Oscar Health (OSCR) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001568651
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		190,815,085
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,296,176

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 1,399,791	$ 1,558,595
Short-term investments	1,044,445	1,397,287
Premiums and accounts receivable	207,098	216,475
Risk adjustment transfer receivable	54,127	49,861
Reinsurance recoverable	277,803	892,887
Other current assets	8,358	6,450
Total current assets	2,991,622	4,121,555
Property, equipment, and capitalized software, net	62,022	59,888
Long-term investments	179,633	222,919
Restricted deposits	27,335	27,483
Other assets	88,899	94,756
Total Assets	3,349,511	4,526,601
Current Liabilities:
Benefits payable	910,449	937,727
Risk adjustment transfer payable	751,196	1,517,493
Premium deficiency reserve	179	4,214
Unearned premiums	71,601	78,998
Accounts payable and other liabilities	260,137	297,841
Reinsurance payable	67,314	427,649
Total current liabilities	2,060,876	3,263,922
Long-term debt	298,583	297,999
Other liabilities	68,618	72,280
Total liabilities	2,428,077	3,634,201
Commitments and contingencies (Note 12)
Stockholders' Equity
Preferred stock, $0.00001 par value; 82,500,000 shares authorized, none outstanding as of September 30, 2023 and December 31, 2022	0	0
Treasury stock (314,600 shares as of September 30, 2023 and December 31, 2022)	(2,923)	(2,923)
Additional paid-in capital	3,653,535	3,509,007
Accumulated deficit	(2,726,685)	(2,605,987)
Accumulated other comprehensive income (loss)	(4,453)	(9,715)
Total Oscar Health, Inc. stockholders' equity	919,476	890,384
Noncontrolling interests	1,958	2,016
Total stockholders' equity	921,434	892,400
Total Liabilities and Stockholders' Equity	3,349,511	4,526,601
Class A
Stockholders' Equity
Common stock	2	2
Class B
Stockholders' Equity
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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 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 outstanding	190,796,321	181,176,239
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 outstanding	35,296,176	35,115,807

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Premiums before ceded reinsurance	$ 1,394,985	$ 1,318,048	$ 4,305,785	$ 4,001,589
Reinsurance premiums ceded	(2,903)	(364,384)	(10,111)	(1,097,929)
Premiums earned	1,392,082	953,664	4,295,674	2,903,660
Administrative services revenue	3,871	19,421	11,612	58,366
Investment income and other revenue	44,038	5,342	123,925	6,485
Total revenue	1,439,991	978,427	4,431,211	2,968,511
Operating Expenses
Claims incurred, net	1,163,194	852,689	3,436,785	2,395,894
Other insurance costs	192,863	174,978	618,078	510,580
General and administrative expenses	75,503	78,557	254,106	233,975
Federal and state assessments	69,876	71,114	216,414	209,730
Premium deficiency reserve release	(3,201)	(6,539)	(4,034)	(14,280)
Total operating expenses	1,498,235	1,170,799	4,521,349	3,335,899
Loss from operations	(58,244)	(192,372)	(90,138)	(367,388)
Interest expense	6,130	6,126	18,386	16,488
Other expenses (income)	414	(3,336)	8,132	(1,076)
Loss before income taxes	(64,788)	(195,162)	(116,656)	(382,800)
Income tax expense (benefit)	915	(1,615)	4,100	192
Net loss	(65,703)	(193,547)	(120,756)	(382,992)
Less: Net income (loss) attributable to noncontrolling interests	(305)	(634)	(58)	(2,763)
Net loss attributable to Oscar Health, Inc.	$ (65,398)	$ (192,913)	$ (120,698)	$ (380,229)
Earnings (Loss) per Share
Net loss per share attributable to Oscar Health, Inc., basic (in dollars per share)	$ (0.29)	$ (0.91)	$ (0.55)	$ (1.80)
Net loss per share attributable to Oscar Health, Inc., diluted (in dollars per share)	$ (0.29)	$ (0.91)	$ (0.55)	$ (1.80)
Weighted average common shares outstanding, basic (in shares)	223,098,974	212,822,733	219,826,759	211,560,332
Weighted-average common shares outstanding, diluted (in shares)	223,098,974	212,822,733	219,826,759	211,560,332

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (65,703)	$ (193,547)	$ (120,756)	$ (382,992)
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale	2,403	730	5,262	(10,820)
Comprehensive loss	(63,300)	(192,817)	(115,494)	(393,812)
Comprehensive income (loss) attributable to noncontrolling interests	(305)	(634)	(58)	(2,763)
Comprehensive loss attributable to Oscar Health, Inc.	$ (62,995)	$ (192,183)	$ (115,436)	$ (391,049)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class B	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
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
Beginning balance (in shares) at Dec. 31, 2022		181,176,239	35,115,807
Beginning balance at Dec. 31, 2022	892,400	$ 2	$ 0	(2,923)	3,509,007	(2,605,987)	(9,715)	2,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)		2,057,376
Issuance of common stock from equity incentive plans	35				35
Stock-based compensation expense	73,248				73,248
Joint venture contributions	471				471
Unrealized gains (losses) on investments, net	5,236						5,236
Net loss	(39,628)					(39,772)		144
Ending balance (in shares) at Mar. 31, 2023		183,233,615	35,115,807
Ending balance at Mar. 31, 2023	931,762	$ 2	$ 0	(2,923)	3,582,761	(2,645,759)	(4,479)	2,160
Beginning balance (in shares) at Dec. 31, 2022		181,176,239	35,115,807
Beginning balance at Dec. 31, 2022	892,400	$ 2	$ 0	(2,923)	3,509,007	(2,605,987)	(9,715)	2,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gains (losses) on investments, net	5,262
Net loss	(120,756)
Ending balance (in shares) at Sep. 30, 2023		190,796,321	35,296,176
Ending balance at Sep. 30, 2023	921,434	$ 2	$ 0	(2,923)	3,653,535	(2,726,685)	(4,453)	1,958
Beginning balance (in shares) at Mar. 31, 2023		183,233,615	35,115,807
Beginning balance at Mar. 31, 2023	931,762	$ 2	$ 0	(2,923)	3,582,761	(2,645,759)	(4,479)	2,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)		3,556,259
Issuance of common stock from equity incentive plans	2,551				2,551
Stock-based compensation expense	35,454				35,454
Unrealized gains (losses) on investments, net	(2,377)						(2,377)
Net loss	(15,425)					(15,528)		103
Ending balance (in shares) at Jun. 30, 2023		186,789,874	35,115,807
Ending balance at Jun. 30, 2023	951,965	$ 2	$ 0	(2,923)	3,620,766	(2,661,287)	(6,856)	2,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)		4,006,447	180,369
Issuance of common stock from equity incentive plans	300				300
Stock-based compensation expense	30,449				30,449
Joint venture contributions	2,020				2,020
Unrealized gains (losses) on investments, net	2,403						2,403
Net loss	(65,703)					(65,398)		(305)
Ending balance (in shares) at Sep. 30, 2023		190,796,321	35,296,176
Ending balance at Sep. 30, 2023	$ 921,434	$ 2	$ 0	$ (2,923)	$ 3,653,535	$ (2,726,685)	$ (4,453)	$ 1,958

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (120,756)	$ (382,992)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Deferred taxes	95	6
Net realized loss on sale of financial instruments	70	1,269
Depreciation and amortization expense	22,952	11,548
Amortization of debt issuance costs	583	519
Stock-based compensation expense	133,541	83,241
Net amortization (accretion) of investments	(22,856)	4,138
(Increase) / decrease in:
Premiums and accounts receivable	9,378	(77,057)
Risk adjustment transfer receivable	(4,265)	(3,597)
Reinsurance recoverable	615,084	(392,488)
Other assets	3,854	(12,159)
Increase / (decrease) in:
Benefits payable	(27,278)	482,178
Unearned premiums	(7,396)	90
Premium deficiency reserve	(4,035)	(14,280)
Accounts payable and other liabilities	(41,366)	13,842
Reinsurance payable	(360,335)	230,401
Risk adjustment transfer payable	(766,297)	284,296
Net cash (used in) provided by operating activities	(569,027)	228,955
Cash flows from investing activities:
Purchase of investments	(622,183)	(343,178)
Sale of investments	26,656	360,449
Maturity of investments	1,019,612	483,224
Purchase of property, equipment and capitalized software	(19,475)	(21,882)
Change in restricted deposits	100	1,548
Net cash provided by investing activities	404,710	480,161
Cash flows from financing activities:
Proceeds from long-term debt	0	305,000
Payments of debt issuance costs	0	(7,035)
Proceeds from joint venture contribution	2,491	1,324
Proceeds from exercise of stock options	2,886	1,294
Net cash provided by financing activities	5,377	300,583
Increase (decrease) in cash, cash equivalents and restricted cash equivalents	(158,940)	1,009,699
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	1,580,497	1,125,557
Cash, cash equivalents, restricted cash and cash equivalents—end of period	1,421,557	2,135,256
Cash and cash equivalents	1,399,791	2,112,930
Restricted cash and cash equivalents included in restricted deposits	21,766	22,326
Total cash, cash equivalents and restricted cash and cash equivalents	1,421,557	2,135,256
Supplemental Disclosures:
Interest payments	22,893	9,810
Income tax payments	$ 1,000	$ 1,660

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2023
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 member experience. 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 ("MA") members and (2) via +Oscar, the Company leverages its technology platform to enable arrangements with other payors and providers in which health plans and products are powered by Oscar's platform. The Company operates as one segment to sell insurance to its members directly and through the federal and state-run health care exchanges formed in conjunction with the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended (“ACA”), 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 to 100 full-time workers. The Cigna+Oscar partnership unites Oscar’s highly-differentiated member experience with Cigna’s broad provider networks to exclusively serve the small group employer market. The Company also offers one MA plan 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’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 accounting principles generally accepted in the United States of America ("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 in conformity with U.S. GAAP applicable for the interim periods presented. 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 Condensed 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 (“IBNR”) and risk adjustment. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Premiums Earned Premium revenue includes direct policy premiums collected from members and from the Centers for Medicare & Medicaid Services ("CMS") as part of the Advanced Premium Tax Credit ("APTC") and MA 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 include the effect of reinsurance premiums ceded as part of the Company's reinsurance agreements accounted for under reinsurance accounting. Refer to Note 3 - Reinsurance for more information. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Direct policy premiums $ 1,548,571 $ 1,644,880 $ 4,796,819 $ 4,962,133 Assumed premiums 57,836 37,409 174,166 96,294 Direct and assumed policy premiums 1,606,407 1,682,289 4,970,985 5,058,427 Risk adjustment (211,422) (364,241) (665,200) (1,056,838) Premiums before ceded reinsurance 1,394,985 1,318,048 4,305,785 4,001,589 Reinsurance premiums ceded (2,903) (364,384) (10,111) (1,097,929) Total premiums earned $ 1,392,082 $ 953,664 $ 4,295,674 $ 2,903,660 The following table summarizes the amounts of direct policy premiums received directly from CMS as part of the APTC and MA programs for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) APTC $ 1,324,362 $ 1,393,664 $ 4,101,375 $ 4,185,920 Medicare Advantage 3,844 13,304 11,604 41,610 Total paid by CMS $ 1,328,206 $ 1,406,968 $ 4,112,979 $ 4,227,530 Revenue from Contracts with Customers The Company earns fee-based revenue as part of services performed via the +Oscar platform. Administrative services revenue and other revenue includes revenue earned from administrative services performed as part of the +Oscar platform. Revenue is recognized in the period the contractual performance obligations are satisfied and measured in an amount that reflects the consideration the Company expects to be entitled to in exchange for performing the services. The timing of the Company's revenue recognition may differ from the timing of payment by customers. A receivable is recorded when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, deferred revenue is recognized when payment is received before the performance obligations are satisfied. As of September 30, 2023, the Company has a deferred revenue liability of $0.6 million and as of December 31, 2022, receivables from contracts with customers was $33.7 million, and is reported within Premiums and accounts receivable on the Condensed Consolidated Balance Sheets.

REINSURANCE

REINSURANCE	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
REINSURANCE	REINSURANCE The Company enters into ceded 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). The Company also operates under an assumed reinsurance contract, under which the Company shares proportionally in all premiums and claims underwritten for the Cigna+Oscar Small Group offering. Reinsurance Contracts Accounted for under Reinsurance Accounting and Deposit Accounting The Company currently has quota share reinsurance arrangements with more than one counterparty with multiple state-level treaties. Under Accounting Standards Codification 944: Financial Services - Insurance, these arrangements are 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 are accounted for under the deposit accounting method. In 2023, the Company's existing quota share reinsurance arrangements are accounted for under the deposit accounting method while XOL and terminated quota share reinsurance agreements currently in runoff are accounted for under reinsurance accounting. For the year ended December 31, 2022, the Company's quota share reinsurance arrangements were accounted for under both reinsurance accounting and deposit accounting. The table below summarizes the Company's accounting for its quota share reinsurance premiums: Three Months Ended September 30, Nine Months Ended September 30, Summary of Quota Share Reinsurance Program 2023 2022 2023 2022 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 29 % 46 % 29 % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 18 % *NM 18 % *NM - not meaningful Reinsurance Contracts Accounted for under Deposit Accounting 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. 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 Condensed Consolidated Balance Sheet as a deposit liability within the Accounts payable and other liabilities line item. As of September 30, 2023 and December 31, 2022, a deposit liability balance of $7.1 million and $1.8 million, respectively, was recorded for the Company's quota share arrangements accounted for under deposit accounting and includes fees retained by the reinsurer, which are recognized within other insurance costs on the statement of operations. Reinsurance Contracts Accounted for under Reinsurance Accounting Under reinsurance accounting, premiums paid to the reinsurer are recorded as reinsurance premiums ceded (a reduction to premium revenue) and a corresponding reinsurance payable. Expected reimbursements from the reinsurer for claims incurred are recorded as a reduction to claims incurred and a corresponding reinsurance recoverable asset. 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 Premiums earned in the Condensed Consolidated Statement of Operations, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Reinsurance premiums ceded, gross $ (1,354) $ (382,597) $ 1,514 $ (1,143,565) Experience refunds (1,549) 18,213 (11,625) 45,636 Reinsurance premiums ceded (2,903) (364,384) (10,111) (1,097,929) Reinsurance premiums assumed 57,836 37,409 174,166 96,294 Total reinsurance premiums (ceded) and assumed $ 54,933 $ (326,975) $ 164,055 $ (1,001,635) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the Claims incurred, net, as presented in the Condensed Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Direct claims incurred $ 1,116,679 $ 1,153,270 $ 3,301,424 $ 3,255,721 Ceded reinsurance claims (15,266) (339,248) (33,833) (955,291) Assumed reinsurance claims 61,781 38,667 169,194 95,464 Claims incurred, net $ 1,163,194 $ 852,689 $ 3,436,785 $ 2,395,894 The Company records General and administrative expenses net of reinsurance ceding commissions. The following table reconciles total other insurance costs to the amount presented in the Condensed Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Other insurance costs, gross $ 192,833 $ 215,064 $ 617,102 $ 629,993 Reinsurance ceding commissions 30 (40,086) 976 (119,413) Other insurance costs $ 192,863 $ 174,978 $ 618,078 $ 510,580 The Company classifies Reinsurance recoverable within current assets on its Condensed Consolidated Balance Sheets. The composition of the Reinsurance recoverable balance is as follows: September 30, 2023 December 31, 2022 (in thousands) Ceded reinsurance claim recoverables $ 255,754 $ 776,266 Reinsurance ceding commissions 15,248 42,805 Experience refunds on reinsurance agreements 6,801 73,816 Reinsurance recoverable $ 277,803 $ 892,887 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- and AA (S&P and DBRS MorningStar). The creditworthiness of each reinsurer is evaluated in order to assess counterparty credit risk and estimate an allowance for expected credit losses on the Company's reinsurance recoverable balances.

BUSINESS ARRANGEMENTS

BUSINESS ARRANGEMENTS	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS ARRANGEMENTS	BUSINESS ARRANGEMENTS 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, 2023 December 31, 2022 (in thousands) Assets $ 124,529 $ 129,629 Liabilities $ 62,388 $ 78,126

RESTRICTED CASH AND RESTRICTED

RESTRICTED CASH AND RESTRICTED DEPOSITS	9 Months Ended
	Sep. 30, 2023
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 Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in thousands) Restricted cash and cash equivalents $ 21,766 $ 21,902 Restricted investments 5,569 5,581 Restricted deposits $ 27,335 $ 27,483

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022: September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 1,036,859 $ 12 $ (3,747) $ 1,033,124 Corporate notes 146,854 14 (694) 146,174 Certificate of deposit 25,663 — — 25,663 Commercial paper 16,049 — — 16,049 Municipalities 3,083 — (15) 3,068 Total $ 1,228,508 $ 26 $ (4,456) $ 1,224,078 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 1,160,430 $ 89 $ (5,237) $ 1,155,282 Corporate notes 378,481 66 (4,098) 374,449 Certificate of deposit 38,082 — — 38,082 Commercial paper 32,730 — — 32,730 Municipalities 20,091 — (428) 19,663 Total $ 1,629,814 $ 155 $ (9,763) $ 1,620,206 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, 2023 and December 31, 2022: September 30, 2023 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 202 $ 900,966 $ (3,346) Corporate notes 79 114,177 (589) Total 281 $ 1,015,143 $ (3,935) December 31, 2022 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 165 $ 586,411 $ (973) Corporate notes 138 135,133 (731) Municipalities 5 3,070 (71) Total 308 $ 724,614 $ (1,775) 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, 2023 and December 31, 2022: September 30, 2023 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 9 $ 56,548 $ (401) Corporate notes 32 13,037 (105) Municipalities 5 3,068 (15) Total 46 $ 72,653 $ (521) December 31, 2022 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 45 $ 298,746 $ (4,264) Corporate notes 189 200,745 (3,367) Municipalities 57 16,594 (357) Total 291 $ 516,085 $ (7,988) 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. For securities in an unrealized loss position that the Company does not intend to sell, 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. The amortized cost and fair value of the Company's fixed maturity securities as of September 30, 2023 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. September 30, 2023 Amortized Cost Fair Value (in thousands) Due in one year or less $ 1,047,389 $ 1,044,445 Due after one year through five years 181,119 179,633 Total $ 1,228,508 $ 1,224,078 Net investment income was attributable to the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Interest income $ 34,838 $ 5,987 $ 96,806 $ 9,069 Investment discount amortization net of premium accretion 7,590 (972) 23,172 (4,101) Net realized gains (losses) (61) (761) (70) (1,270) Total $ 42,367 $ 4,254 $ 119,908 $ 3,698 The accrued investment income balances presented below are included within Other current assets in the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in thousands) Accrued investment income $ 8,358 $ 5,074

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS 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, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents $ 330,697 $ 3,572 $ — $ 334,269 Investments U.S. treasury and agency securities $ — $ 1,033,124 $ — $ 1,033,124 Corporate notes — 146,174 — 146,174 Certificates of deposit — 25,663 — 25,663 Commercial paper — 16,049 — 16,049 Municipalities — 3,068 — 3,068 Restricted investments Certificates of deposit $ — $ 2,478 $ — $ 2,478 U.S. treasury securities — 3,091 — 3,091 Total Assets $ 330,697 $ 1,233,219 $ — $ 1,563,916 December 31, 2022 Level 1 Level 2 Level 3 Total Assets (in thousands) Cash equivalents $ 104,456 $ 13,998 $ — $ 118,454 Investments U.S. treasury and agency securities $ — $ 1,155,282 $ — $ 1,155,282 Corporate notes — 374,449 — 374,449 Certificates of deposit — 38,082 — 38,082 Commercial paper — 32,730 — 32,730 Municipalities — 19,663 — 19,663 Restricted investments U.S. treasury securities $ — $ 5,581 $ — $ 5,581 Total Assets $ 104,456 $ 1,639,785 $ — $ 1,744,241

BENEFITS PAYABLE

BENEFITS PAYABLE	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
BENEFITS PAYABLE	BENEFITS PAYABLE Reserves for medical claims expenses are estimated using actuarial assumptions and recorded as Benefits payable liabilities on the Condensed 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 Condensed Consolidated Statements 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, 2023 and 2022: As of September 30, 2023 Benefits Payable Unallocated Claims Total (in thousands) Benefits payable, beginning of the period $ 937,727 $ 12,712 $ 950,439 Less: Reinsurance recoverable 277,944 — 277,944 Benefits payable, beginning of the period, net $ 659,783 $ 12,712 $ 672,495 Claims incurred and CAE Current year $ 3,418,106 $ 68,814 $ 3,486,920 Prior years 18,679 — 18,679 Total claims incurred and CAE, net $ 3,436,785 $ 68,814 $ 3,505,599 Claims paid and CAE Current year $ 2,737,037 $ 59,454 $ 2,796,491 Prior years 522,678 9,664 532,342 Total claims and CAE paid, net $ 3,259,715 $ 69,118 $ 3,328,833 Benefits and CAE payable, end of period, net $ 836,853 $ 12,408 $ 849,261 Add: Reinsurance recoverable 73,596 — 73,596 Benefits and CAE payable, end of period $ 910,449 $ 12,408 $ 922,857 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

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2023
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 the Company's 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 the Company's 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 the Company's ability to refinance the Company's indebtedness and incur additional indebtedness. As of September 30, 2023, the net carrying amount of the 2031 Notes was $298.6 million, with unamortized debt discount and issuance costs of $6.4 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 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, 2023 was $273.3 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Coupon interest expense $ 5,528 $ 5,528 $ 16,584 $ 14,742 Amortization of debt discount and issuance costs 195 194 584 518 Total interest expense $ 5,723 $ 5,722 $ 17,168 $ 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 million. The Revolving Credit Facility is guaranteed by Oscar Management Corporation, each wholly owned subsidiary of the Company, and all of the Company's future direct and indirect subsidiaries (in each case, subject to certain permitted exceptions, including exceptions for 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) an adjusted term secured overnight financing rate ("SOFR"), plus an applicable margin of 4.50% (SOFR is calculated based on one-, three- or six-month SOFR, or such other period as agreed by all relevant Lenders, which is determined by reference to the SOFR administrator’s website, 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) SOFR 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. 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, 2023, there were no outstanding borrowings under the Revolving Credit Facility.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except share and per share data) Numerator : Net loss attributable to Oscar Health, Inc $ (65,398) $ (192,913) $ (120,698) $ (380,229) Denominator : Weighted average shares of common stock outstanding, basic and diluted 223,098,974 212,822,733 219,826,759 211,560,332 Net loss per share attributable to Oscar Health, Inc., basic and diluted $ (0.29) $ (0.91) $ (0.55) $ (1.80) 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, 2023 2022 Stock options to purchase common stock 27,015,462 29,660,206 Restricted stock units 25,206,356 17,110,569 Performance-based restricted stock units 9,349,987 8,517,527 Shares underlying convertible notes (Note 9) 36,652,491 36,652,491 Total 98,224,296 91,940,793

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSIn 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 9 - Long-Term Debt for additional information. 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, 2023
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 ("IPO") was commenced in the United States District Court for the Southern District of New York, captioned Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-CV-03885 (S.D.N.Y.) (the “Securities Action”). The initial complaint in the Securities Action asserted 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 Special Enrollment Period membership, and risk adjustment data validation results for 2019 and 2020. By Court orders dated September 27, 2022 and December 13, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the putative class. An amended complaint filed on December 6, 2022 asserts the same violations of Sections 11 and 15 of the Securities Act, but this time based on the Company’s alleged failure to disclose in its IPO registration statement purportedly inadequate controls and systems in connection with the risk adjustment data validation audit for 2019, alleging that this purported omission caused losses and damages for members of the putative class. The amended complaint seeks unspecified compensatory damages as well as interest, fees, and costs. On April 4, 2023, the Company moved to dismiss the amended complaint. Briefing on the motion was completed on July 7, 2023. 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 reasonable estimates of probable losses resulting from these matters where appropriate. Estimates of losses 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 Oscar's business, results of operations, financial condition or cash flows.

CANCELLATION OF FOUNDERS AWARDS

CANCELLATION OF FOUNDERS AWARDS	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations [Abstract]
CANCELLATION OF FOUNDERS AWARDS	CANCELLATION OF FOUNDERS AWARDS On March 28, 2023, the Company’s Co-Founders, Mario Schlosser (the Company’s President of Technology and Chief Technology Officer and former Chief Executive Officer) and Joshua Kushner (the Company’s Vice Chairman), recommended to the Company’s Board of Directors that they should cancel and terminate the applicable awards that were granted to them in connection with the Company’s IPO (the “Founders Awards”). This recommendation was made in support of reducing the dilutive effects of equity awards granted on April 3, 2023, to Mark T. Bertolini in connection with his appointment as the Company’s Chief Executive Officer, effective April 3, 2023, and the Company’s annual employee equity awards granted in 2023. On March 28, 2023, Mr. Schlosser and Mr. Kushner each entered into an agreement to cancel and terminate his Founders Award, which consisted of performance-based restricted stock units covering 4,229,853 shares (for Mr. Schlosser) and 2,114,926 shares (for Mr. Kushner) of the Company’s Class A common stock. As a result of this cancellation, during the three months ended March 31, 2023, the Company recognized approximately $46.3 million of accelerated stock-based compensation expense that would have otherwise been recognized over the remaining vesting period of the awards. Stock-based compensation expense is included within the Other insurance costs and General and administrative expenses line items on the Condensed Consolidated Statement of Operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (65,398)	$ (192,913)	$ (120,698)	$ (380,229)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 13, 2023, Mark T. Bertolini, the Company’s Chief Executive Officer, in accordance with the Company’s standard practice for employees and executive officers, entered into the Company’s form of sell-to-cover instruction that is intended to satisfy the affirmative defense of Rule 10b5-1(c), providing for sales of a number of shares of Class A common stock as is necessary to cover tax withholding obligations incurred in connection with the vesting or settlement of restricted stock units held by Mr. Bertolini. The instruction will remain in effect so long as Mr. Bertolini is subject to such tax obligations, unless earlier terminated. The total number of shares of Class A common stock that may be sold pursuant to the instruction is not determinable.On August 19, 2023, Mario Schlosser, the Company’s President of Technology and Chief Technology Officer, adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the exercise of 608,430 vested stock options and sale of underlying shares of the Company's common stock to cover the related exercise fee, withholding taxes, commissions and fees pursuant to the terms of the plan, between November 16, 2023 and January 17, 2024.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Mario Schlosser [Member]
Trading Arrangements, by Individual
Name	Mario Schlosser
Title	President of Technology and Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2023
Arrangement Duration	62 days
Aggregate Available	608,430	608,430
August 2023 Sell To Cover Instruction [Member] | Mark T. Bertolini [Member]
Trading Arrangements, by Individual
Name	Mark T. Bertolini
Title	Chief Executive Officer
Adoption Date	August 13, 2023

ORGANIZATION (Policies)

ORGANIZATION (Policies)	9 Months Ended
	Sep. 30, 2023
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 accounting principles generally accepted in the United States of America ("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 in conformity with U.S. GAAP applicable for the interim periods presented. 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 Condensed 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 (“IBNR”) and risk adjustment. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Effects of Reinsurance	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Direct policy premiums $ 1,548,571 $ 1,644,880 $ 4,796,819 $ 4,962,133 Assumed premiums 57,836 37,409 174,166 96,294 Direct and assumed policy premiums 1,606,407 1,682,289 4,970,985 5,058,427 Risk adjustment (211,422) (364,241) (665,200) (1,056,838) Premiums before ceded reinsurance 1,394,985 1,318,048 4,305,785 4,001,589 Reinsurance premiums ceded (2,903) (364,384) (10,111) (1,097,929) Total premiums earned $ 1,392,082 $ 953,664 $ 4,295,674 $ 2,903,660 The following table summarizes the amounts of direct policy premiums received directly from CMS as part of the APTC and MA programs for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) APTC $ 1,324,362 $ 1,393,664 $ 4,101,375 $ 4,185,920 Medicare Advantage 3,844 13,304 11,604 41,610 Total paid by CMS $ 1,328,206 $ 1,406,968 $ 4,112,979 $ 4,227,530 The table below summarizes the Company's accounting for its quota share reinsurance premiums: Three Months Ended September 30, Nine Months Ended September 30, Summary of Quota Share Reinsurance Program 2023 2022 2023 2022 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 29 % 46 % 29 % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 18 % *NM 18 % *NM - not meaningful The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of Premiums earned in the Condensed Consolidated Statement of Operations, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Reinsurance premiums ceded, gross $ (1,354) $ (382,597) $ 1,514 $ (1,143,565) Experience refunds (1,549) 18,213 (11,625) 45,636 Reinsurance premiums ceded (2,903) (364,384) (10,111) (1,097,929) Reinsurance premiums assumed 57,836 37,409 174,166 96,294 Total reinsurance premiums (ceded) and assumed $ 54,933 $ (326,975) $ 164,055 $ (1,001,635) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the Claims incurred, net, as presented in the Condensed Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Direct claims incurred $ 1,116,679 $ 1,153,270 $ 3,301,424 $ 3,255,721 Ceded reinsurance claims (15,266) (339,248) (33,833) (955,291) Assumed reinsurance claims 61,781 38,667 169,194 95,464 Claims incurred, net $ 1,163,194 $ 852,689 $ 3,436,785 $ 2,395,894 The Company records General and administrative expenses net of reinsurance ceding commissions. The following table reconciles total other insurance costs to the amount presented in the Condensed Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Other insurance costs, gross $ 192,833 $ 215,064 $ 617,102 $ 629,993 Reinsurance ceding commissions 30 (40,086) 976 (119,413) Other insurance costs $ 192,863 $ 174,978 $ 618,078 $ 510,580 The Company classifies Reinsurance recoverable within current assets on its Condensed Consolidated Balance Sheets. The composition of the Reinsurance recoverable balance is as follows: September 30, 2023 December 31, 2022 (in thousands) Ceded reinsurance claim recoverables $ 255,754 $ 776,266 Reinsurance ceding commissions 15,248 42,805 Experience refunds on reinsurance agreements 6,801 73,816 Reinsurance recoverable $ 277,803 $ 892,887

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Effects of Reinsurance	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Direct policy premiums $ 1,548,571 $ 1,644,880 $ 4,796,819 $ 4,962,133 Assumed premiums 57,836 37,409 174,166 96,294 Direct and assumed policy premiums 1,606,407 1,682,289 4,970,985 5,058,427 Risk adjustment (211,422) (364,241) (665,200) (1,056,838) Premiums before ceded reinsurance 1,394,985 1,318,048 4,305,785 4,001,589 Reinsurance premiums ceded (2,903) (364,384) (10,111) (1,097,929) Total premiums earned $ 1,392,082 $ 953,664 $ 4,295,674 $ 2,903,660 The following table summarizes the amounts of direct policy premiums received directly from CMS as part of the APTC and MA programs for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) APTC $ 1,324,362 $ 1,393,664 $ 4,101,375 $ 4,185,920 Medicare Advantage 3,844 13,304 11,604 41,610 Total paid by CMS $ 1,328,206 $ 1,406,968 $ 4,112,979 $ 4,227,530 The table below summarizes the Company's accounting for its quota share reinsurance premiums: Three Months Ended September 30, Nine Months Ended September 30, Summary of Quota Share Reinsurance Program 2023 2022 2023 2022 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 29 % 46 % 29 % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 18 % *NM 18 % *NM - not meaningful The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of Premiums earned in the Condensed Consolidated Statement of Operations, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Reinsurance premiums ceded, gross $ (1,354) $ (382,597) $ 1,514 $ (1,143,565) Experience refunds (1,549) 18,213 (11,625) 45,636 Reinsurance premiums ceded (2,903) (364,384) (10,111) (1,097,929) Reinsurance premiums assumed 57,836 37,409 174,166 96,294 Total reinsurance premiums (ceded) and assumed $ 54,933 $ (326,975) $ 164,055 $ (1,001,635) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the Claims incurred, net, as presented in the Condensed Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Direct claims incurred $ 1,116,679 $ 1,153,270 $ 3,301,424 $ 3,255,721 Ceded reinsurance claims (15,266) (339,248) (33,833) (955,291) Assumed reinsurance claims 61,781 38,667 169,194 95,464 Claims incurred, net $ 1,163,194 $ 852,689 $ 3,436,785 $ 2,395,894 The Company records General and administrative expenses net of reinsurance ceding commissions. The following table reconciles total other insurance costs to the amount presented in the Condensed Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Other insurance costs, gross $ 192,833 $ 215,064 $ 617,102 $ 629,993 Reinsurance ceding commissions 30 (40,086) 976 (119,413) Other insurance costs $ 192,863 $ 174,978 $ 618,078 $ 510,580 The Company classifies Reinsurance recoverable within current assets on its Condensed Consolidated Balance Sheets. The composition of the Reinsurance recoverable balance is as follows: September 30, 2023 December 31, 2022 (in thousands) Ceded reinsurance claim recoverables $ 255,754 $ 776,266 Reinsurance ceding commissions 15,248 42,805 Experience refunds on reinsurance agreements 6,801 73,816 Reinsurance recoverable $ 277,803 $ 892,887

BUSINESS ARRANGEMENTS (Tables)

BUSINESS ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (in thousands) Assets $ 124,529 $ 129,629 Liabilities $ 62,388 $ 78,126

RESTRICTED CASH AND RESTRICTE_2

RESTRICTED CASH AND RESTRICTED DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2023
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 Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in thousands) Restricted cash and cash equivalents $ 21,766 $ 21,902 Restricted investments 5,569 5,581 Restricted deposits $ 27,335 $ 27,483

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022: September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 1,036,859 $ 12 $ (3,747) $ 1,033,124 Corporate notes 146,854 14 (694) 146,174 Certificate of deposit 25,663 — — 25,663 Commercial paper 16,049 — — 16,049 Municipalities 3,083 — (15) 3,068 Total $ 1,228,508 $ 26 $ (4,456) $ 1,224,078 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) U.S. treasury and agency securities $ 1,160,430 $ 89 $ (5,237) $ 1,155,282 Corporate notes 378,481 66 (4,098) 374,449 Certificate of deposit 38,082 — — 38,082 Commercial paper 32,730 — — 32,730 Municipalities 20,091 — (428) 19,663 Total $ 1,629,814 $ 155 $ (9,763) $ 1,620,206
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, 2023 and December 31, 2022: September 30, 2023 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 202 $ 900,966 $ (3,346) Corporate notes 79 114,177 (589) Total 281 $ 1,015,143 $ (3,935) December 31, 2022 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 165 $ 586,411 $ (973) Corporate notes 138 135,133 (731) Municipalities 5 3,070 (71) Total 308 $ 724,614 $ (1,775) 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, 2023 and December 31, 2022: September 30, 2023 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 9 $ 56,548 $ (401) Corporate notes 32 13,037 (105) Municipalities 5 3,068 (15) Total 46 $ 72,653 $ (521) December 31, 2022 Number of Securities Fair Value Gross (in thousands), except no. of securities U.S. treasury and agency securities 45 $ 298,746 $ (4,264) Corporate notes 189 200,745 (3,367) Municipalities 57 16,594 (357) Total 291 $ 516,085 $ (7,988)
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, 2023 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. September 30, 2023 Amortized Cost Fair Value (in thousands) Due in one year or less $ 1,047,389 $ 1,044,445 Due after one year through five years 181,119 179,633 Total $ 1,228,508 $ 1,224,078
Summary of investment income	Net investment income was attributable to the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Interest income $ 34,838 $ 5,987 $ 96,806 $ 9,069 Investment discount amortization net of premium accretion 7,590 (972) 23,172 (4,101) Net realized gains (losses) (61) (761) (70) (1,270) Total $ 42,367 $ 4,254 $ 119,908 $ 3,698 The accrued investment income balances presented below are included within Other current assets in the Condensed Consolidated Balance Sheets. September 30, 2023 December 31, 2022 (in thousands) Accrued investment income $ 8,358 $ 5,074

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents $ 330,697 $ 3,572 $ — $ 334,269 Investments U.S. treasury and agency securities $ — $ 1,033,124 $ — $ 1,033,124 Corporate notes — 146,174 — 146,174 Certificates of deposit — 25,663 — 25,663 Commercial paper — 16,049 — 16,049 Municipalities — 3,068 — 3,068 Restricted investments Certificates of deposit $ — $ 2,478 $ — $ 2,478 U.S. treasury securities — 3,091 — 3,091 Total Assets $ 330,697 $ 1,233,219 $ — $ 1,563,916 December 31, 2022 Level 1 Level 2 Level 3 Total Assets (in thousands) Cash equivalents $ 104,456 $ 13,998 $ — $ 118,454 Investments U.S. treasury and agency securities $ — $ 1,155,282 $ — $ 1,155,282 Corporate notes — 374,449 — 374,449 Certificates of deposit — 38,082 — 38,082 Commercial paper — 32,730 — 32,730 Municipalities — 19,663 — 19,663 Restricted investments U.S. treasury securities $ — $ 5,581 $ — $ 5,581 Total Assets $ 104,456 $ 1,639,785 $ — $ 1,744,241

BENEFITS PAYABLE (Tables)

BENEFITS PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and 2022: As of September 30, 2023 Benefits Payable Unallocated Claims Total (in thousands) Benefits payable, beginning of the period $ 937,727 $ 12,712 $ 950,439 Less: Reinsurance recoverable 277,944 — 277,944 Benefits payable, beginning of the period, net $ 659,783 $ 12,712 $ 672,495 Claims incurred and CAE Current year $ 3,418,106 $ 68,814 $ 3,486,920 Prior years 18,679 — 18,679 Total claims incurred and CAE, net $ 3,436,785 $ 68,814 $ 3,505,599 Claims paid and CAE Current year $ 2,737,037 $ 59,454 $ 2,796,491 Prior years 522,678 9,664 532,342 Total claims and CAE paid, net $ 3,259,715 $ 69,118 $ 3,328,833 Benefits and CAE payable, end of period, net $ 836,853 $ 12,408 $ 849,261 Add: Reinsurance recoverable 73,596 — 73,596 Benefits and CAE payable, end of period $ 910,449 $ 12,408 $ 922,857 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

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Coupon interest expense $ 5,528 $ 5,528 $ 16,584 $ 14,742 Amortization of debt discount and issuance costs 195 194 584 518 Total interest expense $ 5,723 $ 5,722 $ 17,168 $ 15,260

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except share and per share data) Numerator : Net loss attributable to Oscar Health, Inc $ (65,398) $ (192,913) $ (120,698) $ (380,229) Denominator : Weighted average shares of common stock outstanding, basic and diluted 223,098,974 212,822,733 219,826,759 211,560,332 Net loss per share attributable to Oscar Health, Inc., basic and diluted $ (0.29) $ (0.91) $ (0.55) $ (1.80)
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, 2023 2022 Stock options to purchase common stock 27,015,462 29,660,206 Restricted stock units 25,206,356 17,110,569 Performance-based restricted stock units 9,349,987 8,517,527 Shares underlying convertible notes (Note 9) 36,652,491 36,652,491 Total 98,224,296 91,940,793

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2023 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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 1,548,571	$ 1,644,880	$ 4,796,819	$ 4,962,133
Reinsurance premiums assumed	57,836	37,409	174,166	96,294
Direct and assumed policy premiums	1,606,407	1,682,289	4,970,985	5,058,427
Risk adjustment	(211,422)	(364,241)	(665,200)	(1,056,838)
Premiums before ceded reinsurance	1,394,985	1,318,048	4,305,785	4,001,589
Reinsurance premiums ceded	(2,903)	(364,384)	(10,111)	(1,097,929)
Premiums earned	1,392,082	953,664	4,295,674	2,903,660
CMS
Effects of Reinsurance [Line Items]
Direct policy premiums	1,328,206	1,406,968	4,112,979	4,227,530
CMS | APTC
Effects of Reinsurance [Line Items]
Direct policy premiums	1,324,362	1,393,664	4,101,375	4,185,920
CMS | Medicare Advantage
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 3,844	$ 13,304	$ 11,604	$ 41,610

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Deferred revenue liability	$ 0.6
Receivables from contracts with customers		$ 33.7

REINSURANCE - Schedule of Quota

REINSURANCE - Schedule of Quota Share Reinsurance Premiums (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting	45%	29%	46%	29%
Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting		18%		18%

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Reinsurance, deposit liability	$ 7.1	$ 1.8

REINSURANCE - Reinsurance Arran

REINSURANCE - Reinsurance Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Premiums Earned, Net [Abstract]
Reinsurance premiums ceded, gross	$ (1,354)	$ (382,597)	$ 1,514	$ (1,143,565)
Experience refunds	(1,549)	18,213	(11,625)	45,636
Reinsurance premiums ceded	(2,903)	(364,384)	(10,111)	(1,097,929)
Reinsurance premiums assumed	57,836	37,409	174,166	96,294
Total reinsurance premiums (ceded) and assumed	54,933	(326,975)	164,055	(1,001,635)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Direct claims incurred	1,116,679	1,153,270	3,301,424	3,255,721
Ceded reinsurance claims	(15,266)	(339,248)	(33,833)	(955,291)
Assumed reinsurance claims	61,781	38,667	169,194	95,464
Claims incurred, net	1,163,194	852,689	3,436,785	2,395,894
Other Insurance Cost, Net [Abstract]
Other insurance costs, gross	192,833	215,064	617,102	629,993
Reinsurance ceding commissions	30	(40,086)	976	(119,413)
Other insurance costs	192,863	$ 174,978	618,078	$ 510,580
Reinsurance Recoverables, Including Reinsurance Premium Paid [Abstract]
Ceded reinsurance claim recoverables	255,754		255,754		$ 776,266
Reinsurance ceding commissions	15,248		15,248		42,805
Experience refunds on reinsurance agreements	6,801		6,801		73,816
Reinsurance recoverable	$ 277,803		$ 277,803		$ 892,887

BUSINESS ARRANGEMENTS - Variabl

BUSINESS ARRANGEMENTS - Variable interest entities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 3,349,511	$ 4,526,601
Liabilities	2,428,077	3,634,201
Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	124,529	129,629
Liabilities	$ 62,388	$ 78,126

RESTRICTED CASH AND RESTRICTE_3

RESTRICTED CASH AND RESTRICTED DEPOSITS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents	$ 21,766	$ 21,902
Restricted investments	5,569	5,581
Restricted deposits	$ 27,335	$ 27,483

INVESTMENTS - Summary of invest

INVESTMENTS - Summary of investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,228,508	$ 1,629,814
Unrealized Gains	26	155
Unrealized Losses	(4,456)	(9,763)
Fair Value	1,224,078	1,620,206
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,036,859	1,160,430
Unrealized Gains	12	89
Unrealized Losses	(3,747)	(5,237)
Fair Value	1,033,124	1,155,282
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	146,854	378,481
Unrealized Gains	14	66
Unrealized Losses	(694)	(4,098)
Fair Value	146,174	374,449
Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,663	38,082
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	25,663	38,082
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,049	32,730
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	16,049	32,730
Municipalities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,083	20,091
Unrealized Gains	0	0
Unrealized Losses	(15)	(428)
Fair Value	$ 3,068	$ 19,663

INVESTMENTS - Summary of inve_2

INVESTMENTS - Summary of investments in a gross unrealized loss position under 12 months (Details) $ in Thousands	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	281	308
Fair Value	$ 1,015,143	$ 724,614
Gross Unrealized Losses	$ (3,935)	$ (1,775)
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	202	165
Fair Value	$ 900,966	$ 586,411
Gross Unrealized Losses	$ (3,346)	$ (973)
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	79	138
Fair Value	$ 114,177	$ 135,133
Gross Unrealized Losses	$ (589)	$ (731)
Municipalities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security		5
Fair Value		$ 3,070
Gross Unrealized Losses		$ (71)

INVESTMENTS- Summary of investm

INVESTMENTS- Summary of investments in gross unrealized loss position over 12 months (Details) $ in Thousands	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	46	291
Fair Value	$ 72,653	$ 516,085
Gross Unrealized Losses	$ (521)	$ (7,988)
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	9	45
Fair Value	$ 56,548	$ 298,746
Gross Unrealized Losses	$ (401)	$ (4,264)
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	32	189
Fair Value	$ 13,037	$ 200,745
Gross Unrealized Losses	$ (105)	$ (3,367)
Municipalities
Debt Securities, Available-for-sale [Line Items]
Number of Securities | security	5	57
Fair Value	$ 3,068	$ 16,594
Gross Unrealized Losses	$ (15)	$ (357)

INVESTMENTS - Summary of contra

INVESTMENTS - Summary of contractual maturities of available-for-sale securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 1,047,389
Due after one year through five years	181,119
Amortized Cost	1,228,508	$ 1,629,814
Fair Value
Due in one year or less	1,044,445
Due after one year through five years	179,633
Fair Value	$ 1,224,078	$ 1,620,206

INVESTMENTS - Summary of inve_3

INVESTMENTS - Summary of investment income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 34,838	$ 5,987	$ 96,806	$ 9,069
Investment discount amortization net of premium accretion	7,590	(972)	23,172	(4,101)
Net realized gains (losses)	(61)	(761)	(70)	(1,270)
Total	42,367	$ 4,254	119,908	$ 3,698
Accrued investment income	$ 8,358		$ 8,358		$ 5,074

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of assets and liabilities measured on recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1,224,078	$ 1,620,206
U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,033,124	1,155,282
Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	146,174	374,449
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	25,663	38,082
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,049	32,730
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,068	19,663
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	334,269	118,454
Total Assets	1,563,916	1,744,241
Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,033,124	1,155,282
Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	146,174	374,449
Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	25,663	38,082
Restricted investments	2,478
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,049	32,730
Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,068	19,663
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	3,091	5,581
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	330,697	104,456
Total Assets	330,697	104,456
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 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted investments	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 | Municipalities
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	3,572	13,998
Total Assets	1,233,219	1,639,785
Level 2 | Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,033,124	1,155,282
Level 2 | Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	146,174	374,449
Level 2 | Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	25,663	38,082
Restricted investments	2,478
Level 2 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,049	32,730
Level 2 | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,068	19,663
Level 2 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	3,091	5,581
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 | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted investments	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 | Municipalities
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, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Benefits payable, beginning of period	$ 937,727	$ 513,582
CAE payable, beginning of the period	12,712	9,101
Benefits and CAE payable, beginning of period	922,857	1,012,987	$ 950,439	$ 522,683
Less: Reinsurance recoverable	277,944	159,180
Benefits payable, net reinsurance recoverable, beginning of period	659,783	354,402
Benefits and CAE payable, net, beginning of period	672,495	363,503
Benefits Payable
Current year	3,418,106	2,388,122
Prior years	18,679	7,772
Claims incurred	3,436,785	2,395,894
Unallocated Claims Adjustment Expense
Current year	68,814	94,242
Prior years	0	0
Claims adjustment expense	68,814	94,242
Total
Current year	3,486,920	2,482,364
Prior years	18,679	7,772
Total claims incurred and CAE, net	3,505,599	2,490,136
Benefits Payable
Current year	2,737,037	1,866,922
Prior years	522,678	207,322
Claims paid	3,259,715	2,074,244
Unallocated Claims Adjustment Expense
Current year	59,454	77,015
Prior years	9,664	9,101
CAE paid	69,118	86,116
Total
Current year	2,796,491	1,943,937
Prior years	532,342	216,423
Total claims and CAE paid, net	3,328,833	2,160,360
Benefits payable, net reinsurance recoverable, end of period	836,853	676,052
CAE payable, end of the period	12,408	17,227
Benefits and CAE payable, net, end of period	849,261	693,279
Add: Reinsurance recoverable	73,596	319,708
Benefits payable, end of period	910,449	995,760
Benefits and CAE payable, end of period	$ 922,857	$ 1,012,987

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)		1 Months Ended
	Feb. 21, 2021 USD ($)	Feb. 28, 2022 USD ($) tradingDay $ / shares	Sep. 30, 2023 USD ($)
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			$ 298,600,000
Unamortized debt discount and debt issuance costs			6,400,000
Long-term debt, fair value			$ 273,300,000
Effective interest rate			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
Line of credit | Revolving credit facility | Adjusted term secured overnight financing rate | Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Variable rate floor	1%
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 | One Month Secured Overnight Financing Rate (SOFR) | Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1%

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Coupon interest expense	$ 5,528	$ 5,528	$ 16,584	$ 14,742
Amortization of debt discount and issuance costs	195	194	584	518
Total interest expense	$ 5,723	$ 5,722	$ 17,168	$ 15,260

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to Oscar Health, Inc	$ (65,398)	$ (192,913)	$ (120,698)	$ (380,229)
Denominator:
Weighted average common shares outstanding, basic (in shares)	223,098,974	212,822,733	219,826,759	211,560,332
Weighted-average common shares outstanding, diluted (in shares)	223,098,974	212,822,733	219,826,759	211,560,332
Earnings (Loss) per Share
Net loss per share attributable to Oscar Health, Inc., basic (in dollars per share)	$ (0.29)	$ (0.91)	$ (0.55)	$ (1.80)
Net loss per share attributable to Oscar Health, Inc., diluted (in dollars per share)	$ (0.29)	$ (0.91)	$ (0.55)	$ (1.80)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of antidilutive securities excluded from computation (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	98,224,296	91,940,793
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	27,015,462	29,660,206
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	25,206,356	17,110,569
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	9,349,987	8,517,527
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	36,652,491

CANCELLATION OF FOUNDERS AWAR_2

CANCELLATION OF FOUNDERS AWARDS (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 28, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Accelerated stock-based compensation expense		$ 46.3
PSUs | Founder, Mario Schlosser
Subsequent Event [Line Items]
Shares canceled (in shares)	4,229,853
PSUs | Founder, Joshua Kushner
Subsequent Event [Line Items]
Shares canceled (in shares)	2,114,926