Level 1 Level 2 Level 3 Total Assets (in thousands) Cash equivalents $ 45,265 $ 1,001 $ — $ 46,266 Investments U.S. treasury and agency securities $ — $ 894,062 $ — $ 894,062 Corporate notes — 452,672 — 452,672 Municipalities — 50,236 — 50,236 Certificates of deposit — 21,370 — 21,370 Commercial paper — 13,222 — 13,222 Restricted investments U.S. treasury securities $ — $ 6,523 $ — $ 6,523 Total Assets $ 45,265 $ 1,439,086 $ — $ 1,484,351

BENEFITS PAYABLE

BENEFITS PAYABLE	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
BENEFITS PAYABLE	BENEFITS PAYABLE Reserves for medical claims expenses are estimated using actuarial assumptions and recorded as a benefits payable liability on the consolidated balance sheet. The assumptions for the estimates and for establishing the resulting liability are reviewed, and any adjustments to reserves are reflected in the consolidated statement of operations in the period in which the estimates are updated. The following table provides a rollforward of the Company’s beginning and ending benefits payable and claims adjustment expenses ("CAE") payable balances for the nine months ended September 30, 2022 and 2021: As of September 30, 2022 Benefits Payable Unallocated Claims Total (in thousands) Benefits payable, beginning of the period $ 513,582 $ 9,101 $ 522,683 Less: Reinsurance recoverable 159,180 — 159,180 Benefits payable, beginning of the period, net $ 354,402 $ 9,101 $ 363,503 Claims incurred and CAE Current year $ 2,388,122 $ 94,242 $ 2,482,364 Prior years 7,772 — 7,772 Total claims incurred and CAE, net $ 2,395,894 $ 94,242 $ 2,490,136 Claims paid and CAE Current year $ 1,866,922 $ 77,015 $ 1,943,937 Prior years 207,322 9,101 216,423 Total claims and CAE paid, net $ 2,074,244 $ 86,116 $ 2,160,360 Benefits and CAE payable, end of period, net $ 676,052 $ 17,227 $ 693,279 Add: Reinsurance recoverable 319,708 — 319,708 Benefits and CAE payable, end of period $ 995,760 $ 17,227 $ 1,012,987 As of September 30, 2021 Benefits Payable Unallocated Claims Total (in thousands) Benefits payable, beginning of the period $ 311,914 $ 5,509 $ 317,423 Less: Reinsurance recoverable 132,658 — 132,658 Benefits payable, beginning of the period, net $ 179,256 $ 5,509 $ 184,765 Claims incurred and CAE Current year $ 1,151,734 $ 43,239 $ 1,194,973 Prior years (10,231) — (10,231) Total claims incurred and CAE, net $ 1,141,503 $ 43,239 $ 1,184,742 Claims paid and CAE Current year $ 885,043 $ 34,428 $ 919,471 Prior years 100,091 5,509 105,600 Total claims and CAE paid, net $ 985,134 $ 39,937 $ 1,025,071 Benefits and CAE payable, end of period, net $ 335,625 $ 8,811 $ 344,436 Add: Reinsurance recoverable 161,699 — 161,699 Benefits and CAE payable, end of period $ 497,324 $ 8,811 $ 506,135 Amounts incurred related to prior periods vary from previously estimated liabilities as more claim information becomes available and claims are ultimately settled. Negative amounts reported for incurred related to prior years result from claims being ultimately settled for amounts less than originally estimated (favorable development).

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Convertible Senior Notes In February 2022, the Company issued $305.0 million in aggregate principal amount of convertible senior notes due 2031 (the “2031 Notes”) in a private placement. The 2031 Notes bear interest at a rate of 7.25% per annum, payable in cash, semi-annually in arrears on June 30 and December 31 of each year, commencing on June 30, 2022. The 2031 Notes will mature on December 31, 2031, subject to earlier repurchase, redemption or conversion. The 2031 Notes are our senior, unsecured obligations and are (i) equal in right of payment with the Company's existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company's existing and future indebtedness that is expressly subordinated to the 2031 Notes; (iii) effectively subordinated to the Company's existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of our subsidiaries. The 2031 Notes are convertible into the Company's Class A common stock at initial conversion rates of 120.1721 per $1,000 principal amount (equivalent to an initial conversion price of approximately $8.32 per share of Class A common stock), subject to customary adjustments upon the occurrence of certain events. In addition, upon the occurrence of a make-whole fundamental change, as defined in the Indenture governing the 2031 Notes (the "Indenture"), the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its 2031 Notes in connection with such make-whole fundamental change. Upon conversion, the 2031 Notes will be settled, at the Company's election, in shares of Class A common stock, cash, or a combination of cash and shares of Class A common stock, subject to certain exceptions. Upon the occurrence of a fundamental change as defined in the Indenture, holders of the 2031 Notes have the right to require the Company to repurchase all or some of their 2031 Notes for cash, subject to certain conditions. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. Additionally, the initial purchasers of the 2031 Notes have the right to require the Company to repurchase all of their Notes for cash, on each of June 30, 2027, June 30, 2028, June 30, 2029 and June 30, 2030, subject to certain notice requirements. The Company may not redeem the 2031 Notes prior to December 31, 2026. The Company may redeem all, but not less than all, of the 2031 Notes, at the Company's option, on or after December 31, 2026 and on or before the 35th scheduled trading day immediately preceding the maturity date, for a cash purchase price equal to the redemption price, but only if the last reported sale price per share of Class A common stock exceeds 200% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the date on which the Company sends the redemption notice for such redemption. The redemption price will be a cash amount equal to the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The 2031 Notes include customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), as well as customary covenants for convertible notes of this type, including restrictions on our ability to refinance the Company's indebtedness and incur additional indebtedness. As of September 30, 2022, the net carrying amount of the 2031 Notes was $297.8 million, with unamortized debt discount and issuance costs of $7.2 million. The Company classified the fair value of the 2031 Notes as a level 3 measurement due to the lack of observable market data over fair value inputs such as our stock price volatility over the term of the 2031 Notes and the Company's cost of debt. The estimated fair value of the 2031 Notes as of September 30, 2022 was $249.6 million. The following table presents the interest expense indicating an effective interest rate of 7.61% over the term of the 2031 Notes: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Coupon interest expense $ 5,528 $ — $ 14,742 $ — Amortization of debt discount and issuance costs 194 — 518 — Total interest expense $ 5,722 $ — $ 15,260 $ — Revolving Credit Facility On February 21, 2021, the Company entered into a senior secured credit agreement (the “Revolving Credit Facility”), with certain lenders party thereto from time to time (the “Lenders”), and Wells Fargo Bank, National Association, as administrative agent, for a revolving loan credit facility in the aggregate principal amount of $200.0 million. The Revolving Credit Facility is guaranteed by Oscar Management Corporation and Oscar Management Corporation of Florida, each wholly owned subsidiaries of the Company, and all of the Company's future direct and indirect subsidiaries (subject to certain permitted exceptions, including exceptions guarantees that would require material governmental consents or in respect of a joint venture) (the "Guarantors"). The Revolving Credit Facility is secured by substantially all of the Company’s and the Guarantors' assets (subject to certain exceptions). Proceeds are to be used solely for general corporate purposes of the Company. The Company is permitted to increase commitments under the Revolving Credit Facility by an aggregate amount not to exceed $50.0 million, subject to certain conditions. The Revolving Credit Facility matures on February 21, 2024. Under the terms of the Revolving Credit Facility, borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company's option, either (a) a rate per annum equal to an adjusted London Inter-bank Offered Rate (“LIBOR”), plus an applicable margin of 4.50% (LIBOR is calculated based on one-, three- or six-month LIBOR, or such other period as agreed by all relevant Lenders, which is determined by reference to ICE Benchmark Administration Limited, but not less than 1.00%), or (b) a rate per annum equal to the Alternate Base Rate, as defined in the Revolving Credit Facility, plus the applicable margin of 3.50% (the Alternate Base Rate is equal to the highest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, and (iii) LIBOR based on a one-month interest period, plus 1.00%). The Revolving Credit Facility also includes a commitment fee of 0.50% for available but undrawn amounts and other administrative fees that are payable quarterly. It also includes LIBOR replacement provisions in the event LIBOR becomes unavailable during the term of this facility. The Revolving Credit Facility is available until February 2024, provided the Company is in compliance with all covenants. Financial covenant requirements include maintaining minimum thresholds related to direct policy premiums and liquidity and a maximum combined ratio. As of September 30, 2022, there were no outstanding borrowings under the Revolving Credit Facility. Long-Term Debt On October 30, 2020, the Company entered into a credit agreement with HPS Investment Partners, LLC (“HPSIP”) whereby HPSIP agreed to provide a $150.0 million first lien term loan (“Term Loan”). The Term Loan had a variable interest rate equal to LIBOR plus 11.75%, per annum, which equated to 12.75% per annum during the period, and a maturity date of October 30, 2024, subject to certain conditions. In March 2021, the Company used proceeds from its recently completed initial public offering (the “IPO”) to repay the outstanding balance of $153.2 million on its Term Loan, which included $3.2 million of paid-in-kind interest. A loss on debt extinguishment of $20.2 million was recognized, which consisted of $13.0 million in prepayment penalties and $7.2 million in unamortized debt discount and debt issuance costs.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE The following table presents the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands, except share and per share data) Numerator : Net loss attributable to Oscar Health, Inc $ (192,913) $ (211,481) $ (380,229) $ (373,685) Denominator : Weighted average shares of common stock outstanding, basic and diluted 212,822,733 208,159,343 211,560,332 168,585,157 Net loss per share attributable to Oscar Health, Inc., basic and diluted $ (0.91) $ (1.02) $ (1.80) $ (2.22) In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation of diluted earnings per share because their inclusion would have an anti-dilutive effect. Thus, basic net loss per share is the same as diluted net loss per share. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share attributable to Oscar Health, Inc. because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2022 September 30, 2021 Stock options to purchase common stock 29,660,206 35,184,963 Restricted stock units 17,110,569 8,247,101 Performance-based restricted stock units 8,517,527 7,082,432 Shares underlying convertible notes (Note 10) 36,652,491 — Total 91,940,793 50,514,496

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In February 2022, the Company issued the 2031 Notes to funds affiliated with or advised by Dragoneer Investment Group, LLC, Thrive Capital, LionTree Investment Management, LLC and Tenere Capital LLC (collectively, the “Purchasers”). See Note 10 - Long-Term Debt for additional information. In addition, pursuant to the Investment Agreement entered into with the Purchasers, the Company agreed to amend the Twelfth Amended and Restated Investors' Rights Agreement dated as of March 5, 2021 (the “Investors’ Rights Agreement”), by and among the Company and the investors party thereto, to provide that the Notes and shares of Class A common stock issued or issuable upon conversion of any 2031 Notes held by entities affiliated with Thrive Capital will be subject to the registration rights contained in the Investors' Rights Agreement. On May 3, 2022, the Investors’ Rights Agreement was amended and restated to provide for, among other things, (i) registration rights as contemplated under the Investment Agreement, (ii) registration rights with respect to a number of additional shares of Class A common stock of the Company held by entities affiliated with Thrive Capital since prior to the IPO, as well as any additional shares of Class A common stock acquired after the IPO by entities affiliated with Thrive Capital with associated costs to be borne by the applicable affiliate(s) of Thrive Capital, and (iii) a partial extension to the maximum five-year term of the Investors’ Rights Agreement to provide Thrive Capital and affiliated entities with registration rights in connection with any 2031 Notes held by those parties and shares of Class A common stock issued or issuable upon the conversion of any such 2031 Notes, so long as Thrive Capital is an “affiliate” of the Company at the time. Joshua Kushner, a member of the Company's Board of Directors and Vice Chairman of the Company, is the Managing Director of Thrive Capital. Thrive Capital, through affiliated entities, is a beneficial holder of more than 5% of the Company's capital stock.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company’s current and past business practices are subject to review or other investigations by various state insurance and health care regulatory authorities and other state and federal regulatory authorities. These authorities regularly scrutinize the business practices of health insurance companies. These reviews focus on numerous facets of the Company’s business, including claims payment practices, statutory capital requirements, provider contracting, risk adjustment, competitive practices, commission payments, privacy issues, utilization management practices, pharmacy benefits, access to care, and sales practices, among others. Some of these reviews have historically resulted in fines imposed on the Company and some have required changes to certain of the Company’s practices. The Company continues to be subject to these reviews, which could result in additional fines or other sanctions being imposed on the Company or additional changes to certain of its practices. The Company is also currently involved in, and may in the future from time to time become involved in, legal proceedings and other claims in the ordinary course of its business, including class actions and suits brought by the Company’s members, providers, commercial counterparties, employees, and other parties relating to the Company’s business, including management and administration of health benefit plans and other services. Such matters can include various employment claims, disputes regarding reinsurance arrangements and class action lawsuits, or other claims relating to the performance of contractual and non-contractual obligations to providers, members, employer groups, and others, including, but not limited to, the alleged failure to properly pay in-network and out-of-network claims and challenges to the manner in which the Company processes claims, and claims alleging that the Company has engaged in unfair business practices. In addition, on May 12, 2022, a securities class action lawsuit against the Company, certain of its directors and officers, and the underwriters that participated in the Company’s initial public offering was commenced in the United States District Court for the Southern District of New York, captioned Carpenter v. Oscar Health, Inc., Case No. 1:22-CV-03885-ALC-VF (S.D.N.Y.) (the “Securities Action”). On May 19, 2022, a substantially similar complaint was also commenced in the United States District Court for the Southern District of New York, captioned Chehebar v. Oscar Health, Inc., Case No. 1:22-CV-04103-ALC (S.D.N.Y.), which was voluntarily dismissed without prejudice on June 7, 2022. The Securities Action alleges, among other things, violations of Sections 11 and 15 of the Securities Act based on the Company’s purported failure to disclose in its IPO registration statement growing COVID-19 testing and treatment costs, the impact of significant SEP membership, and risk adjustment data validation results for 2019 and 2020. According to the complaint, when the Company announced its financial results for the third quarter ended September 30, 2021, the Company’s stock price fell, causing investor losses. The plaintiff seeks unspecified compensatory damages as well as interest, fees and costs. By Court order dated September 27, 2022, the Court appointed two individuals as co-lead plaintiffs and their respective attorneys as co-lead counsel. The Company believes it has meritorious defenses to these claims. At this time, the Company cannot predict the outcome, or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable that a loss may be incurred, the ultimate settlement of which could be material. Given that such proceedings are subject to uncertainty, there can be no assurance that such legal proceedings, either individually or in the aggregate, will not have a material adverse effect on our business, results of operations, financial condition or cash flows.

ORGANIZATION (Policies)

ORGANIZATION (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, and the applicable rules and regulations of the Securities and Exchange Commission for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements are unaudited; however, in the opinion of management, they reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the information presented for the periods presented in conformity with U.S. GAAP applicable to interim periods. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying interim condensed consolidated financial statements include healthcare costs incurred but not yet reported, premium deficiency reserve and risk adjustment. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.
Accounting Pronouncements - Recently Adopted	Accounting Pronouncements - Recently Adopted In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). The ASU 2020-06 simplified the accounting for convertible debt instruments by reducing the number of accounting models required under current GAAP. It requires convertible debt instruments to be accounted for under one of the following three models: embedded derivative, substantial premium, or no proceeds allocated (traditional debt) models. It eliminates the cash conversion and beneficial conversion feature models and amends the requirements for a conversion option to be classified in equity. The guidance also simplifies the diluted earnings per share calculations for certain convertible debt instruments. ASU 2020-06 was adopted on January 1, 2022 and did not have an impact on the Company's consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Schedule of premiums earned	Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Direct policy premiums $ 1,644,880 $ 895,407 $ 4,962,133 $ 2,554,296 Assumed premiums 37,409 3,830 96,294 9,426 Direct and Assumed Policy Premiums 1,682,289 899,237 5,058,427 2,563,722 Risk adjustment (364,241) (225,777) (1,056,838) (556,236) Premiums before ceded reinsurance 1,318,048 673,460 4,001,589 2,007,486 Reinsurance premiums ceded (364,384) (231,717) (1,097,929) (669,047) Total premiums earned $ 953,664 $ 441,743 $ 2,903,660 $ 1,338,439 The following table summarizes the amounts of direct policy premiums received directly from CMS as part of APTC and Medicare Advantage for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) APTC $ 1,393,664 $ 668,647 $ 4,185,920 $ 1,812,335 Medicare Advantage 13,304 9,969 41,610 29,472 Total paid by CMS $ 1,406,968 $ 678,616 $ 4,227,530 $ 1,841,807 The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premiums earned in the consolidated statement of operations, is as follows: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Reinsurance premiums ceded, gross $ (382,597) $ (220,472) $ (1,143,565) $ (724,512) Experience refunds 18,213 (11,245) 45,636 55,465 Reinsurance premiums ceded (364,384) (231,717) (1,097,929) (669,047) Reinsurance premiums assumed 37,409 3,830 96,294 9,426 Total reinsurance premiums (ceded) and assumed $ (326,975) $ (227,887) $ (1,001,635) $ (659,621) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Direct claims incurred $ 1,153,270 $ 668,966 $ 3,255,721 $ 1,725,089 Ceded reinsurance claims (339,248) (220,894) (955,291) (593,175) Assumed reinsurance claims 38,667 5,504 95,464 9,589 Total claims incurred, net $ 852,689 $ 453,576 $ 2,395,894 $ 1,141,503 The Company records selling, general and administrative expenses net of reinsurance ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Other insurance costs, gross $ 215,064 $ 129,516 $ 629,993 $ 343,915 Reinsurance ceding commissions (40,086) (18,214) (119,413) (57,986) Other insurance costs, net $ 174,978 $ 111,302 $ 510,580 $ 285,929 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: September 30, 2022 December 31, 2021 (in thousands) Ceded reinsurance claim recoverables $ 718,058 $ 406,017 Reinsurance ceding commissions 45,181 23,517 Experience refunds on reinsurance agreements 61,239 2,456 Reinsurance recoverable $ 824,478 $ 431,990

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Schedule of premiums earned	Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Direct policy premiums $ 1,644,880 $ 895,407 $ 4,962,133 $ 2,554,296 Assumed premiums 37,409 3,830 96,294 9,426 Direct and Assumed Policy Premiums 1,682,289 899,237 5,058,427 2,563,722 Risk adjustment (364,241) (225,777) (1,056,838) (556,236) Premiums before ceded reinsurance 1,318,048 673,460 4,001,589 2,007,486 Reinsurance premiums ceded (364,384) (231,717) (1,097,929) (669,047) Total premiums earned $ 953,664 $ 441,743 $ 2,903,660 $ 1,338,439 The following table summarizes the amounts of direct policy premiums received directly from CMS as part of APTC and Medicare Advantage for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) APTC $ 1,393,664 $ 668,647 $ 4,185,920 $ 1,812,335 Medicare Advantage 13,304 9,969 41,610 29,472 Total paid by CMS $ 1,406,968 $ 678,616 $ 4,227,530 $ 1,841,807 The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premiums earned in the consolidated statement of operations, is as follows: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Reinsurance premiums ceded, gross $ (382,597) $ (220,472) $ (1,143,565) $ (724,512) Experience refunds 18,213 (11,245) 45,636 55,465 Reinsurance premiums ceded (364,384) (231,717) (1,097,929) (669,047) Reinsurance premiums assumed 37,409 3,830 96,294 9,426 Total reinsurance premiums (ceded) and assumed $ (326,975) $ (227,887) $ (1,001,635) $ (659,621) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Direct claims incurred $ 1,153,270 $ 668,966 $ 3,255,721 $ 1,725,089 Ceded reinsurance claims (339,248) (220,894) (955,291) (593,175) Assumed reinsurance claims 38,667 5,504 95,464 9,589 Total claims incurred, net $ 852,689 $ 453,576 $ 2,395,894 $ 1,141,503 The Company records selling, general and administrative expenses net of reinsurance ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Other insurance costs, gross $ 215,064 $ 129,516 $ 629,993 $ 343,915 Reinsurance ceding commissions (40,086) (18,214) (119,413) (57,986) Other insurance costs, net $ 174,978 $ 111,302 $ 510,580 $ 285,929 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: September 30, 2022 December 31, 2021 (in thousands) Ceded reinsurance claim recoverables $ 718,058 $ 406,017 Reinsurance ceding commissions 45,181 23,517 Experience refunds on reinsurance agreements 61,239 2,456 Reinsurance recoverable $ 824,478 $ 431,990

BUSINESS ARRANGEMENTS (Tables)

BUSINESS ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of variable interest entities	The following table presents the collective assets and liabilities of the Company's variable interest entities: September 30, 2022 December 31, 2021 (in thousands) Assets $ 138,683 $ 123,524 Liabilities $ 84,169 $ 70,165

RESTRICTED CASH AND RESTRICTE_2

RESTRICTED CASH AND RESTRICTED DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Schedule of restricted deposits	The restricted cash and cash equivalents and restricted investments presented below are included in “restricted deposits” in the accompanying consolidated balance sheets. September 30, 2022 December 31, 2021 (in thousands) Restricted cash and cash equivalents $ 22,326 $ 21,562 Restricted investments 5,133 6,523 Restricted Deposits $ 27,459 $ 28,085

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of investments	The following tables provide summaries of the Company's investments by major security type as of September 30, 2022 and December 31, 2021: September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 564,340 $ 111 $ (7,834) $ 556,617 Corporate notes 317,898 10 (6,114) 311,794 Municipalities 26,130 — (536) 25,594 Certificate of deposit 18,649 — — 18,649 Commercial paper 2,028 — — 2,028 Total $ 929,045 $ 121 $ (14,484) $ 914,682 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 895,865 $ 34 $ (1,837) $ 894,062 Corporate notes 454,416 2 (1,746) 452,672 Municipalities 50,366 10 (140) 50,236 Certificate of deposit 21,370 — — 21,370 Commercial paper 13,222 — — 13,222 Total $ 1,435,239 $ 46 $ (3,723) $ 1,431,562
Summary of investments in a gross unrealized loss position	The following table summarizes those available-for-sale investments that have been in a continuous loss position for less than 12 months at September 30, 2022 and December 31, 2021. September 30, 2022 Number of Securities Fair Value Gross (in thousands) U.S. treasury and agency securities 52 $ 221,787 $ (4,710) Corporate notes 233 197,987 (3,773) Municipalities 31 $ 8,026 (145) Total 316 $ 427,800 $ (8,628) December 31, 2021 Number of Securities Fair Value Gross (in thousands) U.S. treasury and agency securities 108 $ 894,060 $ (1,837) Corporate notes 357 452,672 (1,746) Municipalities 108 50,236 (140) Total 573 $ 1,396,968 $ (3,723) The following table summarizes those available-for-sale securities that have been in a continuous unrealized loss position for longer than twelve months as of September 30, 2022. The available-for-sale securities that have been in a continuous unrealized loss position for longer than twelve months as of December 31, 2021 are immaterial. September 30, 2022 Number of Securities Fair Value Gross (in thousands) U.S. treasury and agency securities 24 $ 205,203 $ (3,123) Corporate notes 89 107,230 (2,342) Municipalities 44 $ 13,884 (391) Total 157 $ 326,317 $ (5,856)
Summary of contractual maturities of available-for-sale securities	The amortized cost and fair value of the Company's fixed maturity securities as of September 30, 2022 by contractual maturity are shown below. Actual maturities of these securities could differ from their contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties. Amortized Cost Fair Value (in thousands) Due in one year or less $ 729,839 $ 718,228 Due after one year through five years 199,206 196,454 Total $ 929,045 $ 914,682
Summary of investment income	Net investment income was attributable to the following: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Interest income $ 5,987 $ 3,125 $ 9,069 $ 7,054 Investment discount amortization net of premium accretion (972) (2,458) (4,101) (5,520) Net realized gain (loss) (761) 21 (1,270) 271 Total $ 4,254 $ 688 $ 3,698 $ 1,805

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured on recurring basis	The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: September 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents $ 249,428 $ — $ — $ 249,428 Investments U.S. treasury and agency securities $ — $ 556,617 $ — $ 556,617 Corporate notes — 311,794 — 311,794 Municipalities — 25,594 — 25,594 Certificates of deposit — 18,649 — 18,649 Commercial paper — 2,028 — 2,028 Restricted investments U.S. treasury securities $ — $ 5,133 $ — $ 5,133 Total Assets $ 249,428 $ 919,815 $ — $ 1,169,243 December 31, 2021 Level 1 Level 2 Level 3 Total Assets (in thousands) Cash equivalents $ 45,265 $ 1,001 $ — $ 46,266 Investments U.S. treasury and agency securities $ — $ 894,062 $ — $ 894,062 Corporate notes — 452,672 — 452,672 Municipalities — 50,236 — 50,236 Certificates of deposit — 21,370 — 21,370 Commercial paper — 13,222 — 13,222 Restricted investments U.S. treasury securities $ — $ 6,523 $ — $ 6,523 Total Assets $ 45,265 $ 1,439,086 $ — $ 1,484,351

BENEFITS PAYABLE (Tables)

BENEFITS PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table provides a rollforward of the Company’s beginning and ending benefits payable and claims adjustment expenses ("CAE") payable balances for the nine months ended September 30, 2022 and 2021: As of September 30, 2022 Benefits Payable Unallocated Claims Total (in thousands) Benefits payable, beginning of the period $ 513,582 $ 9,101 $ 522,683 Less: Reinsurance recoverable 159,180 — 159,180 Benefits payable, beginning of the period, net $ 354,402 $ 9,101 $ 363,503 Claims incurred and CAE Current year $ 2,388,122 $ 94,242 $ 2,482,364 Prior years 7,772 — 7,772 Total claims incurred and CAE, net $ 2,395,894 $ 94,242 $ 2,490,136 Claims paid and CAE Current year $ 1,866,922 $ 77,015 $ 1,943,937 Prior years 207,322 9,101 216,423 Total claims and CAE paid, net $ 2,074,244 $ 86,116 $ 2,160,360 Benefits and CAE payable, end of period, net $ 676,052 $ 17,227 $ 693,279 Add: Reinsurance recoverable 319,708 — 319,708 Benefits and CAE payable, end of period $ 995,760 $ 17,227 $ 1,012,987 As of September 30, 2021 Benefits Payable Unallocated Claims Total (in thousands) Benefits payable, beginning of the period $ 311,914 $ 5,509 $ 317,423 Less: Reinsurance recoverable 132,658 — 132,658 Benefits payable, beginning of the period, net $ 179,256 $ 5,509 $ 184,765 Claims incurred and CAE Current year $ 1,151,734 $ 43,239 $ 1,194,973 Prior years (10,231) — (10,231) Total claims incurred and CAE, net $ 1,141,503 $ 43,239 $ 1,184,742 Claims paid and CAE Current year $ 885,043 $ 34,428 $ 919,471 Prior years 100,091 5,509 105,600 Total claims and CAE paid, net $ 985,134 $ 39,937 $ 1,025,071 Benefits and CAE payable, end of period, net $ 335,625 $ 8,811 $ 344,436 Add: Reinsurance recoverable 161,699 — 161,699 Benefits and CAE payable, end of period $ 497,324 $ 8,811 $ 506,135

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt interest expense	The following table presents the interest expense indicating an effective interest rate of 7.61% over the term of the 2031 Notes: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands) Coupon interest expense $ 5,528 $ — $ 14,742 $ — Amortization of debt discount and issuance costs 194 — 518 — Total interest expense $ 5,722 $ — $ 15,260 $ —

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The following table presents the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (in thousands, except share and per share data) Numerator : Net loss attributable to Oscar Health, Inc $ (192,913) $ (211,481) $ (380,229) $ (373,685) Denominator : Weighted average shares of common stock outstanding, basic and diluted 212,822,733 208,159,343 211,560,332 168,585,157 Net loss per share attributable to Oscar Health, Inc., basic and diluted $ (0.91) $ (1.02) $ (1.80) $ (2.22)
Schedule of antidilutive securities excluded from computation	The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share attributable to Oscar Health, Inc. because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2022 September 30, 2021 Stock options to purchase common stock 29,660,206 35,184,963 Restricted stock units 17,110,569 8,247,101 Performance-based restricted stock units 8,517,527 7,082,432 Shares underlying convertible notes (Note 10) 36,652,491 — Total 91,940,793 50,514,496

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 1,644,880	$ 895,407	$ 4,962,133	$ 2,554,296
Assumed premiums	37,409	3,830	96,294	9,426
Direct and Assumed Policy Premiums	1,682,289	899,237	5,058,427	2,563,722
Risk adjustment	(364,241)	(225,777)	(1,056,838)	(556,236)
Premiums before ceded reinsurance	1,318,048	673,460	4,001,589	2,007,486
Reinsurance premiums ceded	(364,384)	(231,717)	(1,097,929)	(669,047)
Premiums earned	953,664	441,743	2,903,660	1,338,439
Receivables from contracts with customers	24,000		24,000		$ 2,800
CMS
Effects of Reinsurance [Line Items]
Direct policy premiums	1,406,968	678,616	4,227,530	1,841,807
CMS | APTC
Effects of Reinsurance [Line Items]
Direct policy premiums	1,393,664	668,647	4,185,920	1,812,335
CMS | Medicare Advantage
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 13,304	$ 9,969	$ 41,610	$ 29,472

REINSURANCE (Details)

REINSURANCE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Premiums Earned, Net [Abstract]
Reinsurance premiums ceded, gross	$ (382,597)	$ (220,472)	$ (1,143,565)	$ (724,512)
Experience refunds	18,213	(11,245)	45,636	55,465
Reinsurance premiums ceded	(364,384)	(231,717)	(1,097,929)	(669,047)
Assumed premiums	37,409	3,830	96,294	9,426
Total reinsurance premiums (ceded) and assumed	(326,975)	(227,887)	(1,001,635)	(659,621)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Direct claims incurred	1,153,270	668,966	3,255,721	1,725,089
Ceded reinsurance claims	(339,248)	(220,894)	(955,291)	(593,175)
Assumed reinsurance claims	38,667	5,504	95,464	9,589
Total claims incurred, net	852,689	453,576	2,395,894	1,141,503
Other Insurance Cost, Net [Abstract]
Other insurance costs, gross	215,064	129,516	629,993	343,915
Reinsurance ceding commissions	(40,086)	(18,214)	(119,413)	(57,986)
Other insurance costs, net	174,978	$ 111,302	510,580	$ 285,929
Reinsurance Recoverables, Including Reinsurance Premium Paid [Abstract]
Ceded reinsurance claim recoverables	718,058		718,058		$ 406,017
Reinsurance ceding commissions	45,181		45,181		23,517
Experience refunds on reinsurance agreements	61,239		61,239		2,456
Reinsurance recoverable	$ 824,478		$ 824,478		$ 431,990

BUSINESS ARRANGEMENTS - Narrati

BUSINESS ARRANGEMENTS - Narrative (Details) - Oscar Health subsidiary	Sep. 30, 2022
Variable Interest Entity [Line Items]
NCI ownership by noncontrolling interest	50%
Holy Cross Health and Memorial Healthcare System
Variable Interest Entity [Line Items]
NCI ownership by parent	50%

BUSINESS ARRANGEMENTS - Variabl

BUSINESS ARRANGEMENTS - Variable interest entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 4,308,709	$ 3,321,650
Liabilities	3,224,140	1,929,128
Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	138,683	123,524
Liabilities	$ 84,169	$ 70,165

RESTRICTED CASH AND RESTRICTE_3

RESTRICTED CASH AND RESTRICTED DEPOSITS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents	$ 22,326	$ 21,562
Restricted investments	5,133	6,523
Restricted Deposits	$ 27,459	$ 28,085

INVESTMENTS - Summary of invest

INVESTMENTS - Summary of investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 929,045	$ 1,435,239
Unrealized Gains	121	46
Unrealized Losses	(14,484)	(3,723)
Fair Value	914,682	1,431,562
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	564,340	895,865
Unrealized Gains	111	34
Unrealized Losses	(7,834)	(1,837)
Fair Value	556,617	894,062
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	317,898	454,416
Unrealized Gains	10	2
Unrealized Losses	(6,114)	(1,746)
Fair Value	311,794	452,672
Municipalities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,130	50,366
Unrealized Gains	0	10
Unrealized Losses	(536)	(140)
Fair Value	25,594	50,236
Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,649	21,370
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	18,649	21,370
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,028	13,222
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 2,028	$ 13,222

INVESTMENTS - Summary of inve_2

INVESTMENTS - Summary of investments in a gross unrealized loss position under 12 months (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	316	573
Fair Value	$ 427,800	$ 1,396,968
Gross Unrealized Losses	$ (8,628)	$ (3,723)
Number of Securities | security	157
Fair Value	$ 326,317
Gross Unrealized Losses	$ 5,856
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	52	108
Fair Value	$ 221,787	$ 894,060
Gross Unrealized Losses	$ (4,710)	$ (1,837)
Number of Securities | security	24
Fair Value	$ 205,203
Gross Unrealized Losses	$ 3,123
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	233	357
Fair Value	$ 197,987	$ 452,672
Gross Unrealized Losses	$ (3,773)	$ (1,746)
Number of Securities | security	89
Fair Value	$ 107,230
Gross Unrealized Losses	$ 2,342
Municipalities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	31	108
Fair Value	$ 8,026	$ 50,236
Gross Unrealized Losses	$ (145)	$ (140)
Number of Securities | security	44
Fair Value	$ 13,884
Gross Unrealized Losses	$ 391

INVESTMENTS- Summary of investm

INVESTMENTS- Summary of investments in gross unrealized loss position over 12 months (Details) $ in Thousands	Sep. 30, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	157
Fair Value	$ 326,317
Gross Unrealized Losses	$ (5,856)
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	24
Fair Value	$ 205,203
Gross Unrealized Losses	$ (3,123)
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	89
Fair Value	$ 107,230
Gross Unrealized Losses	$ (2,342)
Municipalities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	44
Fair Value	$ 13,884
Gross Unrealized Losses	$ (391)

INVESTMENTS - Summary of contra

INVESTMENTS - Summary of contractual maturities of available-for-sale securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 729,839
Due after one year through five years	199,206
Amortized Cost	929,045	$ 1,435,239
Fair Value
Due in one year or less	718,228
Due after one year through five years	196,454
Fair Value	$ 914,682	$ 1,431,562

INVESTMENTS - Summary of inve_3

INVESTMENTS - Summary of investment income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 5,987	$ 3,125	$ 9,069	$ 7,054
Investment amortization, net of accretion	(972)	(2,458)	(4,101)	(5,520)
Net realized gain (loss)	(761)	21	(1,270)	271
Total	$ 4,254	$ 688	$ 3,698	$ 1,805

FAIR VALUE - Schedule of assets

FAIR VALUE - Schedule of assets and liabilities measured on recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 914,682	$ 1,431,562
U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	556,617	894,062
Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	311,794	452,672
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	25,594	50,236
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,649	21,370
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,028	13,222
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	249,428	46,266
Total Assets	1,169,243	1,484,351
Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	556,617	894,062
Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	311,794	452,672
Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	25,594	50,236
Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,649	21,370
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,028	13,222
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	5,133	6,523
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	249,428	45,265
Total Assets	249,428	45,265
Level 1 | Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	1,001
Total Assets	919,815	1,439,086
Level 2 | Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	556,617	894,062
Level 2 | Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	311,794	452,672
Level 2 | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	25,594	50,236
Level 2 | Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,649	21,370
Level 2 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,028	13,222
Level 2 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	5,133	6,523
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total Assets	0	0
Level 3 | Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	$ 0	$ 0

BENEFITS PAYABLE (Details)

BENEFITS PAYABLE (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Benefits payable, beginning of period	$ 513,582	$ 311,914
CAE payable, beginning of the period	9,101	5,509
Benefits and CAE payable, beginning of period	1,012,987	506,135	$ 522,683	$ 317,423
Less: Reinsurance recoverable	159,180	132,658
Benefits payable, net reinsurance recoverable, beginning of period	354,402	179,256
Benefits and CAE payable, net, beginning of period	363,503	184,765
Benefits Payable
Current year	2,388,122	1,151,734
Prior years	7,772	(10,231)
Claims incurred	2,395,894	1,141,503
Unallocated Claims Adjustment Expense
Current year	94,242	43,239
Prior years	0	0
Claims adjustment expense	94,242	43,239
Total
Current year	2,482,364	1,194,973
Prior years	7,772	(10,231)
Total claims incurred and CAE, net	2,490,136	1,184,742
Benefits Payable
Current year	1,866,922	885,043
Prior years	207,322	100,091
Claims paid	2,074,244	985,134
Unallocated Claims Adjustment Expense
Current year	77,015	34,428
Prior years	9,101	5,509
CAE paid	86,116	39,937
Total
Current year	1,943,937	919,471
Prior years	216,423	105,600
Total claims and CAE paid, net	2,160,360	1,025,071
Benefits payable, net reinsurance recoverable, end of period	676,052	335,625
CAE payable, end of the period	17,227	8,811
Benefits and CAE payable, net, end of period	693,279	344,436
Add: Reinsurance recoverable	319,708	161,699
Benefits payable, end of period	995,760	497,324
Benefits and CAE payable, end of period	$ 1,012,987	$ 506,135

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)			1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 21, 2021 USD ($)	Oct. 30, 2020 USD ($)	Feb. 28, 2022 USD ($) tradingDay $ / shares	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Debt repayment							$ 0	$ 153,173,000
Debt extinguishment loss					$ 0	$ 0	0	20,178,000
Debt prepayment cost							0	$ 12,994,000
Convertible debt | 7.25% Convertible Senior Notes Due 2031
Debt Instrument [Line Items]
Aggregate principal amount			$ 305,000,000
Stated interest rate			7.25%
Conversion ratio			0.1201721
Conversion price (in dollars per share) | $ / shares			$ 8.32
Threshold percentage of stock price trigger			200%
Threshold trading days | tradingDay			20
Threshold consecutive trading days | tradingDay			30
Long-term debt, net					297,800,000		297,800,000
Unamortized debt discount and debt issuance costs					7,200,000		7,200,000
Long-term debt, fair value					$ 249,600,000		$ 249,600,000
Effective interest rate					7.61%		7.61%
Line of credit | Revolving credit facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Borrowing capacity, increase limit	$ 50,000,000
Commitment fee	0.50%
Line of credit outstanding					$ 0		$ 0
Line of credit | Revolving credit facility | LIBOR | Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Line of credit | Revolving credit facility | Alternative Base Rate | Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Line of credit | Revolving credit facility | Fed funds effective rate | Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of credit | Revolving credit facility | LIBOR | Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Loan payable | Facility Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 150,000,000
Interest rate during period							12.75%
Debt repayment				$ 153,200,000
Paid-in-kind interest				3,200,000
Debt extinguishment loss				20,200,000
Debt prepayment cost				13,000,000
Unamortized debt discount and issuance costs written off				$ 7,200,000
Loan payable | LIBOR | Facility Agreement
Debt Instrument [Line Items]
Basis spread on variable rate		11.75%

LONG-TERM DEBT - Schedule of de

LONG-TERM DEBT - Schedule of debt interest expense (Details) - 7.25% Convertible Senior Notes Due 2031 - Convertible debt - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Coupon interest expense	$ 5,528	$ 0	$ 14,742	$ 0
Amortization of debt discount and issuance costs	194	0	518	0
Total interest expense	$ 5,722	$ 0	$ 15,260	$ 0

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss attributable to Oscar Health, Inc	$ (192,913)	$ (211,481)	$ (380,229)	$ (373,685)
Denominator:
Weighted average common shares outstanding, basic	212,822,733	208,159,343	211,560,332	168,585,157
Weighted-average common shares outstanding, diluted	212,822,733	208,159,343	211,560,332	168,585,157
Earnings (Loss) per Share
Net loss per share, basic (in dollars per share)	$ (0.91)	$ (1.02)	$ (1.80)	$ (2.22)
Net loss per share, diluted (in dollars per share)	$ (0.91)	$ (1.02)	$ (1.80)	$ (2.22)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of antidilutive securities excluded from computation (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	91,940,793	50,514,496
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	29,660,206	35,184,963
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	17,110,569	8,247,101
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	8,517,527	7,082,432
Shares underlying convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	36,652,491	0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	May 03, 2022
Affiliated enties | Investors’ Rights Agreement
Related Party Transaction [Line Items]
Agreement term (up to)	5 years