Oscar Health (OSCR) 10-K 15 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.5
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2023 are incorporated herein by reference in Part III.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001568651
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		194,213,000
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,514,201

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 1,870,315	$ 1,558,595
Short-term investments	689,833	1,397,287
Premiums and accounts receivable (net of allowance for credit losses of $31,600 and $2,988)	201,269	216,475
Risk adjustment transfer receivable	51,925	49,861
Reinsurance recoverable	241,194	892,887
Other current assets	6,564	6,450
Total current assets	3,061,100	4,121,555
Property, equipment, and capitalized software, net	61,930	59,888
Long-term investments	365,309	222,919
Restricted deposits	29,870	27,483
Other assets	83,271	94,756
Total Assets	3,601,480	4,526,601
Current Liabilities:
Benefits payable	965,986	937,727
Risk adjustment transfer payable	1,056,941	1,517,493
Premium deficiency reserve	5,776	4,214
Unearned premiums	65,918	78,998
Accounts payable and other liabilities	273,367	297,841
Reinsurance payable	61,024	427,649
Total current liabilities	2,429,012	3,263,922
Long-term debt	298,777	297,999
Other liabilities	67,574	72,280
Total liabilities	2,795,363	3,634,201
Commitments and contingencies (Note 19)
Stockholders' Equity
Treasury stock (314,600 shares as of December 31, 2023 and 2022)	(2,923)	(2,923)
Additional paid-in capital	3,682,294	3,509,007
Accumulated deficit	(2,876,715)	(2,605,987)
Accumulated other comprehensive income (loss)	1,309	(9,715)
Total Oscar Health, Inc. stockholders’ equity	803,967	890,384
Noncontrolling interests	2,150	2,016
Total stockholders’ equity	806,117	892,400
Total Liabilities and Stockholders' Equity	3,601,480	4,526,601
Class A
Stockholders' Equity
Common stock	2	2
Class B
Stockholders' Equity
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Premiums and other receivables, allowance for credit loss	$ 31,600	$ 2,988
Treasury stock (in shares)	314,600	314,600
Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	825,000,000	825,000,000
Common stock, issued (in shares)	193,874,843	181,176,239
Common stock, outstanding (in shares)	193,874,843	181,176,239
Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	82,500,000	82,500,000
Common stock, issued (in shares)	35,514,201	35,115,807
Common stock, outstanding (in shares)	35,514,201	35,115,807

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Premiums before ceded reinsurance	$ 5,696,978	$ 5,334,520	$ 2,712,988
Reinsurance premiums ceded	(10,909)	(1,463,403)	(881,968)
Premiums earned	5,686,069	3,871,117	1,831,020
Administrative services revenue	15,442	61,047	5,394
Investment income and other revenue	161,358	31,474	2,301
Total revenue	5,862,869	3,963,638	1,838,715
Operating Expenses
Claims incurred, net	4,642,024	3,280,798	1,623,995
Other insurance costs	824,457	706,439	410,363
General and administrative expenses	339,716	309,783	265,078
Federal and state assessments	290,725	281,518	139,085
Premium deficiency reserve (release)	1,562	(25,033)	(55,325)
Total operating expenses	6,098,484	4,553,505	2,383,196
Loss from operations	(235,615)	(589,867)	(544,481)
Interest expense	24,603	22,623	4,720
Other expenses (income)	7,082	(2,415)	1,201
Loss on extinguishment of debt	0	0	20,178
Loss before income taxes	(267,300)	(610,075)	(570,580)
Income tax expense (benefit)	3,294	(523)	846
Net loss	(270,594)	(609,552)	(571,426)
Less: Net income (loss) attributable to noncontrolling interests	134	(3,277)	1,180
Net loss attributable to Oscar Health, Inc.	$ (270,728)	$ (606,275)	$ (572,606)
Earnings (Loss) per Share
Net loss per share attributable to Oscar Health, Inc., basic (in dollars per share)	$ (1.22)	$ (2.85)	$ (3.20)
Net loss per share attributable to Oscar Health, Inc., diluted (in dollars per share)	$ (1.22)	$ (2.85)	$ (3.20)
Weighted average common shares outstanding, basic (in shares)	221,655,493	212,474,615	178,967,056
Weighted-average common shares outstanding, diluted (in shares)	221,655,493	212,474,615	178,967,056

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (270,594)	$ (609,552)	$ (571,426)
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale	11,024	(6,044)	(4,550)
Comprehensive loss	(259,570)	(615,596)	(575,976)
Comprehensive income (loss) attributable to noncontrolling interests	134	(3,277)	1,180
Comprehensive loss attributable to Oscar Health, Inc.	$ (259,704)	$ (612,319)	$ (577,156)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Common Stock Class A	Common Stock Class B	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2020	400,904,302
Beginning balance at Dec. 31, 2020	$ 1,744,911
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of pre-IPO shares to Class A and Class B common stock (in shares)	(400,904,302)
Conversion of pre-IPO shares to Class A and Class B common stock	$ (1,744,911)
Beginning balance (in shares) at Dec. 31, 2020		31,409,202	0	0
Beginning balance at Dec. 31, 2020	(1,295,893)	$ 2	$ 0	$ 0	$ (2,923)	$ 133,255	$ (1,427,106)	$ 879	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of pre-IPO shares to Class A and Class B common stock (in shares)		(31,409,202)	130,280,651	35,115,807
Conversion of pre-IPO shares to Class A and Class B common stock	1,744,910	$ (2)	$ 1			1,744,911
Issuance of common stock upon IPO, net of underwriting discount (in shares)			36,391,946
Issuance of common stock upon IPO, net of underwriting discount	1,338,875		$ 1			1,338,874
Issuance of common stock upon exercise of warrants and call options (in shares)			1,115,973
Issuance of common stock upon exercise of warrants and call options	37,071					37,071
Issuance of common stock from equity incentive plans (in shares)			7,423,653
Issuance of common stock from equity incentive plans	50,009					50,009
Stock-based compensation expense	86,296					86,296
Equity transaction with Subsidiary	7,230					3,117			4,113
Unrealized gains (losses) on investments, net	(4,550)							(4,550)
Net income (loss)	(571,426)						(572,606)		1,180
Ending balance (in shares) at Dec. 31, 2021			175,212,223	35,115,807
Ending balance at Dec. 31, 2021	$ 1,392,522		$ 2	$ 0	(2,923)	3,393,533	(1,999,712)	(3,671)	5,293
Ending balance (in shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)			5,964,016
Issuance of common stock from equity incentive plans	1,299					1,299
Stock-based compensation expense	112,329					112,329
Joint venture contributions	1,846					1,846
Unrealized gains (losses) on investments, net	(6,044)							(6,044)
Net income (loss)	(609,552)						(606,275)		(3,277)
Ending balance (in shares) at Dec. 31, 2022			181,176,239	35,115,807
Ending 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)			12,698,604	398,394
Issuance of common stock from equity incentive plans	3,956					3,956
Stock-based compensation expense	166,841					166,841
Joint venture contributions	2,490					2,490
Unrealized gains (losses) on investments, net	11,024							11,024
Net income (loss)	(270,594)						(270,728)		134
Ending balance (in shares) at Dec. 31, 2023			193,874,843	35,514,201
Ending balance at Dec. 31, 2023	$ 806,117		$ 2	$ 0	$ (2,923)	$ 3,682,294	$ (2,876,715)	$ 1,309	$ 2,150

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (270,594)	$ (609,552)	$ (571,426)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Deferred taxes	58	(165)	(101)
Net realized loss (gain) on sale of financial instruments	70	1,274	(209)
Loss on fair value of warrant liabilities	0	0	12,856
Depreciation and amortization expense	30,694	15,283	14,605
Amortization of debt issuance costs	778	713	329
Stock-based compensation expense	159,683	112,329	86,296
Net amortization (accretion) of investments	(29,374)	2,480	8,031
Debt extinguishment loss	0	0	20,178
Provision for credit losses	28,612	2,988	0
(Increase) / decrease in:
Premiums and accounts receivable	(13,405)	(81,049)	(66,953)
Risk adjustment transfer receivable	(2,063)	(9,202)	(9,502)
Reinsurance recoverable	651,693	(460,897)	147,403
Other assets	11,307	(243)	(11,299)
Increase / (decrease) in:
Benefits payable	28,258	424,146	201,667
Unearned premiums	(13,080)	3,953	3,140
Premium deficiency reserve	1,562	(25,033)	(55,325)
Accounts payable and other liabilities	(29,180)	57,811	98,619
Reinsurance payable	(366,626)	222,418	(138,082)
Risk adjustment transfer payable	(460,552)	723,095	78,028
Net cash (used in) provided by operating activities	(272,159)	380,349	(181,745)
Cash flows from investing activities:
Purchase of investments	(836,982)	(1,192,706)	(1,810,076)
Sale of investments	31,857	360,616	624,077
Maturity of investments	1,410,166	633,467	430,694
Purchase of property, equipment and capitalized software	(25,577)	(29,012)	(25,885)
Change in restricted deposits	(2,277)	1,116	6,675
Net cash (used in) provided by investing activities	577,187	(226,519)	(774,515)
Cash flows from financing activities:
Proceeds from long-term debt	0	305,000	0
Payments of debt issuance costs	0	(7,035)	0
Proceeds from joint venture contribution	2,490	1,846	0
Debt prepayment	0	0	(153,173)
Debt extinguishment costs	0	0	(12,994)
Proceeds from IPO, net of underwriting discounts	0	0	1,348,321
Offering costs from IPO	0	0	(9,447)
Proceeds from exercise of warrants and call options	0	0	9,191
Proceeds from partial sale of subsidiary to noncontrolling interest	0	0	7,230
Proceeds from exercise of stock options	3,956	1,299	49,584
Net cash provided by financing activities	6,446	301,110	1,238,712
Increase in cash, cash equivalents and restricted cash equivalents	311,474	454,940	282,452
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	1,580,497	1,125,557	843,105
Cash, cash equivalents, restricted cash and cash equivalents—end of period	1,891,971	1,580,497	1,125,557
Cash and cash equivalents	1,870,315	1,558,595	1,103,995
Restricted cash and cash equivalents included in restricted deposits	21,656	21,902	21,562
Total cash, cash equivalents and restricted cash and cash equivalents	1,891,971	1,580,497	1,125,557
Supplemental Disclosures:
Interest payments	23,156	10,079	4,256
Income tax payments	2,414	1,893	697
Non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	0	0	1,744,911
Net exercise of preferred stock warrants to preferred stock upon initial public offering	0	0	28,248
Adjustment to fair value of preferred stock warrant liability upon initial public offering	$ 0	$ 0	$ 13,243

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 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 individuals and small groups and (2)+Oscar, the Company's technology platform to sell services to providers and payors. We previously offered Medicare Advantage insurance coverage, but exited the Medicare Advantage market for plan year 2024. Oscar operates as one segment to sell insurance directly to its members through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act and leveraged its technology platform to provide services via its +Oscar offering. Individual plans are offered to individuals and families through Health Insurance Marketplaces. Small Group plans are offered to employees of companies with 50 - 100 full-time workers. Medicare Advantage was offered to adults who are age 65 and older and eligible for traditional Medicare but who instead select coverage through a private market plan. The Company has also partnered with Cigna through the Cigna +Oscar partnership, which unites Oscar’s highly-differentiated member experience with Cigna’s broad provider networks, to exclusively serve the small group employer market. The small group market consists of employees of companies with up to 50 full-time workers in most states and up to 100 full-time workers in select states. Initial Public Offering On March 2, 2021, the Company's registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective and the Company’s Class A common stock, par value $0.00001 per share (the “Class A common stock”) began trading on the New York Stock Exchange on March 3, 2021. On March 5, 2021, the Company completed its IPO, in which the Company sold 36,391,946 shares of Class A common stock at a price to the public of $39.00 per share. The Company received aggregate net proceeds of $1.3 billion after deducting underwriting discounts and commissions of $71.0 million. The Company used a portion of the net proceeds of the IPO to repay in full outstanding borrowings, including fees and expenses, under the Term Loan Facility. Refer to Note 15 - Long-Term Debt for more information. The Company's Class A common stock is traded on the New York Stock Exchange under the symbol “OSCR.” Reclassification and Reverse Stock Split In connection with its IPO, on March 3, 2021, the Company filed an amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”) with the Secretary of State of the State of Delaware, which effected a reclassification of the Company’s issued and outstanding share capital and a one-for-three reverse stock split. Upon conversion of all outstanding shares of convertible preferred stock, and upon filing of the Company’s Amended and Restated Certificate of Incorporation, all outstanding shares of each series of the Company’s convertible preferred stock and common stock issued and outstanding prior to the IPO converted and/or were reclassified into an aggregate of 132,760,639 shares of Class A common stock and 35,335,579 shares of Class B common stock, par value $0.00001 per share (the “Class B common stock”), and 943,800 shares of common stock held in treasury were reclassified into an aggregate of 314,600 shares of Class A common stock. In accordance with accounting principles generally accepted in the United States (“ U.S. GAAP”), all shares of common stock and per share data that are presented in the Consolidated Financial Statements have been adjusted to reflect the reclassification and reverse stock split on a retroactive basis. Shares of convertible preferred stock presented in the Consolidated Financial Statements have not been adjusted for the reclassification or reverse stock split, as these shares were converted to common stock prior to the reclassification and reverse stock split. For additional information, see Note 16 - Stockholders’ Equity.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The Consolidated Financial Statements include the accounts of the Company, all of the controlled subsidiaries and variable interest entities of which the Company is the primary beneficiary. Noncontrolling interest consists of equity that is not attributable directly or indirectly to the Company. All material intercompany transactions have been eliminated in consolidation. Balances (except per share data) are presented in U.S. dollars and rounded, as indicated. In order to preserve the mathematical accuracy of the underlying calculations, immaterial footing differences may occur between the sum of individual balances and the total balances presented. Reclassification The Company has made certain reclassifications to prior period amounts to conform to the current period presentation within the accompanying Consolidated Financial Statements and notes to the Consolidated Financial Statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying audited 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 Premium Revenue Premium revenue includes direct policy premiums collected directly from members and subsidies received from the Centers for Medicare & Medicaid Services (“CMS”) as part of the Advanced Premium Tax Credit (“APTC”) and Medicare Advantage programs, along with assumed premiums from the Company's reinsurance agreement. Premium revenue is adjusted for the estimated impact of the risk adjustment program required by CMS. Total premiums earned includes the effect of reinsurance premiums ceded as part of the Company's reinsurance agreements. The Company receives a fixed premium per member per month and recognizes premium revenue during the period in which it is obligated to provide services to its members. For direct policy premiums received from CMS, revenue is recorded based on membership and eligibility criteria provided by CMS and is subject to monthly adjustment by CMS. Administrative Services Revenue The Company provides administrative services as part of +Oscar, its tech-driven platform offering designed to help providers and payors directly enable their shift to value-based care. 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. Affordable Care Act (“ACA”) The Company conducts business through the state-run healthcare exchanges formed in conjunction with ACA and is therefore subject to certain programs and fees established by ACA, such as: • Minimum Medical Loss Ratio (“MLR”) Requirements : The ACA established a minimum MLR ratio that requires insurers to pay rebates to customers when MLR is below established thresholds. The medical loss ratio represents medical costs as a percentage of premium revenue. Federal regulations define what constitutes medical costs and premium revenue for purposes of calculating the required minimum MLR. The Company records estimated MLR rebates as an adjustment to premium revenue. • Risk Adjustment: The ACA established a methodology that equates the health status of a person to a number, called a risk score, to predict healthcare costs in order to ensure that insurers receive sufficient compensation for members who are likely to incur higher medical costs. Risk Adjustment The Affordable Care Act (“ACA”) risk adjustment program is administered federally by CMS. Under this program, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment payable into the pool. Inversely, plans with higher than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment receivable from the pool. Management develops its membership risk scores for the risk adjustment payable using actuarial methodologies and assumptions and by analyzing member data, including demographic and projections of claims data expected to be submitted by the Company to CMS for settlement. Generally, the estimated market average risk score and statewide average premium are obtained from third party surveys of other insurance plans. There is judgment in estimating the Company’s membership risk scores and the estimated market average risk scores. Management refines its estimate as new information becomes available and the final report on actual market risk scores is received from CMS in June of the following year. In addition, CMS and the Office of Inspector General for Health and Human Services ("HHS") perform risk adjustment data validation (“RADV”) audits of health insurance plans to validate the coding practices of and supporting documentation maintained by healthcare providers, and such audits have in the past and may in the future result in adjustments to risk transfer payments. Reinsurance The Company enters into reinsurance agreements to manage its exposure to unexpected fluctuations in MLR and meet its capital requirements. The Company enters into two different types of arrangements: quota share reinsurance contracts and excess of loss ("XOL") reinsurance contracts. In quota share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company’s losses in exchange for a corresponding percentage of premiums (net of a ceding commission paid by the reinsurer to the ceding company to cover the ceding company's administrative expenses). All premiums and claims ceded under the Company’s quota share agreements are shared proportionally with the Company’s reinsurers. Reinsurance recoveries are recorded as a reduction to claims incurred, net. To the extent ceded premiums exceed ceded claims and ceding commissions and a specified margin, the Company receives an experience refund, which is recognized as revenue. In XOL reinsurance, the reinsurer agrees to assume all or a portion of the ceding company’s losses in excess of a specified amount. Under XOL reinsurance, the premium payable to the reinsurer is negotiated by the parties based on losses on an individual member in a given calendar year and their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company’s losses. Premiums under XOL reinsurance agreements are based on enrollment calculated on a per member per month basis. Reinsurance recoveries are recorded as reductions to claims incurred, net. Our reinsurance contracts generally have a duration of one In addition to ceded reinsurance, an Oscar health insurance subsidiary partially reinsures the Cigna+Oscar small group offering through a quota share reinsurance arrangement. The Company records assumed premiums and assumed claims. Refer to Note 4 - Reinsurance for more information. Premium Deficiency Reserve Premium deficiency reserve (“PDR”) liabilities are established when it is probable that expected future claims and maintenance expenses will exceed future premium and reinsurance recoveries based on existing insurance contract terms including consideration of net investment income. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing, and measuring the profitability of such contracts, which is generally on a line of business basis. Change in Accounting Principle For the year ended December 31, 2022, the Company elected to include anticipated net investment income in its determination of premium deficiency reserves. The accounting policy election to include net investment income is preferable because it best reflects the ultimate profitability of insurance contracts using all cash flows, inclusive of related investment income, and provides improved comparability with industry peers. This change is considered a change in accounting principle that requires retrospective application to all financial statement periods presented. However, because net investment income has historically been immaterial to the financial statements and to the premium deficiency reserve calculation, the effect of this change in accounting principle is immaterial to prior and current period balances. As a result, this change in accounting principle is being applied prospectively as of December 31, 2022. Cash and Cash Equivalents Cash and cash equivalents consists of highly liquid investments with original maturities of three months or less. Restricted Deposits The Company defines restricted deposits as restricted cash, cash equivalents and investments maintained on deposit or pledged primarily to various state agencies in connection with its insurance licensure. Statutory regulations require these amounts to remain on deposit indefinitely; therefore, the Company classifies these restricted deposits as long-term regardless of the contractual maturity date of the securities held. Restricted cash equivalents and investments are recorded at fair value. Investments The Company's investments are classified as available-for-sale and are carried at fair value. Short-term investments include securities with maturities between three months and one year. Long-term investments include securities with maturities greater than one year. The Company adopted the current expected credit losses ("CECL") model as of January 1, 2021 and evaluates its available-for-sale debt investments for impairment by monitoring the difference between the carrying value and fair value of a security and whether declines in fair value are credit-related. If a security is in an unrealized loss position and the Company has the intent to sell, or it is more likely than not that the security will be sold before recovery of its amortized cost basis, the decline in fair value is recognized as a loss on the income statement. For securities in an unrealized loss position that the Company does not intend to sell, the Company performs an evaluation to determine what portion of the unrealized losses are credit-related; this portion is recognized on the income statement as an allowance for credit losses. The remaining non-credit-related portion of the decline in fair value is recognized as an unrealized loss in accumulated other comprehensive income (loss). Allowance for Credit Losses Premium and other receivables primarily includes insurance premiums due from CMS and members, pharmaceutical rebates, and other claims-related provider receivables, and are reported net of any allowance for credit losses. Receivable balances are also recorded related to the Company's risk adjustment program, reinsurance program, and value-based care arrangements. An allowance for credit losses is generally calculated based on historical collection experience, the counterparty's creditworthiness and consideration of current and future economic events. As part of value-based care arrangements, the Company entered into risk sharing arrangements with certain of its Providers. The intention of these agreements is to align incentives with Providers who desire to share accountability for the quality and costs of managing a population of Oscar’s members. If medical expenses exceed agreed upon population-specify target MLR, the Provider reimburses the Company an agreed upon portion of the excess expenses creating a risk share receivable due to the Company. We record risk sharing receivables on a gross basis on the consolidated balance sheet. We evaluated expected losses on risk sharing receivables and recorded and adjusted the resulting expected losses to allowance for credit losses based on the counterparty’s financial health and creditworthiness and any significant changes in the healthcare environment. We write off the receivable balance when it is determined to be uncollectible. The Company has presented the rollforward related to its allowance for credit losses on our risk sharing receivables below: For the year ended December 31, (in thousands) 2023 2022 Beginning balance $ 2,988 $ — Provision for credit losses 28,612 2,988 Ending balance $ 31,600 $ 2,988 Policy Acquisition Costs Policy acquisition costs are those costs that relate directly to the successful acquisition of new and renewal insurance policies. Such costs include broker commissions, costs of policy issuance and underwriting, and other costs incurred to acquire new business or renew existing business. Policy acquisition costs, other than broker bonus commissions, are expensed in the period incurred. Broker bonuses are capitalized and amortized over the policy term. The Company's short-duration policies typically have a one-year term and may be canceled by the member upon 30 days' notice. Benefits Payable Benefits payable consists of liabilities for both claims incurred but not reported (“IBNR”) and reported but not yet processed through our systems that are determined in the aggregate, employing actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. Actuarial Standards of Practice require that the claim liabilities be appropriate under moderately adverse circumstances. IBNR is an actuarial estimate, determined by employing actuarial methods, that is based on claim payment patterns, medical cost inflation, historical developments such as claim inventory levels and claim receipt patterns, and other relevant factors. A significant portion of this balance is related to low dollar claims and potential claims disputes by providers. For low dollar incurred but not paid claims, for the months prior to the most recent two months, the Company typically uses the completion factor development method. This methodology is a detailed actuarial process that uses both historical claim payment patterns as well as emerging medical cost trends to project our best estimate of claim liabilities. Under this method, historical paid claims data is formatted into claim triangles, which compare claim incurred dates to the dates of claim payments. This information is analyzed to create historical completion factors that represent the average percentage of total incurred claims that have been paid through a given date after being incurred. Completion factors are applied to claims paid through the period-end date to estimate the ultimate claim expense incurred for the period. Actuarial estimates of incurred but not paid claim liabilities are then determined by subtracting the actual paid claims from the estimate of the ultimate incurred claims. A seriatim methodology is utilized for high dollar claims which is supplemented by case management data supplied by medical and claims operations areas. For the most recent incurred months (typically the most recent two months), the percentage of claims paid for claims incurred in those months is generally low. This makes the completion factor methodology less reliable for such months. Therefore, incurred claims for recent months are not projected from historical completion and payment patterns; rather, they are primarily based on forecasted per member per month low dollar claims projections developed from the Company’s historical experience and adjusted for emerging experience data in the preceding months, which may include adjustments for known changes in estimates of recent hospital and drug utilization data, provider contracting changes, changes in benefit levels, changes in member cost sharing, changes in medical management processes, product mix, and workday seasonality. Because the reserve methodology is based upon historical information, it must be adjusted for known or suspected operational and environmental changes. These adjustments are made by our actuaries based on their knowledge and their estimate of emerging impacts to benefit costs and payment speed. Circumstances to be considered in developing our best estimate of reserves include changes in utilization levels, unit costs, member cost sharing, benefit plan designs, provider reimbursement levels, processing system conversions and changes, claim inventory levels, claim processing patterns, and claim submission patterns. We regularly review and set assumptions regarding cost trends and utilization when initially establishing claim liabilities. We continually monitor and adjust the claims liability and benefit expense based on subsequent paid claims activity. If it is determined that our assumptions regarding cost trends and utilization are materially different from actual results, our income statement and financial position could be impacted in future periods. Adjustments of prior year estimates may result in additional benefit expense or a reduction of benefit expense in the period an adjustment is made. Further, due to the considerable variability of healthcare costs, adjustments to claim liabilities occur each period and are sometimes significant as compared to the net income recorded in that period. Prior period development is recognized immediately upon the actuary’s judgment that a portion of the prior period liability is no longer needed or that an additional liability should have been accrued. That determination is made when sufficient information is available to ascertain that the re-estimate of the liability is reasonable. Settlement Reserves The Company also records as part of benefits payable, an estimate of the ultimate liability for actual and potential claims disputes by providers based on an analysis of historical PMPM dispute experience supplemented with current information on reported disputes. Since these liabilities are part of the overall claim reserve, they are proportionally ceded under the Company's reinsurance agreements for historical policy years with contracts in force. The settlement reserves included as part of the benefits payable balance was approximately $241.1 million and $251.1 million as of December 31, 2023 and 2022, respectively. Unallocated Claims Adjustment Expenses Claims adjustment expenses (“CAE”) are costs incurred or expected to be incurred in connection with the adjustment and recording of health claims not subject to reinsurance. Such expenses include, but are not limited to, case management, utilization review, and quality assurance and are intended to reduce the number of health services provided or the cost of such services. CAE is included in other insurance costs and the related CAE payable is included in accounts payable and accrued liabilities. Property, Equipment and Capitalized Software Property, equipment and capitalized software are reported at cost less accumulated depreciation. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the related assets, which range from 3 to 10 years. Costs related to certain software projects for internal use incurred during the application development stage are capitalized. Costs related to planning activities and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years. Property, Equipment and Capitalized Software are assessed for impairment whenever events or circumstances suggest that an asset's carrying value may not be fully recoverable. Leases The Company leases office space under operating leases expiring on various dates through 2032. On the lease commencement date, a right-of-use ("ROU") asset and lease liability are recognized on the balance sheet based on the present value of the future minimum lease payments over the lease term. Since the Company's lease agreements do not provide an implicit rate, an incremental borrowing rate, based on the information available at commencement date, is used to determine the present value of future payments. The calculation of the ROU asset is based on the lease liability, and includes any lease payments made, and excludes lease incentives and initial direct costs incurred. The Company determines if an arrangement is a lease or contains a lease at inception of the arrangement based on the terms and conditions in the contract. Options to extend or terminate a lease at the Company's discretion are factored into the calculation of the lease liabilities and ROU assets only if the Company is reasonably certain it will exercise those options. Short-term leases with an initial term of twelve months or less are not recorded on the balance sheet. Lease expense for the Company's operating leases is calculated on a straight-line basis over the lease term. Lease and non-lease components are accounted for as a single lease component for all asset classes. Earnings Per Share Earnings (loss) per share ("EPS") is calculated using the two-class method, which is an earnings allocation model that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Under the two-class method, earnings for the period are required to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. For EPS computation purposes, the Company's Class A and Class B common stock are considered one single class of common stock because both classes have the same dividend and liquidation rights. Variable Interest Entities The Company enters arrangements with various entities that are deemed to be variable interest entities (“VIE”). A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses, and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE. The Company is deemed a primary beneficiary of a VIE if it has (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE. If both conditions are present, the Company is required to consolidate the VIE into its financial results. The Company has determined that it has a controlling financial interest in the medical professional corporations with which it has a business arrangement because, as part of its arrangement, the Company has guaranteed their debt, and the equity at risk is insufficient to finance their activities without additional subordinated financial support from the Company. Accounting Pronouncements - Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires, for each reportable segment, disclosure of significant segment expenses categories, other segment items, enhanced interim disclosures of certain segment-related disclosures that previously were only required annually, and other disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements and related disclosures.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Premiums earned Premium revenue includes direct policy premiums collected from members and from CMS as part of the 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 4 - Reinsurance for more information. Year Ended December 31, (in thousands) 2023 2022 2021 Direct policy premiums $ 6,418,872 $ 6,704,330 $ 3,420,328 Assumed premiums 228,786 138,109 16,298 Direct and assumed premiums 6,647,658 6,842,439 3,436,626 Risk adjustment and corridor, net (950,680) (1,507,919) (723,638) Premiums before ceded reinsurance 5,696,978 5,334,520 2,712,988 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Total premiums earned $ 5,686,069 $ 3,871,117 $ 1,831,020 The direct policy premiums received directly from CMS as part of APTC and Medicare Advantage for the years ended December 31, 2023, 2022 and 2021 were $5.5 billion, $5.7 billion, and $2.5 billion, respectively. 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 December 31, 2023 and 2022, receivables from contracts with customers were $0.2 million and $33.7 million, respectively, and are reported within premiums and accounts receivable on the consolidated balance sheets. On January 19, 2023, the Company entered into a termination and settlement agreement with Health First Shared Services, Inc. (“Health First”) under which the Company agreed (i) to terminate the administrative services agreement with Health First and transition services from +Oscar to Health First effective December 31, 2022, (ii) to provide run-off services through the end of 2023 and (iii) to forgo an immaterial amount of services revenue in exchange for a settlement and release on mutually agreeable terms. 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: Year Ended December 31, Summary of Quota Share Reinsurance Program 2023 2022 2021 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 18 % — % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 29 % 34 % *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 Consolidated Balance Sheet as a deposit liability within the Accounts payable and other liabilities line item. As of December 31, 2023 and December 31, 2022, a deposit liability balance of $7 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 total premiums earned in the consolidated statement of operations, is as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Reinsurance premiums ceded, gross $ 56 $ (1,524,157) $ (921,953) Experience refunds (10,965) 60,754 39,985 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Reinsurance premiums assumed 228,786 138,109 16,298 Total reinsurance premiums (ceded) and assumed, net $ 217,877 $ (1,325,294) $ (865,670) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Direct claims incurred $ 4,459,702 $ 4,428,000 $ 2,403,108 Ceded reinsurance claims (44,736) (1,290,349) (800,769) Assumed reinsurance claims 227,058 143,147 21,656 Claims incurred, net $ 4,642,024 $ 3,280,798 $ 1,623,995 The Company records selling, general and administrative expenses net of ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Other insurance costs, gross $ 823,455 $ 868,385 $ 492,609 Reinsurance ceding commissions 1,002 (161,946) (82,246) Other insurance costs $ 824,457 $ 706,439 $ 410,363 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: December 31, (in thousands) 2023 2022 Ceded reinsurance claim recoverables $ 225,705 $ 776,266 Reinsurance ceding commissions 6,185 42,805 Experience refunds on reinsurance agreements 9,304 73,816 Reinsurance recoverable $ 241,194 $ 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 A+ and AA (A.M. Best and S&P). 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.

REINSURANCE

REINSURANCE	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
REINSURANCE	REVENUE RECOGNITION Premiums earned Premium revenue includes direct policy premiums collected from members and from CMS as part of the 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 4 - Reinsurance for more information. Year Ended December 31, (in thousands) 2023 2022 2021 Direct policy premiums $ 6,418,872 $ 6,704,330 $ 3,420,328 Assumed premiums 228,786 138,109 16,298 Direct and assumed premiums 6,647,658 6,842,439 3,436,626 Risk adjustment and corridor, net (950,680) (1,507,919) (723,638) Premiums before ceded reinsurance 5,696,978 5,334,520 2,712,988 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Total premiums earned $ 5,686,069 $ 3,871,117 $ 1,831,020 The direct policy premiums received directly from CMS as part of APTC and Medicare Advantage for the years ended December 31, 2023, 2022 and 2021 were $5.5 billion, $5.7 billion, and $2.5 billion, respectively. 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 December 31, 2023 and 2022, receivables from contracts with customers were $0.2 million and $33.7 million, respectively, and are reported within premiums and accounts receivable on the consolidated balance sheets. On January 19, 2023, the Company entered into a termination and settlement agreement with Health First Shared Services, Inc. (“Health First”) under which the Company agreed (i) to terminate the administrative services agreement with Health First and transition services from +Oscar to Health First effective December 31, 2022, (ii) to provide run-off services through the end of 2023 and (iii) to forgo an immaterial amount of services revenue in exchange for a settlement and release on mutually agreeable terms. 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: Year Ended December 31, Summary of Quota Share Reinsurance Program 2023 2022 2021 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 18 % — % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 29 % 34 % *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 Consolidated Balance Sheet as a deposit liability within the Accounts payable and other liabilities line item. As of December 31, 2023 and December 31, 2022, a deposit liability balance of $7 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 total premiums earned in the consolidated statement of operations, is as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Reinsurance premiums ceded, gross $ 56 $ (1,524,157) $ (921,953) Experience refunds (10,965) 60,754 39,985 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Reinsurance premiums assumed 228,786 138,109 16,298 Total reinsurance premiums (ceded) and assumed, net $ 217,877 $ (1,325,294) $ (865,670) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Direct claims incurred $ 4,459,702 $ 4,428,000 $ 2,403,108 Ceded reinsurance claims (44,736) (1,290,349) (800,769) Assumed reinsurance claims 227,058 143,147 21,656 Claims incurred, net $ 4,642,024 $ 3,280,798 $ 1,623,995 The Company records selling, general and administrative expenses net of ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Other insurance costs, gross $ 823,455 $ 868,385 $ 492,609 Reinsurance ceding commissions 1,002 (161,946) (82,246) Other insurance costs $ 824,457 $ 706,439 $ 410,363 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: December 31, (in thousands) 2023 2022 Ceded reinsurance claim recoverables $ 225,705 $ 776,266 Reinsurance ceding commissions 6,185 42,805 Experience refunds on reinsurance agreements 9,304 73,816 Reinsurance recoverable $ 241,194 $ 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 A+ and AA (A.M. Best and S&P). 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	12 Months Ended
	Dec. 31, 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 healthcare 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: As of December 31, (in thousands) 2023 2022 Assets $ 125,709 $ 129,629 Liabilities $ 74,568 $ 78,126

RESTRICTED CASH AND RESTRICTED

RESTRICTED CASH AND RESTRICTED DEPOSITS	12 Months Ended
	Dec. 31, 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 consolidated balance sheets. As of December 31, (in thousands) 2023 2022 Restricted cash and cash equivalents $ 21,656 $ 21,902 Restricted investments 8,214 5,581 Restricted Deposits $ 29,870 $ 27,483

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022: December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury and agency securities $ 802,288 $ 1,689 $ (1,062) $ 802,915 Corporate notes 234,908 854 (198) 235,564 Certificate of deposit 16,663 — — 16,663 Total $ 1,053,859 $ 2,543 $ (1,260) $ 1,055,142 December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value 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 December 31, 2023 and 2022: December 31, 2023 (in thousands, except no. of securities) Number of Securities Fair Value Gross U.S. treasury and agency securities 69 $ 480,312 $ (995) Corporate notes 64 79,024 (166) Total 133 $ 559,336 $ (1,161) December 31, 2022 (in thousands, except no. of securities) Number of Securities Fair Value Gross 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 December 31, 2023 and December 31, 2022: December 31, 2023 (in thousands, except no. of securities) Number of Securities Fair Value Gross U.S. treasury and agency securities 4 $ 24,551 $ (67) Corporate notes 19 5,545 (32) Total 23 $ 30,096 $ (99) December 31, 2022 (in thousands, except no. of securities) Number of Securities Fair Value Gross 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. 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 December 31, 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. December 31, 2023 (in thousands) Amortized Cost Fair Value Due in one year or less $ 690,694 $ 689,833 Due after one year through five years 363,165 365,309 Total $ 1,053,859 $ 1,055,142 The following table presents disaggregated net investment income: Year Ended December 31, (in thousands) 2023 2022 2021 Fixed maturity securities $ 59,965 $ 10,713 $ 3,097 Cash equivalents 96,300 17,919 140 Investment income 156,265 28,632 3,237 Investment expense $ (818) $ (1,038) $ (842) Net Investment Income $ 155,447 $ 27,594 $ 2,395 For the years ended December 31, 2023 and 2022, the Company recorded accrued investment income of $6.6 million and $5.1 million, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 and liabilities measured at fair value on a recurring basis: December 31, 2023 (in thousands) (Level 1) (Level 2) (Level 3) Total Fair Value Measurement Assets Cash equivalents 434,330 — — 434,330 Investments U.S. treasury and agency securities — 802,915 — 802,915 Corporate notes — 235,564 — 235,564 Certificate of deposit — 16,663 — 16,663 Restricted investments Certificates of deposit — 2,478 — 2,478 U.S. treasury securities — 5,736 — 5,736 Total Assets $ 434,330 $ 1,063,356 $ — $ 1,497,686 December 31, 2022 (in thousands) (Level 1) (Level 2) (Level 3) Total Fair Value Measurement Assets 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 Certificate 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	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
BENEFITS PAYABLE	BENEFITS PAYABLE Reserves for medical claims expenses are estimated using actuarial assumptions and recorded as a benefits payable liability on the consolidated balance sheet. The assumptions for the estimates and for establishing the resulting liability are reviewed, and any adjustments to reserves are reflected in the consolidated statement of operations in the period in which the estimates are updated. The following table provides a rollforward of the Company’s beginning and ending benefits payable and claims adjustment expenses ("CAE") payable balances for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 (in thousands) Benefits Payable Unallocated Claims Total 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 $ 4,622,263 $ 105,565 $ 4,727,828 Prior years 19,761 — 19,761 Total claims incurred and CAE, net $ 4,642,024 $ 105,565 $ 4,747,589 Claims paid and CAE Current year $ 3,840,009 $ 94,807 $ 3,934,816 Prior years 552,923 10,278 563,201 Total claims and CAE paid, net $ 4,392,932 $ 105,085 $ 4,498,017 Benefits and CAE payable, end of period, net $ 908,875 $ 13,192 $ 922,067 Add: Reinsurance recoverable 57,111 — 57,111 Benefits and CAE payable, end of period $ 965,986 $ 13,192 $ 979,178 Year Ended December 31, 2022 (in thousands) Benefits Payable Unallocated Claims Total 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 $ 3,279,460 $ 117,541 $ 3,397,001 Prior years 1,338 — 1,338 Total claims incurred and CAE, net $ 3,280,798 $ 117,541 $ 3,398,339 Claims paid and CAE Current year $ 2,726,912 $ 106,871 $ 2,833,783 Prior years 248,505 7,059 255,564 Total claims and CAE paid, net $ 2,975,417 $ 113,930 $ 3,089,347 Benefits and CAE payable, end of period, net $ 659,783 $ 12,712 $ 672,495 Add: Reinsurance recoverable 277,944 — 277,944 Benefits and CAE payable, end of period $ 937,727 $ 12,712 $ 950,439 Year Ended December 31, 2021 (in thousands) Benefits Payable Unallocated Claims Total Benefits payable, beginning of the period $ 311,914 $ 5,509 $ 317,423 Less: Reinsurance recoverable 132,658 — 132,658 Benefits payable, beginning of the period, net $ 179,256 $ 5,509 $ 184,765 Claims incurred and CAE Current year $ 1,640,247 $ 73,892 $ 1,714,139 Prior years (16,252) — (16,252) Total claims incurred and CAE, net $ 1,623,995 $ 73,892 $ 1,697,887 Claims paid and CAE Current year $ 1,346,870 $ 64,791 $ 1,411,661 Prior years 101,978 5,509 107,487 Total claims and CAE paid, net $ 1,448,848 $ 70,300 $ 1,519,148 Benefits and CAE payable, end of period, net $ 354,402 $ 9,101 $ 363,503 Add: Reinsurance recoverable 159,180 — 159,180 Benefits and CAE payable, end of period $ 513,582 $ 9,101 $ 522,683 Amounts incurred related to prior periods vary from previously estimated liabilities as more claim information becomes available and claims are ultimately settled. Unallocated Claims Adjustment Expenses Unallocated claims adjustment expenses (“CAE”) are costs incurred or expected to be incurred in connection with the adjustment and recording of health claims not subject to reinsurance. Such expenses include, but are not limited to, case management, utilization review, and quality assurance, and are intended to reduce the number of health services provided or the cost of such services. CAE is included in other insurance costs and the related CAE payable is included in accounts payable and accrued liabilities. The following tables provide information about incurred, paid healthcare claims development, unpaid claims liability and cumulative claims frequency. The claims development information for all periods preceding the most recent reporting period is considered required unaudited supplementary information. For claims frequency information summarized below, a claim is defined as the financial settlement of a single medical event in which remuneration was paid to the servicing provider. Total IBNR plus expected development on reported claims represents estimates for claims incurred but not reported and development on reported claims. The Company estimates its liability using actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. These actuarial methods consider factors such as historical data for payment patterns, cost trends, product mix, seasonality, utilization of healthcare services, and other relevant factors. Incurred Healthcare Claims Net of Reinsurance Year Ended December 31, IBNR Cumulative number of reported claims (Unaudited) (Unaudited) (in thousands) 2021 2022 2023 Date of Service 2021 $ 1,640,247 $ 1,648,358 $ 1,631,603 $ 24,280 6,274 2022 3,279,461 3,314,332 90,415 12,725 2023 4,622,263 782,253 11,526 Total claims incurred $ 9,568,198 Cumulative Paid Healthcare Claims Net of Reinsurance Year Ended December 31, (Unaudited) (Unaudited) (in thousands) 2021 2022 2023 Date of Service 2021 $ 1,346,870 $ 1,576,846 $ 1,607,324 2022 2,726,912 3,223,917 2023 3,840,009 Total payment of incurred claims 8,671,250 All outstanding liabilities prior to 2021, net of reinsurance 11,927 Total benefits payable, net of reinsurance $ 908,875 The following table reconciles total outstanding liabilities, net of reinsurance to benefits payable in the consolidated balance sheet: As of December 31, (in thousands) 2023 2022 Short-duration healthcare costs payable, net of reinsurance $ 908,875 $ 659,783 Reinsurance recoverables 57,111 277,944 Total benefits payable $ 965,986 $ 937,727

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2012 Stock Plan Prior to the IPO, the Company maintained the 2012 Stock Plan (the “2012 Plan”), which provided for the grant of incentive stock options ("ISOs"), non-qualified stock options ("NSOs"), common stock of the Company, stock payments and restricted stock units. The 2012 Plan was initially adopted on December 6, 2012, and most recently amended and restated in March 2021. The 2012 Plan was terminated upon the effectiveness of the 2021 Incentive Award Plan in March 2021, and no further awards will be made under the 2012 Plan. 2021 Incentive Award Plan In March 2021, the Company’s board of directors adopted the 2021 Incentive Award Plan (the “2021 Plan”), which provides for the grant of NSOs, ISOs, stock appreciation rights (“SARs”), restricted stock, restricted stock units (including time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”)), dividend equivalents and other stock or cash awards to employees, consultants and non-employee directors. Under the 2021 Plan, there are 43.7 million shares authorized to be issued, with 6.3 million shares still available for future issuance as of December 31, 2023. The shares available for future issuance as of December 31, 2023 may be issued as either Class A common stock or Class B common stock. 2022 Inducement Incentive Award Plan In April 2022, the Company’s board of directors adopted the 2022 Employment Inducement Incentive Award Plan (the “Inducement Plan”), which provides for the grant of NSOs, SARs, restricted stock, RSUs, PSUs, dividend equivalents and other stock or cash awards to prospective employees. The Inducement Plan was amended on March 28, 2023 to add 13.3 million shares to the plan. Under the Inducement Plan, there are 18.3 million shares authorized to be issued, with 5.8 million shares still available for future issuance as of December 31, 2023. The shares available for future issuance as of December 31, 2023 may be issued as Class A common stock. Stock-Based Compensation Expense Stock-based compensation expense is recognized on a straight-line basis over the requisite service period. Forfeitures are accounted for as they occur. The following table summarizes the stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, which is included within the line items specified below in the consolidated statements of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Other insurance costs $ 65,755 $ 51,495 $ 42,295 General and administrative expenses 101,086 60,834 44,001 Total stock-based compensation expense $ 166,841 $ 112,329 $ 86,296 Stock Options Stock options granted under the 2012 Plan and 2021 Plan include ISOs and NSOs, generally have a maximum contractual term of 10 years, and typically vest over a four-year period. The following table summarizes the stock option award activity for the year ended December 31, 2023: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Options Outstanding - December 31, 2022 28,728,889 $ 10.01 5.81 $ 2,073 Options granted 1,665,456 6.35 Options exercised 1,771,493 $ 2.23 $ 8,489 Options canceled 2,244,740 $ 11.39 Options Outstanding - December 31, 2023 26,378,112 $ 10.18 5.35 $ 15,700 Options Exercisable at December 31, 2023 23,559,805 $ 10.12 4.99 $ 11,409 There were no stock options granted during the year ended December 31, 2022. The weighted average grant date fair value of options granted during the years ended December 31, 2023 and 2021 was $3.74 and $8.69, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $8.5 million, $1.0 million and $111.0 million, respectively. Determination of Fair Value of Stock Options The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model, which takes into account significant assumptions such as the expected term of the option, stock price volatility, and a risk-free rate of return. The Company has used the simplified method in calculating the expected term of all option grants based on the vesting period and contractual term. The table below summarizes the assumptions used during the years ended December 31, 2023 and 2021. There were no stock options granted during the year ended December 31, 2022. December 31, 2023 2022 2021 Term in years 6.02 - 6.14 — 5.01 - 6.07 Risk free rate of return 3.5% - 4.7% — % 0.5% - 1.2% Expected volatility 58.2% - 59.4% — % 39.2% - 44.5% Dividend yield — % — % — % Compensation Expense – Stock Options For the years ended December 31, 2023, 2022 and 2021, the Company recorded compensation expense of $12.0 million, $21.5 million and $39.0 million respectively. As of December 31, 2023, the amount of unrecognized compensation expense for stock options is $12.8 million, which is expected to be recognized over a weighted-average period of 2.1 years. Restricted Stock Units RSUs represent the right to receive shares of the Company’s Class A or Class B common stock at a specified date in the future and typically have a vesting period of one The following table summarizes RSU award activity for the year ended December 31, 2023: RSUs Number of Shares Weighted Average Grant Date Fair Value Outstanding RSUs at December 31, 2022 17,595,870 $ 8.37 RSUs granted 20,165,861 $ 6.52 RSUs vested 11,325,505 $ 7.92 RSUs canceled 4,713,688 $ 7.60 Outstanding RSUs at December 31, 2023 21,722,538 $ 7.06 Determination of Fair Value of RSUs The fair value of RSUs granted is determined on the grant date based on the fair value of the Company's common stock. The total fair value of RSUs vested during the years ended December 31, 2023 and 2022 was $89.7 million and $68.4 million, respectively. Compensation Expense – RSUs For the years ended December 31, 2023, 2022 and 2021, the Company recorded compensation expense of $90.0 million, $65.5 million and $28.5 million, respectively. As of December 31, 2023, the amount of unrecognized compensation expense for RSUs is $140.0 million, which is expected to be recognized over a weighted-average period of 2.0 years. Performance-based Restricted Stock Units Performance-based restricted stock units ("PSUs") represent the right to receive shares of the Company’s Class A or Class B common stock at a specified date in the future based on pre-determined performance and service conditions. PSUs granted include awards with market conditions that are eligible to vest based on the achievement of predetermined stock price goals, and awards with performance conditions that are eligible to vest based on predetermined Company performance targets. The following table summarizes PSU award activity for the years ended December 31, 2023: PSUs Number of Shares Weighted Average Grant Date Fair Value Outstanding PSUs at December 31, 2022 8,464,577 $ 12.75 PSUs granted 7,453,334 $ 3.30 PSUs canceled 6,613,308 $ 13.88 Outstanding PSUs at December 31, 2023 9,304,603 $ 4.37 Determination of Fair Value of PSUs The fair value of PSUs with performance conditions is determined on the grant date based on the fair value of the Company's common stock. The fair value of PSUs with market conditions are estimated on the grant date using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market conditions stipulated in the award. The table below summarizes the assumptions used during the years ended December 31, 2023 and 2021. There were no PSUs with market conditions granted during the year ended December 31, 2022. December 31, 2023 December 31, 2022 December 31, 2021 Grant date stock price $ 6.74 $ — $ 39.00 Term in years 3.0 0 7.0 Expected volatility 59.85 % — % 45.00 % Risk-free rate 3.64 % — % 1.14 % Dividend yield — % — % — % Cancellation of the Founders Awards – PSUs 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”). 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, 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. Compensation Expense – PSUs For the years ended December 31, 2023, 2022 and 2021 the Company recorded compensation expense of $64.9 million, $25.3 million, and $18.8 million respectively. As of December 31, 2023, the amount of unrecognized compensation expense for PSUs is $21.1 million, which is expected to be recognized over a weighted-average period of 2.0 years.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 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: Year Ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Numerator : Net loss attributable to Oscar Health, Inc. $ (270,728) $ (606,275) $ (572,606) Denominator : Weighted average shares of common stock outstanding, basic and diluted 221,655,493 212,474,615 178,967,056 Net loss per share attributable to Oscar Health, Inc., basic and diluted $ (1.22) $ (2.85) $ (3.20) In periods when the Company is in a net loss position, 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 shares of common stock, 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: Year Ended December 31, 2023 2022 2021 Stock options to purchase common stock 26,378,112 28,728,889 34,048,888 Restricted stock units 21,722,538 17,595,870 8,983,941 Performance-based restricted stock units 9,304,603 8,464,577 7,082,432 Shares underlying convertible notes (Note 15) 36,652,491 36,652,491 — Total 94,057,744 91,441,827 50,115,261 Convertible Preferred Shares and Warrants Outstanding

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible for the year reported. The deferred tax income tax provision or benefit reflects the differences between the financial and income tax reporting bases of the Company’s underlying assets and liabilities. The components of the provision for income taxes are as follows for the periods indicated: Years Ended December 31, (in thousands) 2023 2022 2021 Current income tax: Federal $ 3,222 $ (358) $ 947 State 14 — — Total current income tax $ 3,236 $ (358) $ 947 Deferred income (benefit) tax: Federal $ 58 $ (165) $ (101) State — — — Total deferred tax $ 58 $ (165) $ (101) Total income tax $ 3,294 $ (523) $ 846 A reconciliation of the tax provision at the U.S. federal statutory tax rate to the provision for income taxes and the effective tax rate follows for the periods indicated: Year Ended December 31, (in thousands, except percentages) 2023 2022 2021 Loss before income taxes (267,300) (610,075) (570,580) Income tax benefit at statutory rate 21.00 % 21.00 % 21.00 % State taxes (net of federal income tax) (1.23) % 6.00 % 0.90 % Change in valuation allowance (11.08) % (23.27) % (21.62) % Stock-based compensation adjustment (1.65) % (1.92) % 1.81 % Non-deductible compensation (8.36) % (1.56) % (2.25) % Other permanent items 0.09 % (0.16) % 0.01 % Total income tax (1.23) % 0.09 % (0.15) % Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The components of deferred income tax assets and liabilities are as follows for the periods indicated: December 31, (in thousands) 2023 2022 Deferred Tax Assets: NOL carryforwards $ 548,147 $ 529,293 Premium deficiency reserves 1,213 798 Stock option 2,396 5,284 Claims reserves 17,736 16,021 Accrued bonus 5,786 4,991 Start-up costs 2,805 3,252 Unearned premium reserve 2,756 3,311 Business interest expense — 1,242 Fixed assets and capitalized software 6,600 1,483 Investments 21 2,040 Other 13,204 1,972 Total deferred tax assets before valuation allowance 600,664 569,687 Valuation allowance 591,701 564,392 Total deferred tax assets, net of valuation allowance $ 8,963 $ 5,295 Deferred Tax Liabilities: Prepaid expenses 2,830 3,485 Other 5,429 1,038 Total deferred tax liabilities 8,259 4,523 Net deferred tax assets $ 704 $ 772 The Company evaluates the need for a valuation allowance against its deferred tax assets considering all available positive and negative evidence. Based on its analysis, the Company concluded that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company has a valuation allowance of $591.7 million at December 31, 2023 against its deferred tax assets, including federal and state net operating losses, as the Company does not have a history of positive earnings. Valuation allowances will be provided until it becomes more likely than not that the benefit of the federal and state deferred tax assets will be realized. Federal net operating loss carryovers are $2.3 billion, of which $1.3 billion expire beginning in 2032 through 2043, and $922 million have indefinite carryforward periods. State net operating losses from group filings are approximately $918 million and from separate entity filings are $383 million; state net operating losses expire beginning in 2035. Pursuant to I.R.C Section 382, the Company underwent a change in ownership in 2016. Based on the annual limitation, use of pre-change net operating losses will not be limited prior to expiration. The Company evaluates tax positions to determine whether the benefits are more likely than not to be sustained on audit based on technical merits. The Company did not have any uncertain tax positions for the years ended December 31, 2023, 2022 and 2021. The Company does not expect any significant changes to unrecognized tax benefits in the next twelve months. The Company’s policy is to classify interest accrued related to unrecognized tax benefits in interest expense while penalties are included in income tax expense. The Company had no interest or penalties related to uncertain tax positions. The Company currently files income tax returns in the United States, various states, and localities. The majority of the Company’s operating subsidiaries are included in a consolidated federal income tax return. The Company began operations in 2012 and has never been placed under income tax audit. Federal tax returns are open for examination for tax years from 2021. State tax returns are open for examination for tax years from 2019.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company records right-of-use ("ROU") assets and lease liabilities for its real estate operating leases. Leases with an initial term of twelve months or less are not recorded on the balance sheet. The following table presents the lease-related balances within the balance sheet: December 31, (in thousands) Balance Sheet Classification 2023 2022 Operating Leases Right-of-use assets Other assets $ 62,873 $ 68,001 Lease liabilities, current Accounts payable and accrued liabilities $ 14,175 $ 12,824 Lease liabilities, noncurrent Other liabilities $ 66,803 $ 72,175 Operating lease expense was $14.7 million, $14.8 million, and $15.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, which includes variable lease expense. Cash paid for amounts included in the measurement of lease liabilities was $14.0 million and $14.8 million for the years ended December 31, 2023 and 2022, respectively. Future minimum rental payments under non-cancellable operating leases are estimated as follows: Year Ended December 31, (in thousands) 2024 $ 14,175 2025 14,360 2026 16,445 2027 17,099 2028 17,168 Thereafter 38,119 Total lease payments $ 117,366 Less: Imputed interest 36,388 Present value of lease liabilities $ 80,978 Additional Information: December 31, 2023 Weighted-average remaining lease term 7.2 years Weighted-average discount rate 10.64 %

PROPERTY, EQUIPMENT AND CAPITAL

PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE	PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE The following table summarizes the balances of the Company’s property, equipment and capitalized software: December 31, (in thousands) 2023 2022 Property, equipment, and capitalized software Software and hardware $ 119,263 $ 87,252 Leasehold improvements 25,301 25,301 Property and fixtures 5,443 4,719 Property, equipment, and capitalized software 150,007 117,272 Less: Accumulated depreciation and amortization (88,077) (57,384) Property, equipment, and capitalized software, net $ 61,930 $ 59,888

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 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 December 31, 2023, the net carrying amount of the 2031 Notes was $298.8 million, with unamortized debt discount and issuance costs of $6.2 million. The Company classified the fair value of the 2031 Notes as a level 3 measurement due to the lack of observable market data over fair value inputs such as our stock price volatility over the term of the 2031 Notes and the Company's cost of debt. The estimated fair value of the 2031 Notes as of December 31, 2023 was $401.7 million. The following table presents the interest expense indicating an effective interest rate of 7.61% over the term of the 2031 Notes: December 31, (in thousands) 2023 2022 Coupon interest expense $ 22,112 $ 20,270 Amortization of debt discount and issuance costs 778 713 Total interest expense $ 22,890 $ 20,983 Revolving Credit Facility On December 28, 2023, the Company entered into a third amendment to their senior secured credit agreement (the “Third Amendment”), with Oscar Management Corporation, as a subsidiary guarantor, certain lenders party thereto from time to time (the “Lenders”), and Wells Fargo Bank, National Association, as administrative agent, which amended the senior secured credit agreement, dated as of February 21, 2021 (as amended by the First Amendment to Credit Agreement, dated as of January 27, 2022, and as further amended by the Second Amendment to Credit Agreement, dated as of July 21, 2023, the “Credit Agreement” and as amended by the Third Amendment, the “Amended Credit Agreement”). The Amended Credit Agreement provides for a revolving loan credit facility (the “Revolving Credit Facility”) in the aggregate principal amount of $115.0 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 (i) that would require material governmental consents or (ii) in respect of joint ventures) (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 December 28, 2025. 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 December 2025, 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 December 31, 2023, there were no outstanding borrowings under the Revolving Credit Facility. Long-Term Debt On October 30, 2020, the Company entered into a credit agreement with HPS Investment Partners, LLC (“HPSIP”) whereby HPSIP agreed to provide a $150.0 million first lien term loan (“Term Loan”). The Term Loan had a variable interest rate equal to LIBOR plus 11.75%, per annum, which equated to 12.75% per annum during the period, and a maturity date of October 30, 2024, subject to certain conditions. In March 2021, the Company used proceeds from its recently completed initial public offering (the “IPO”) to repay the outstanding balance of $153.2 million on its Term Loan, which included $3.2 million of paid-in-kind interest. A loss on debt extinguishment of $20.2 million was recognized, which consisted of $13.0 million in prepayment penalties and $7.2 million in unamortized debt discount and debt issuance costs.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Initial Public Offering As described in Note 1 - Organization, in March 2021 the Company completed its IPO of 36,391,946 shares of Class A common stock at a par value of $0.00001 and a public offering price of $39.00 per share. The Company received aggregate net proceeds of $1.3 billion after deducting underwriting discounts and commissions of $71.0 million. The Company used a portion of the net proceeds of the IPO to repay in full outstanding borrowings, including fees and expenses, under the Term Loan Facility. Refer to Note 15 - Long-Term Debt. Convertible Preferred Stock Prior to the IPO, the Company issued several series of convertible preferred stock, collectively referred to as "Preferred Stock," that had been classified outside of stockholders' equity (deficit) on the consolidated balance sheet because the holders of such shares had liquidation rights that, in certain situations, were not solely within the control of the Company. In connection with the IPO, all outstanding convertible preferred stock was converted into shares of Series A and Series B common stock, as outlined below. Reclassification and Stock Split Conversion of Preferred Stock and Series B Common Stock to Series A Common Stock In accordance with the terms and provisions of the Company’s Thirteenth Amended and Restated Certificate of Incorporation (the “Prior Certificate of Incorporation”), which was in effect immediately prior to the filing of the Amended and Restated Certificate of Incorporation, the holders of 402,192,500 shares (pre-split) of the Company’s convertible preferred stock effected a conversion of all shares of convertible preferred stock to 403,261,643 shares (pre-split) of Series A common stock, $0.00001 par value per share (the “Series A common stock”) (the “Preferred Stock Conversion”), and the holders of 9,360,800 shares (pre-split) of the Company’s Series B common stock, $0.00001 par value per share (the “Series B common stock”), effected a conversion of such shares of Series B common stock to 9,360,800 shares (pre-split) of the Company’s Series A common stock (the “Series B Conversion”), in each case effective as of the pricing of the IPO on March 2, 2021. Authorization of New Class of Shares and Conversion of Series A Common Stock and Stock Split In connection with the IPO, on March 3, 2021, the Company filed its Amended and Restated Certificate of Incorporation which, among other things, provides for: • the authorization of 825,000,000 shares of Class A common stock, 82,500,000 shares of Class B common stock, and 82,500,000 shares of preferred stock; • the reclassification of each share of Series A common stock (other than shares of Series A common stock held by Thrive Capital Partners II, L.P., Thrive Capital Partners III, L.P., Thrive Capital Partners V, L.P., Thrive Capital Partners VI Growth, L.P., Claremount TW, L.P., Claremount VI Associates, L.P. and Claremount V Associates, L.P. (the “Thrive Series A common stock”)) issued and outstanding or held in treasury immediately prior to the filing of the Amended and Restated Certificate of Incorporation into one share of Class A common stock (the “Class A Reclassification”); • the reclassification of each share of Series B common stock issued and outstanding or held in treasury immediately prior to the filing of the Amended and Restated Certificate of Incorporation and each share of Thrive Series A common stock into one share of Class B common stock (the “Class B Reclassification” and, together with the Class A Reclassification, the “Reclassification”); • the reclassification of each three shares of Class A common stock issued and outstanding or held in treasury immediately following the Class A Reclassification into one validly issued, fully paid and non-assessable share of Class A common stock (the “Class A Stock Split”); and • the reclassification of each three shares of Class B common stock issued and outstanding or held in treasury immediately following the Class B Reclassification into one validly issued, fully paid and non-assessable share of Class B common stock (the “Class B Stock Split” and, together with the Class A Stock Split, the “Stock Split”). No fractional shares of Class A common stock or Class B Common Stock were delivered as a result of the Stock Split. Summary of IPO Share Transactions As a result of the IPO, the Preferred Stock Conversion, the Series B Conversion, the Reclassification, and the Stock Split described above, the following activity occurred: • 402,192,500 shares (pre-split) of convertible preferred stock were converted into 403,261,643 shares (pre-split) of Series A common stock; • 9,360,800 shares (pre-split) of Series B common stock were converted into 9,360,800 shares (pre-split) of Series A common stock; • 398,283,107 shares (pre-split) of Series A common stock were reclassified as 398,283,107 shares (pre-split) of Class A common stock; • 60,127,163 shares (pre-split) of Series B Common Stock were reclassified as 60,127,163 shares (pre-split) of Class B common stock; • 45,879,623 shares (pre-split) of Series A common stock were reclassified as 45,879,623 shares (pre-split) of Class B common stock; • 398,283,107 shares (pre-split) of Class A common stock were reclassified as 132,760,639 shares (post-split) of Class A common stock; • 106,006,786 shares (pre-split) of Class B common stock were reclassified as 35,335,579 shares (post-split) of Class B common stock; • 219,772 shares (post-split) of Class B common stock converted to 219,772 shares (post-split) of Class A Common Stock in connection with a secondary sale in the IPO; and • the Company issued 36,391,946 shares (post-split) of Class A common stock at a par value of $0.00001 and a public offering price of $39.00 per share. Common Stock The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Voting Rights Holders of the Company’s Class A common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, and holders of the Company’s Class B common stock are entitled to 20 votes for each share held on all matters submitted to a vote of stockholders. The holders of the Company’s Class A common stock and Class B common stock will vote together as a single class, unless otherwise required by law or under the Amended and Restated Certificate of Incorporation. Conversion and Transfer Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Each share of Class B common stock will convert automatically into one share of Class A Common Stock upon any transfer, except for certain permitted transfers described in the Amended and Restated Certificate of Incorporation. All outstanding shares of Class B common stock will automatically convert into shares of Class A common stock on a one-for-one basis upon the date that is the earlier of (i) the transfer of Class B common stock to a person or entity that is not in the transferor’s permitted ownership group, as described in the Amended and Restated Certificate of Incorporation, (ii) March 2, 2028, or (iii) upon the occurrence of certain other events as described in the Amended and Restated Certificate of Incorporation. Dividends Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any.

STATUTORY REGULATIONS

STATUTORY REGULATIONS	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
STATUTORY REGULATIONS	STATUTORY REGULATIONS The Company's insurance subsidiaries prepare financial statements in accordance with Statutory Accounting Principles ("SAP") prescribed or permitted by the insurance departments of their states of domicile. SAP is focused on the solvency of insurance companies and is designed to ensure that insurers maintain sufficient capital and surplus to meet their insurance-related obligations. The Company's insurance subsidiaries are regulated by the state insurance departments of the states in which they are domiciled. Statutory regulations include the establishment of minimum levels of statutory capital to be maintained by insurance subsidiaries and restrictions on dividend payments and other distributions made by the insurance subsidiaries to the parent company. Minimum statutory capital requirements differ by state and are based on minimum risk-based capital ("RBC") requirements developed by the National Association of Insurance Commissioners ("NAIC"). As of December 31, 2023 and 2022, the Company's insurance subsidiaries had an aggregate statutory capital and surplus of $800.6 million and $701.5 million, respectively. Individually, the Company's insurance subsidiaries have exceeded the minimum required statutory capital and surplus and RBC minimum requirements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In February 2022, the Company issued the 2031 Notes to funds affiliated with or advised by Dragoneer Investment Group, LLC, Thrive Capital, LionTree Investment Management, LLC and Tenere Capital LLC (collectively, the “Purchasers”). See Note 15 - Long-Term Debt for additional information. In addition, pursuant to the Investment Agreement entered into with the Purchasers, the Company agreed to amend the Twelfth Amended and Restated Investors' Rights Agreement dated as of March 5, 2021 (the “Investors’ Rights Agreement”), by and among the Company and the investors party thereto, to provide that the Notes and shares of Class A common stock issued or issuable upon conversion of any 2031 Notes held by entities affiliated with Thrive Capital will be subject to the registration rights contained in the Investors' Rights Agreement.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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 healthcare 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.

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED FINANCIAL INFORMATION	Oscar Health, Inc. Schedule I - Condensed Balance Sheets (Parent-Only) (in thousands, except share and per share amounts) December 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 171,940 $ 14,728 Restricted deposits and investments 23,589 310,043 Investments in and advances to subsidiaries 925,926 857,649 Other assets 5,990 17,432 Total Assets $ 1,127,445 $ 1,199,852 Liabilities and Stockholders' Equity Long-term debt $ 298,777 $ 297,999 Other liabilities 24,701 11,469 Total liabilities 323,478 309,468 Commitments and contingencies Stockholders' Equity Class A common stock, $0.00001 par value; 825,000,000 shares authorized, 193,874,843 and 181,176,239 shares outstanding as of December 31, 2023 and 2022, respectively 2 2 Class B common stock, $0.00001 par value; 82,500,000 shares authorized, 35,514,201 and 35,115,807 shares outstanding as of December 31, 2023 and 2022 — — Treasury stock (314,600 shares as of December 31, 2023and 2022) (2,923) (2,923) Additional paid-in capital 3,682,294 3,509,007 Accumulated deficit (2,876,715) (2,605,987) Accumulated other comprehensive loss 1,309 (9,715) Total Oscar Health, Inc. stockholders’ equity 803,967 890,384 Total Liabilities and Stockholders' Equity $ 1,127,445 $ 1,199,852 Oscar Health, Inc. Schedule I - Condensed Statements of Operations (Parent-Only) Year Ended December 31, (in thousands, except share and per share amounts) 2023 2022 2021 Revenue Investment income and other revenue $ 20,253 $ 8,274 $ 3,225 Total revenue 20,253 8,274 3,225 Operating Expenses General and administrative expenses 106,387 60,130 61,004 Interest expense 24,577 22,583 4,720 Other expenses (income) 7,081 (2,415) 1,201 Loss on extinguishment of debt — — 20,178 Loss before income tax (benefit) expense and equity in net loss of subsidiaries (117,792) (72,024) (83,878) Income tax (benefit) provision (7,870) 2,703 (715) Loss before equity in net loss of subsidiaries (109,922) (74,727) (83,163) Equity in net loss of subsidiaries (160,806) (531,548) (489,443) Net loss attributable to Oscar Health, Inc. $ (270,728) $ (606,275) $ (572,606) Oscar Health, Inc. Schedule I - Consolidated Statements of Comprehensive Income (Parent-Only) Year Ended December 31, (in thousands) 2023 2022 2021 Net loss attributable to Oscar Health, Inc. $ (270,728) $ (606,275) $ (572,606) Other comprehensive income (loss), net of tax: Net unrealized gains (losses) on securities available for sale 11,024 (6,044) (4,550) Comprehensive loss attributable to Oscar Health, Inc. (259,704) (612,319) (577,156) Oscar Health, Inc. Schedule I - Condensed Statements of Cash Flows (Parent-Only) Year Ended December 31, (in thousands) 2023 2022 2021 Net cash (used in) provided by operating activities $ 9,055 $ (3,957) $ (2,860) Cash flows from investing activities: Investments in subsidiaries (149,025) (652,008) (802,190) Purchase of fixed maturity securities — (138,919) (986,553) Sale of investments (15,775) 295,316 275,279 Maturity of investments 306,511 155,578 111,681 Net cash (used in) provided by investing activities 141,711 (340,033) (1,401,783) Cash flows from financing activities: Proceeds from long-term debt — 305,000 — Proceeds from joint venture contribution 2,490 1,846 — Proceeds from exercise of stock options 3,956 1,299 49,584 Debt extinguishment costs — — (12,994) Debt prepayment — — (153,173) Payment of debt issuance costs — (7,035) — Offering costs from IPO — — (9,447) Proceeds from exercise of warrants and call options — — 9,191 Proceeds from IPO, net of underwriting discounts — — 1,348,321 Net cash provided by financing activities 6,446 301,110 1,231,482 Increase (decrease) in cash, cash equivalents and restricted cash equivalents 157,212 (42,880) (173,161) Cash, cash equivalents, restricted cash and cash equivalents—beginning of period 14,728 57,608 230,769 Cash, cash equivalents , restricted cash and cash equivalents—end of period $ 171,940 $ 14,728 $ 57,608

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (270,728)	$ (606,275)	$ (572,606)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The Consolidated Financial Statements include the accounts of the Company, all of the controlled subsidiaries and variable interest entities of which the Company is the primary beneficiary. Noncontrolling interest consists of equity that is not attributable directly or indirectly to the Company. All material intercompany transactions have been eliminated in consolidation. Balances (except per share data) are presented in U.S. dollars and rounded, as indicated. In order to preserve the mathematical accuracy of the underlying calculations, immaterial footing differences may occur between the sum of individual balances and the total balances presented.
Reclassification	Reclassification The Company has made certain reclassifications to prior period amounts to conform to the current period presentation within the accompanying Consolidated Financial Statements and notes to the Consolidated Financial Statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying audited 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 Premium Revenue Premium revenue includes direct policy premiums collected directly from members and subsidies received from the Centers for Medicare & Medicaid Services (“CMS”) as part of the Advanced Premium Tax Credit (“APTC”) and Medicare Advantage programs, along with assumed premiums from the Company's reinsurance agreement. Premium revenue is adjusted for the estimated impact of the risk adjustment program required by CMS. Total premiums earned includes the effect of reinsurance premiums ceded as part of the Company's reinsurance agreements. The Company receives a fixed premium per member per month and recognizes premium revenue during the period in which it is obligated to provide services to its members. For direct policy premiums received from CMS, revenue is recorded based on membership and eligibility criteria provided by CMS and is subject to monthly adjustment by CMS. Administrative Services Revenue The Company provides administrative services as part of +Oscar, its tech-driven platform offering designed to help providers and payors directly enable their shift to value-based care. 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.
Affordable Care Act (“ACA”)	Affordable Care Act (“ACA”) The Company conducts business through the state-run healthcare exchanges formed in conjunction with ACA and is therefore subject to certain programs and fees established by ACA, such as: • Minimum Medical Loss Ratio (“MLR”) Requirements : The ACA established a minimum MLR ratio that requires insurers to pay rebates to customers when MLR is below established thresholds. The medical loss ratio represents medical costs as a percentage of premium revenue. Federal regulations define what constitutes medical costs and premium revenue for purposes of calculating the required minimum MLR. The Company records estimated MLR rebates as an adjustment to premium revenue. • Risk Adjustment:
Risk Adjustment	Risk Adjustment The Affordable Care Act (“ACA”) risk adjustment program is administered federally by CMS. Under this program, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment payable into the pool. Inversely, plans with higher than average risk scores relative to the estimated market average risk score, when applied to the statewide average premium, will have a risk adjustment receivable from the pool. Management develops its membership risk scores for the risk adjustment payable using actuarial methodologies and assumptions and by analyzing member data, including demographic and projections of claims data expected to be submitted by the Company to CMS for settlement. Generally, the estimated market average risk score and statewide average premium are obtained from third party surveys of other insurance plans. There is judgment in estimating the Company’s membership risk scores and the estimated market average risk scores. Management refines its estimate as new information becomes available and the final report on actual market risk scores is received from CMS in June of the following year.
Reinsurance	Reinsurance The Company enters into reinsurance agreements to manage its exposure to unexpected fluctuations in MLR and meet its capital requirements. The Company enters into two different types of arrangements: quota share reinsurance contracts and excess of loss ("XOL") reinsurance contracts. In quota share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company’s losses in exchange for a corresponding percentage of premiums (net of a ceding commission paid by the reinsurer to the ceding company to cover the ceding company's administrative expenses). All premiums and claims ceded under the Company’s quota share agreements are shared proportionally with the Company’s reinsurers. Reinsurance recoveries are recorded as a reduction to claims incurred, net. To the extent ceded premiums exceed ceded claims and ceding commissions and a specified margin, the Company receives an experience refund, which is recognized as revenue. In XOL reinsurance, the reinsurer agrees to assume all or a portion of the ceding company’s losses in excess of a specified amount. Under XOL reinsurance, the premium payable to the reinsurer is negotiated by the parties based on losses on an individual member in a given calendar year and their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company’s losses. Premiums under XOL reinsurance agreements are based on enrollment calculated on a per member per month basis. Reinsurance recoveries are recorded as reductions to claims incurred, net. Our reinsurance contracts generally have a duration of one
Premium Deficiency Reserve	Premium Deficiency Reserve Premium deficiency reserve (“PDR”) liabilities are established when it is probable that expected future claims and maintenance expenses will exceed future premium and reinsurance recoveries based on existing insurance contract terms including consideration of net investment income. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing, and measuring the profitability of such contracts, which is generally on a line of business basis.
Change in Accounting Principle	Change in Accounting Principle For the year ended December 31, 2022, the Company elected to include anticipated net investment income in its determination of premium deficiency reserves. The accounting policy election to include net investment income is preferable because it best reflects the ultimate profitability of insurance contracts using all cash flows, inclusive of related investment income, and provides improved comparability with industry peers. This change is considered a change in accounting principle that requires retrospective application to all financial statement periods presented. However, because net investment income has historically been immaterial to the financial statements and to the premium deficiency reserve calculation, the effect of this change in accounting principle is immaterial to prior and current period balances. As a result, this change in accounting principle is being applied prospectively as of December 31, 2022.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of highly liquid investments with original maturities of three months or less.
Restricted Deposits	Restricted Deposits The Company defines restricted deposits as restricted cash, cash equivalents and investments maintained on deposit or pledged primarily to various state agencies in connection with its insurance licensure. Statutory regulations require these amounts to remain on deposit indefinitely; therefore, the Company classifies these restricted deposits as long-term regardless of the contractual maturity date of the securities held. Restricted cash equivalents and investments are recorded at fair value.
Investments	Investments The Company's investments are classified as available-for-sale and are carried at fair value. Short-term investments include securities with maturities between three months and one year. Long-term investments include securities with maturities greater than one year.
Allowance for Credit Losses	Allowance for Credit Losses Premium and other receivables primarily includes insurance premiums due from CMS and members, pharmaceutical rebates, and other claims-related provider receivables, and are reported net of any allowance for credit losses. Receivable balances are also recorded related to the Company's risk adjustment program, reinsurance program, and value-based care arrangements. An allowance for credit losses is generally calculated based on historical collection experience, the counterparty's creditworthiness and consideration of current and future economic events.
Policy Acquisition Cost	Policy Acquisition Costs Policy acquisition costs are those costs that relate directly to the successful acquisition of new and renewal insurance policies. Such costs include broker commissions, costs of policy issuance and underwriting, and other costs incurred to acquire new business or renew existing business. Policy acquisition costs, other than broker bonus commissions, are expensed in the period incurred. Broker bonuses are capitalized and amortized over the policy term. The Company's short-duration policies typically have a one-year term and may be canceled by the member upon 30 days' notice.
Benefits Payable	Benefits Payable Benefits payable consists of liabilities for both claims incurred but not reported (“IBNR”) and reported but not yet processed through our systems that are determined in the aggregate, employing actuarial methods that are commonly used by health insurance actuaries and meet Actuarial Standards of Practice. Actuarial Standards of Practice require that the claim liabilities be appropriate under moderately adverse circumstances. IBNR is an actuarial estimate, determined by employing actuarial methods, that is based on claim payment patterns, medical cost inflation, historical developments such as claim inventory levels and claim receipt patterns, and other relevant factors. A significant portion of this balance is related to low dollar claims and potential claims disputes by providers. For low dollar incurred but not paid claims, for the months prior to the most recent two months, the Company typically uses the completion factor development method. This methodology is a detailed actuarial process that uses both historical claim payment patterns as well as emerging medical cost trends to project our best estimate of claim liabilities. Under this method, historical paid claims data is formatted into claim triangles, which compare claim incurred dates to the dates of claim payments. This information is analyzed to create historical completion factors that represent the average percentage of total incurred claims that have been paid through a given date after being incurred. Completion factors are applied to claims paid through the period-end date to estimate the ultimate claim expense incurred for the period. Actuarial estimates of incurred but not paid claim liabilities are then determined by subtracting the actual paid claims from the estimate of the ultimate incurred claims. A seriatim methodology is utilized for high dollar claims which is supplemented by case management data supplied by medical and claims operations areas. For the most recent incurred months (typically the most recent two months), the percentage of claims paid for claims incurred in those months is generally low. This makes the completion factor methodology less reliable for such months. Therefore, incurred claims for recent months are not projected from historical completion and payment patterns; rather, they are primarily based on forecasted per member per month low dollar claims projections developed from the Company’s historical experience and adjusted for emerging experience data in the preceding months, which may include adjustments for known changes in estimates of recent hospital and drug utilization data, provider contracting changes, changes in benefit levels, changes in member cost sharing, changes in medical management processes, product mix, and workday seasonality. Because the reserve methodology is based upon historical information, it must be adjusted for known or suspected operational and environmental changes. These adjustments are made by our actuaries based on their knowledge and their estimate of emerging impacts to benefit costs and payment speed. Circumstances to be considered in developing our best estimate of reserves include changes in utilization levels, unit costs, member cost sharing, benefit plan designs, provider reimbursement levels, processing system conversions and changes, claim inventory levels, claim processing patterns, and claim submission patterns. We regularly review and set assumptions regarding cost trends and utilization when initially establishing claim liabilities. We continually monitor and adjust the claims liability and benefit expense based on subsequent paid claims activity. If it is determined that our assumptions regarding cost trends and utilization are materially different from actual results, our income statement and financial position could be impacted in future periods. Adjustments of prior year estimates may result in additional benefit expense or a reduction of benefit expense in the period an adjustment is made. Further, due to the considerable variability of healthcare costs, adjustments to claim liabilities occur each period and are sometimes significant as compared to the net income recorded in that period. Prior period development is recognized immediately upon the actuary’s judgment that a portion of the prior period liability is no longer needed or that an additional liability should have been accrued. That determination is made when sufficient information is available to ascertain that the re-estimate of the liability is reasonable. Settlement Reserves The Company also records as part of benefits payable, an estimate of the ultimate liability for actual and potential claims disputes by providers based on an analysis of historical PMPM dispute experience supplemented with current information on reported disputes. Since these liabilities are part of the overall claim reserve, they are proportionally ceded under the Company's reinsurance agreements for historical policy years with contracts in force. The settlement reserves included as part of the benefits payable balance was approximately $241.1 million and $251.1 million as of December 31, 2023 and 2022, respectively. Unallocated Claims Adjustment Expenses Claims adjustment expenses (“CAE”) are costs incurred or expected to be incurred in connection with the adjustment and recording of health claims not subject to reinsurance. Such expenses include, but are not limited to, case management, utilization review, and quality assurance and are intended to reduce the number of health services provided or the cost of such services. CAE is included in other insurance costs and the related CAE payable is included in accounts payable and accrued liabilities.
Property, Equipment and Capitalized Software	Property, Equipment and Capitalized Software Property, equipment and capitalized software are reported at cost less accumulated depreciation. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the related assets, which range from 3 to 10 years. Costs related to certain software projects for internal use incurred during the application development stage are capitalized. Costs related to planning activities and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years. Property, Equipment and Capitalized Software are assessed for impairment whenever events or circumstances suggest that an asset's carrying value may not be fully recoverable.
Leases	Leases The Company leases office space under operating leases expiring on various dates through 2032. On the lease commencement date, a right-of-use ("ROU") asset and lease liability are recognized on the balance sheet based on the present value of the future minimum lease payments over the lease term. Since the Company's lease agreements do not provide an implicit rate, an incremental borrowing rate, based on the information available at commencement date, is used to determine the present value of future payments. The calculation of the ROU asset is based on the lease liability, and includes any lease payments made, and excludes lease incentives and initial direct costs incurred. The Company determines if an arrangement is a lease or contains a lease at inception of the arrangement based on the terms and conditions in the contract. Options to extend or terminate a lease at the Company's discretion are factored into the calculation of the lease liabilities and ROU assets only if the Company is reasonably certain it will exercise those options. Short-term leases with an initial term of twelve months or less are not recorded on the balance sheet.
Earnings Per Share	Earnings Per Share Earnings (loss) per share ("EPS") is calculated using the two-class method, which is an earnings allocation model that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Under the two-class method, earnings for the period are required to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. For EPS computation purposes, the Company's Class A and Class B common stock are considered one single class of common stock because both classes have the same dividend and liquidation rights.
Variable Interest Entities	Variable Interest Entities The Company enters arrangements with various entities that are deemed to be variable interest entities (“VIE”). A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses, and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE. The Company is deemed a primary beneficiary of a VIE if it has (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could be potentially significant to the VIE. If both conditions are present, the Company is required to consolidate the VIE into its financial results. The Company has determined that it has a controlling financial interest in the medical professional corporations with which it has a business arrangement because, as part of its arrangement, the Company has guaranteed their debt, and the equity at risk is insufficient to finance their activities without additional subordinated financial support from the Company.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements - Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires, for each reportable segment, disclosure of significant segment expenses categories, other segment items, enhanced interim disclosures of certain segment-related disclosures that previously were only required annually, and other disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements and related disclosures.
Fair Value	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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Premiums And Other Receivables, Allowance For Credit Loss	The Company has presented the rollforward related to its allowance for credit losses on our risk sharing receivables below: For the year ended December 31, (in thousands) 2023 2022 Beginning balance $ 2,988 $ — Provision for credit losses 28,612 2,988 Ending balance $ 31,600 $ 2,988

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Schedule of premiums earned	Year Ended December 31, (in thousands) 2023 2022 2021 Direct policy premiums $ 6,418,872 $ 6,704,330 $ 3,420,328 Assumed premiums 228,786 138,109 16,298 Direct and assumed premiums 6,647,658 6,842,439 3,436,626 Risk adjustment and corridor, net (950,680) (1,507,919) (723,638) Premiums before ceded reinsurance 5,696,978 5,334,520 2,712,988 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Total premiums earned $ 5,686,069 $ 3,871,117 $ 1,831,020 The table below summarizes the Company's accounting for its quota share reinsurance premiums: Year Ended December 31, Summary of Quota Share Reinsurance Program 2023 2022 2021 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 18 % — % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 29 % 34 % *NM - not meaningful The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premiums earned in the consolidated statement of operations, is as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Reinsurance premiums ceded, gross $ 56 $ (1,524,157) $ (921,953) Experience refunds (10,965) 60,754 39,985 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Reinsurance premiums assumed 228,786 138,109 16,298 Total reinsurance premiums (ceded) and assumed, net $ 217,877 $ (1,325,294) $ (865,670) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Direct claims incurred $ 4,459,702 $ 4,428,000 $ 2,403,108 Ceded reinsurance claims (44,736) (1,290,349) (800,769) Assumed reinsurance claims 227,058 143,147 21,656 Claims incurred, net $ 4,642,024 $ 3,280,798 $ 1,623,995 The Company records selling, general and administrative expenses net of ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Other insurance costs, gross $ 823,455 $ 868,385 $ 492,609 Reinsurance ceding commissions 1,002 (161,946) (82,246) Other insurance costs $ 824,457 $ 706,439 $ 410,363 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: December 31, (in thousands) 2023 2022 Ceded reinsurance claim recoverables $ 225,705 $ 776,266 Reinsurance ceding commissions 6,185 42,805 Experience refunds on reinsurance agreements 9,304 73,816 Reinsurance recoverable $ 241,194 $ 892,887

REINSURANCE (Tables)

REINSURANCE (Tables)	12 Months Ended
	Dec. 31, 2023
Insurance [Abstract]
Schedule of premiums earned	Year Ended December 31, (in thousands) 2023 2022 2021 Direct policy premiums $ 6,418,872 $ 6,704,330 $ 3,420,328 Assumed premiums 228,786 138,109 16,298 Direct and assumed premiums 6,647,658 6,842,439 3,436,626 Risk adjustment and corridor, net (950,680) (1,507,919) (723,638) Premiums before ceded reinsurance 5,696,978 5,334,520 2,712,988 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Total premiums earned $ 5,686,069 $ 3,871,117 $ 1,831,020 The table below summarizes the Company's accounting for its quota share reinsurance premiums: Year Ended December 31, Summary of Quota Share Reinsurance Program 2023 2022 2021 Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting 45 % 18 % — % Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting *NM 29 % 34 % *NM - not meaningful The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. The composition of total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premiums earned in the consolidated statement of operations, is as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Reinsurance premiums ceded, gross $ 56 $ (1,524,157) $ (921,953) Experience refunds (10,965) 60,754 39,985 Reinsurance premiums ceded (10,909) (1,463,403) (881,968) Reinsurance premiums assumed 228,786 138,109 16,298 Total reinsurance premiums (ceded) and assumed, net $ 217,877 $ (1,325,294) $ (865,670) The Company records claims expense net of reinsurance recoveries. The following table reconciles the total claims expense to the net claims expense as presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Direct claims incurred $ 4,459,702 $ 4,428,000 $ 2,403,108 Ceded reinsurance claims (44,736) (1,290,349) (800,769) Assumed reinsurance claims 227,058 143,147 21,656 Claims incurred, net $ 4,642,024 $ 3,280,798 $ 1,623,995 The Company records selling, general and administrative expenses net of ceding commissions. The following table reconciles total other insurance costs to the amount presented in the consolidated statement of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Other insurance costs, gross $ 823,455 $ 868,385 $ 492,609 Reinsurance ceding commissions 1,002 (161,946) (82,246) Other insurance costs $ 824,457 $ 706,439 $ 410,363 The Company classifies reinsurance recoverable within current assets on its consolidated balance sheets. The composition of the reinsurance recoverable balance is as follows: December 31, (in thousands) 2023 2022 Ceded reinsurance claim recoverables $ 225,705 $ 776,266 Reinsurance ceding commissions 6,185 42,805 Experience refunds on reinsurance agreements 9,304 73,816 Reinsurance recoverable $ 241,194 $ 892,887

BUSINESS ARRANGEMENTS (Tables)

BUSINESS ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 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: As of December 31, (in thousands) 2023 2022 Assets $ 125,709 $ 129,629 Liabilities $ 74,568 $ 78,126

RESTRICTED CASH AND RESTRICTE_2

RESTRICTED CASH AND RESTRICTED DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets. As of December 31, (in thousands) 2023 2022 Restricted cash and cash equivalents $ 21,656 $ 21,902 Restricted investments 8,214 5,581 Restricted Deposits $ 29,870 $ 27,483

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022: December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury and agency securities $ 802,288 $ 1,689 $ (1,062) $ 802,915 Corporate notes 234,908 854 (198) 235,564 Certificate of deposit 16,663 — — 16,663 Total $ 1,053,859 $ 2,543 $ (1,260) $ 1,055,142 December 31, 2022 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value 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 December 31, 2023 and 2022: December 31, 2023 (in thousands, except no. of securities) Number of Securities Fair Value Gross U.S. treasury and agency securities 69 $ 480,312 $ (995) Corporate notes 64 79,024 (166) Total 133 $ 559,336 $ (1,161) December 31, 2022 (in thousands, except no. of securities) Number of Securities Fair Value Gross 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 December 31, 2023 and December 31, 2022: December 31, 2023 (in thousands, except no. of securities) Number of Securities Fair Value Gross U.S. treasury and agency securities 4 $ 24,551 $ (67) Corporate notes 19 5,545 (32) Total 23 $ 30,096 $ (99) December 31, 2022 (in thousands, except no. of securities) Number of Securities Fair Value Gross 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)
Investments Classified by Contractual Maturity Date	The amortized cost and fair value of the Company's fixed maturity securities as of December 31, 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. December 31, 2023 (in thousands) Amortized Cost Fair Value Due in one year or less $ 690,694 $ 689,833 Due after one year through five years 363,165 365,309 Total $ 1,053,859 $ 1,055,142
Summary of investment income	The following table presents disaggregated net investment income: Year Ended December 31, (in thousands) 2023 2022 2021 Fixed maturity securities $ 59,965 $ 10,713 $ 3,097 Cash equivalents 96,300 17,919 140 Investment income 156,265 28,632 3,237 Investment expense $ (818) $ (1,038) $ (842) Net Investment Income $ 155,447 $ 27,594 $ 2,395

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 and liabilities measured at fair value on a recurring basis: December 31, 2023 (in thousands) (Level 1) (Level 2) (Level 3) Total Fair Value Measurement Assets Cash equivalents 434,330 — — 434,330 Investments U.S. treasury and agency securities — 802,915 — 802,915 Corporate notes — 235,564 — 235,564 Certificate of deposit — 16,663 — 16,663 Restricted investments Certificates of deposit — 2,478 — 2,478 U.S. treasury securities — 5,736 — 5,736 Total Assets $ 434,330 $ 1,063,356 $ — $ 1,497,686 December 31, 2022 (in thousands) (Level 1) (Level 2) (Level 3) Total Fair Value Measurement Assets 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 Certificate 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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 (in thousands) Benefits Payable Unallocated Claims Total 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 $ 4,622,263 $ 105,565 $ 4,727,828 Prior years 19,761 — 19,761 Total claims incurred and CAE, net $ 4,642,024 $ 105,565 $ 4,747,589 Claims paid and CAE Current year $ 3,840,009 $ 94,807 $ 3,934,816 Prior years 552,923 10,278 563,201 Total claims and CAE paid, net $ 4,392,932 $ 105,085 $ 4,498,017 Benefits and CAE payable, end of period, net $ 908,875 $ 13,192 $ 922,067 Add: Reinsurance recoverable 57,111 — 57,111 Benefits and CAE payable, end of period $ 965,986 $ 13,192 $ 979,178 Year Ended December 31, 2022 (in thousands) Benefits Payable Unallocated Claims Total 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 $ 3,279,460 $ 117,541 $ 3,397,001 Prior years 1,338 — 1,338 Total claims incurred and CAE, net $ 3,280,798 $ 117,541 $ 3,398,339 Claims paid and CAE Current year $ 2,726,912 $ 106,871 $ 2,833,783 Prior years 248,505 7,059 255,564 Total claims and CAE paid, net $ 2,975,417 $ 113,930 $ 3,089,347 Benefits and CAE payable, end of period, net $ 659,783 $ 12,712 $ 672,495 Add: Reinsurance recoverable 277,944 — 277,944 Benefits and CAE payable, end of period $ 937,727 $ 12,712 $ 950,439 Year Ended December 31, 2021 (in thousands) Benefits Payable Unallocated Claims Total Benefits payable, beginning of the period $ 311,914 $ 5,509 $ 317,423 Less: Reinsurance recoverable 132,658 — 132,658 Benefits payable, beginning of the period, net $ 179,256 $ 5,509 $ 184,765 Claims incurred and CAE Current year $ 1,640,247 $ 73,892 $ 1,714,139 Prior years (16,252) — (16,252) Total claims incurred and CAE, net $ 1,623,995 $ 73,892 $ 1,697,887 Claims paid and CAE Current year $ 1,346,870 $ 64,791 $ 1,411,661 Prior years 101,978 5,509 107,487 Total claims and CAE paid, net $ 1,448,848 $ 70,300 $ 1,519,148 Benefits and CAE payable, end of period, net $ 354,402 $ 9,101 $ 363,503 Add: Reinsurance recoverable 159,180 — 159,180 Benefits and CAE payable, end of period $ 513,582 $ 9,101 $ 522,683
Reconciliation of Claims Development to Liability	Incurred Healthcare Claims Net of Reinsurance Year Ended December 31, IBNR Cumulative number of reported claims (Unaudited) (Unaudited) (in thousands) 2021 2022 2023 Date of Service 2021 $ 1,640,247 $ 1,648,358 $ 1,631,603 $ 24,280 6,274 2022 3,279,461 3,314,332 90,415 12,725 2023 4,622,263 782,253 11,526 Total claims incurred $ 9,568,198 Cumulative Paid Healthcare Claims Net of Reinsurance Year Ended December 31, (Unaudited) (Unaudited) (in thousands) 2021 2022 2023 Date of Service 2021 $ 1,346,870 $ 1,576,846 $ 1,607,324 2022 2,726,912 3,223,917 2023 3,840,009 Total payment of incurred claims 8,671,250 All outstanding liabilities prior to 2021, net of reinsurance 11,927 Total benefits payable, net of reinsurance $ 908,875
Summary of Insurance Claims Development	The following table reconciles total outstanding liabilities, net of reinsurance to benefits payable in the consolidated balance sheet: As of December 31, (in thousands) 2023 2022 Short-duration healthcare costs payable, net of reinsurance $ 908,875 $ 659,783 Reinsurance recoverables 57,111 277,944 Total benefits payable $ 965,986 $ 937,727

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense	The following table summarizes the stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, which is included within the line items specified below in the consolidated statements of operations: Year Ended December 31, (in thousands) 2023 2022 2021 Other insurance costs $ 65,755 $ 51,495 $ 42,295 General and administrative expenses 101,086 60,834 44,001 Total stock-based compensation expense $ 166,841 $ 112,329 $ 86,296
Summary of stock option award activity	The following table summarizes the stock option award activity for the year ended December 31, 2023: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Options Outstanding - December 31, 2022 28,728,889 $ 10.01 5.81 $ 2,073 Options granted 1,665,456 6.35 Options exercised 1,771,493 $ 2.23 $ 8,489 Options canceled 2,244,740 $ 11.39 Options Outstanding - December 31, 2023 26,378,112 $ 10.18 5.35 $ 15,700 Options Exercisable at December 31, 2023 23,559,805 $ 10.12 4.99 $ 11,409
Summary of stock option valuation assumptions	The table below summarizes the assumptions used during the years ended December 31, 2023 and 2021. There were no stock options granted during the year ended December 31, 2022. December 31, 2023 2022 2021 Term in years 6.02 - 6.14 — 5.01 - 6.07 Risk free rate of return 3.5% - 4.7% — % 0.5% - 1.2% Expected volatility 58.2% - 59.4% — % 39.2% - 44.5% Dividend yield — % — % — %
Summary of RSU activity	The following table summarizes RSU award activity for the year ended December 31, 2023: RSUs Number of Shares Weighted Average Grant Date Fair Value Outstanding RSUs at December 31, 2022 17,595,870 $ 8.37 RSUs granted 20,165,861 $ 6.52 RSUs vested 11,325,505 $ 7.92 RSUs canceled 4,713,688 $ 7.60 Outstanding RSUs at December 31, 2023 21,722,538 $ 7.06
Summary of PSU activity	The following table summarizes PSU award activity for the years ended December 31, 2023: PSUs Number of Shares Weighted Average Grant Date Fair Value Outstanding PSUs at December 31, 2022 8,464,577 $ 12.75 PSUs granted 7,453,334 $ 3.30 PSUs canceled 6,613,308 $ 13.88 Outstanding PSUs at December 31, 2023 9,304,603 $ 4.37
Summary of PSU valuation assumptions	December 31, 2023 December 31, 2022 December 31, 2021 Grant date stock price $ 6.74 $ — $ 39.00 Term in years 3.0 0 7.0 Expected volatility 59.85 % — % 45.00 % Risk-free rate 3.64 % — % 1.14 % Dividend yield — % — % — %

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Numerator : Net loss attributable to Oscar Health, Inc. $ (270,728) $ (606,275) $ (572,606) Denominator : Weighted average shares of common stock outstanding, basic and diluted 221,655,493 212,474,615 178,967,056 Net loss per share attributable to Oscar Health, Inc., basic and diluted $ (1.22) $ (2.85) $ (3.20)
Schedule of antidilutive securities excluded from computation	The following potential shares of common stock, 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: Year Ended December 31, 2023 2022 2021 Stock options to purchase common stock 26,378,112 28,728,889 34,048,888 Restricted stock units 21,722,538 17,595,870 8,983,941 Performance-based restricted stock units 9,304,603 8,464,577 7,082,432 Shares underlying convertible notes (Note 15) 36,652,491 36,652,491 — Total 94,057,744 91,441,827 50,115,261

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the provision for income taxes are as follows for the periods indicated: Years Ended December 31, (in thousands) 2023 2022 2021 Current income tax: Federal $ 3,222 $ (358) $ 947 State 14 — — Total current income tax $ 3,236 $ (358) $ 947 Deferred income (benefit) tax: Federal $ 58 $ (165) $ (101) State — — — Total deferred tax $ 58 $ (165) $ (101) Total income tax $ 3,294 $ (523) $ 846
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the tax provision at the U.S. federal statutory tax rate to the provision for income taxes and the effective tax rate follows for the periods indicated: Year Ended December 31, (in thousands, except percentages) 2023 2022 2021 Loss before income taxes (267,300) (610,075) (570,580) Income tax benefit at statutory rate 21.00 % 21.00 % 21.00 % State taxes (net of federal income tax) (1.23) % 6.00 % 0.90 % Change in valuation allowance (11.08) % (23.27) % (21.62) % Stock-based compensation adjustment (1.65) % (1.92) % 1.81 % Non-deductible compensation (8.36) % (1.56) % (2.25) % Other permanent items 0.09 % (0.16) % 0.01 % Total income tax (1.23) % 0.09 % (0.15) %
Schedule of Deferred Tax Assets and Liabilities	The components of deferred income tax assets and liabilities are as follows for the periods indicated: December 31, (in thousands) 2023 2022 Deferred Tax Assets: NOL carryforwards $ 548,147 $ 529,293 Premium deficiency reserves 1,213 798 Stock option 2,396 5,284 Claims reserves 17,736 16,021 Accrued bonus 5,786 4,991 Start-up costs 2,805 3,252 Unearned premium reserve 2,756 3,311 Business interest expense — 1,242 Fixed assets and capitalized software 6,600 1,483 Investments 21 2,040 Other 13,204 1,972 Total deferred tax assets before valuation allowance 600,664 569,687 Valuation allowance 591,701 564,392 Total deferred tax assets, net of valuation allowance $ 8,963 $ 5,295 Deferred Tax Liabilities: Prepaid expenses 2,830 3,485 Other 5,429 1,038 Total deferred tax liabilities 8,259 4,523 Net deferred tax assets $ 704 $ 772

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Leases	The following table presents the lease-related balances within the balance sheet: December 31, (in thousands) Balance Sheet Classification 2023 2022 Operating Leases Right-of-use assets Other assets $ 62,873 $ 68,001 Lease liabilities, current Accounts payable and accrued liabilities $ 14,175 $ 12,824 Lease liabilities, noncurrent Other liabilities $ 66,803 $ 72,175 Additional Information: December 31, 2023 Weighted-average remaining lease term 7.2 years Weighted-average discount rate 10.64 %
Schedule of Operating Lease Liability Maturity	Future minimum rental payments under non-cancellable operating leases are estimated as follows: Year Ended December 31, (in thousands) 2024 $ 14,175 2025 14,360 2026 16,445 2027 17,099 2028 17,168 Thereafter 38,119 Total lease payments $ 117,366 Less: Imputed interest 36,388 Present value of lease liabilities $ 80,978

PROPERTY, EQUIPMENT AND CAPIT_2

PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The following table summarizes the balances of the Company’s property, equipment and capitalized software: December 31, (in thousands) 2023 2022 Property, equipment, and capitalized software Software and hardware $ 119,263 $ 87,252 Leasehold improvements 25,301 25,301 Property and fixtures 5,443 4,719 Property, equipment, and capitalized software 150,007 117,272 Less: Accumulated depreciation and amortization (88,077) (57,384) Property, equipment, and capitalized software, net $ 61,930 $ 59,888

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table presents the interest expense indicating an effective interest rate of 7.61% over the term of the 2031 Notes: December 31, (in thousands) 2023 2022 Coupon interest expense $ 22,112 $ 20,270 Amortization of debt discount and issuance costs 778 713 Total interest expense $ 22,890 $ 20,983

ORGANIZATION (Details)

ORGANIZATION (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Mar. 05, 2021 USD ($) $ / shares shares	Mar. 03, 2021 $ / shares shares	Dec. 31, 2023 segment $ / shares shares	Dec. 31, 2022 $ / shares shares	Mar. 02, 2021 shares
Subsidiary, Sale of Stock [Line Items]
Number of operating segments | segment			1
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, net proceeds | $	$ 1,300
Sale of stock, discounts and commissions | $	$ 71
Treasury stock reclassified to Class A | Treasury Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)		943,800
Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.00001	$ 0.00001	$ 0.00001
Common stock, outstanding (in shares)		132,760,639	193,874,843	181,176,239	398,283,107
Class A | IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction	36,391,946
Stock price (in dollars per share) | $ / shares	$ 39
Class A | Treasury stock reclassified to Class A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)		314,600
Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.00001	$ 0.00001	$ 0.00001
Common stock, outstanding (in shares)		35,335,579	35,514,201	35,115,807	106,006,786

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Settlement reserve	$ 241.1	$ 251.1
Internal-use software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum
Property, Plant and Equipment [Line Items]
Reinsurance contract, term	1 year
Estimated useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Reinsurance contract, term	3 years
Estimated useful life	10 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Allowance for Credit Losses on Risk Sharing Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Risk Adjustment Transfer Receivables, Allowance For Credit Loss [Roll Forward]
Premiums and other receivables, provision for credit losses, beginning of period	$ 2,988	$ 0
Provision for credit losses	28,612	2,988
Premiums and other receivables, provision for credit losses, end of period	$ 31,600	$ 2,988

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 6,418,872	$ 6,704,330	$ 3,420,328
Assumed premiums	228,786	138,109	16,298
Direct and assumed premiums	6,647,658	6,842,439	3,436,626
Risk adjustment and corridor, net	(950,680)	(1,507,919)	(723,638)
Premiums before ceded reinsurance	5,696,978	5,334,520	2,712,988
Reinsurance premiums ceded	(10,909)	(1,463,403)	(881,968)
Premiums earned	5,686,069	3,871,117	1,831,020
CMS
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 5,500,000	$ 5,700,000	$ 2,500,000

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 6,418,872	$ 6,704,330	$ 3,420,328
Receivables from contracts with customers	200	33,700
CMS
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 5,500,000	$ 5,700,000	$ 2,500,000

REINSURANCE - Schedule of Quota

REINSURANCE - Schedule of Quota Share Reinsurance Premiums (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Percentage of premiums ceded under reinsurance contracts accounted for under deposit accounting	45%	18%	0%
Percentage of premiums covered under reinsurance contracts accounted for under reinsurance accounting		29%	34%

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Reinsurance, deposit liability	$ 7	$ 1.8

REINSURANCE - Reinsurance Arran

REINSURANCE - Reinsurance Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums Earned, Net [Abstract]
Reinsurance premiums ceded, gross	$ 56	$ (1,524,157)	$ (921,953)
Experience refunds	(10,965)	60,754	39,985
Reinsurance premiums ceded	(10,909)	(1,463,403)	(881,968)
Assumed premiums	228,786	138,109	16,298
Total reinsurance premiums (ceded) and assumed, net	217,877	(1,325,294)	(865,670)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Direct claims incurred	4,459,702	4,428,000	2,403,108
Ceded reinsurance claims	(44,736)	(1,290,349)	(800,769)
Assumed reinsurance claims	227,058	143,147	21,656
Claims incurred, net	4,642,024	3,280,798	1,623,995
Other Insurance Cost, Net [Abstract]
Other insurance costs, gross	823,455	868,385	492,609
Reinsurance ceding commissions	1,002	(161,946)	(82,246)
Other insurance costs	824,457	706,439	$ 410,363
Reinsurance Recoverables, Including Reinsurance Premium Paid [Abstract]
Ceded reinsurance claim recoverables	225,705	776,266
Reinsurance ceding commissions	6,185	42,805
Experience refunds on reinsurance agreements	9,304	73,816
Reinsurance recoverable	$ 241,194	$ 892,887

BUSINESS ARRANGEMENTS - Variabl

BUSINESS ARRANGEMENTS - Variable interest entities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 3,601,480	$ 4,526,601
Liabilities	2,795,363	3,634,201
Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	125,709	129,629
Liabilities	$ 74,568	$ 78,126

RESTRICTED CASH AND RESTRICTE_3

RESTRICTED CASH AND RESTRICTED DEPOSITS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents	$ 21,656	$ 21,902
Restricted investments	8,214	5,581
Restricted Deposits	$ 29,870	$ 27,483

INVESTMENTS - Summary of invest

INVESTMENTS - Summary of investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,053,859	$ 1,629,814
Unrealized Gains	2,543	155
Unrealized Losses	(1,260)	(9,763)
Fair Value	1,055,142	1,620,206
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	802,288	1,160,430
Unrealized Gains	1,689	89
Unrealized Losses	(1,062)	(5,237)
Fair Value	802,915	1,155,282
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	234,908	378,481
Unrealized Gains	854	66
Unrealized Losses	(198)	(4,098)
Fair Value	235,564	374,449
Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,663	38,082
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 16,663	38,082
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		32,730
Unrealized Gains		0
Unrealized Losses		0
Fair Value		32,730
Municipalities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		20,091
Unrealized Gains		0
Unrealized Losses		(428)
Fair Value		$ 19,663

INVESTMENTS - Summary of inve_2

INVESTMENTS - Summary of investments in a gross unrealized loss position (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [Abstract]
Number of Securities | security	133	308
Fair Value	$ 559,336	$ 724,614
Gross Unrealized Losses	$ (1,161)	$ (1,775)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [Abstract]
Number of Securities | security	23	291
Fair Value	$ 30,096	$ 516,085
Gross Unrealized Losses	$ (99)	$ (7,988)
U.S. treasury and agency securities
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [Abstract]
Number of Securities | security	69	165
Fair Value	$ 480,312	$ 586,411
Gross Unrealized Losses	$ (995)	$ (973)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [Abstract]
Number of Securities | security	4	45
Fair Value	$ 24,551	$ 298,746
Gross Unrealized Losses	$ (67)	$ (4,264)
Corporate notes
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [Abstract]
Number of Securities | security	64	138
Fair Value	$ 79,024	$ 135,133
Gross Unrealized Losses	$ (166)	$ (731)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [Abstract]
Number of Securities | security	19	189
Fair Value	$ 5,545	$ 200,745
Gross Unrealized Losses	$ (32)	$ (3,367)
Municipalities
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [Abstract]
Number of Securities | security		5
Fair Value		$ 3,070
Gross Unrealized Losses		$ (71)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [Abstract]
Number of Securities | security		57
Fair Value		$ 16,594
Gross Unrealized Losses		$ (357)

INVESTMENTS - Summary of contra

INVESTMENTS - Summary of contractual maturities of available-for-sale securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 690,694
Due after one year through five years	363,165
Amortized Cost	1,053,859	$ 1,629,814
Fair Value
Due in one year or less	689,833
Due after one year through five years	365,309
Fair Value	$ 1,055,142	$ 1,620,206

INVESTMENTS - Summary of inve_3

INVESTMENTS - Summary of investment income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Investment income	$ 156,265	$ 28,632	$ 3,237
Investment expense	(818)	(1,038)	(842)
Net Investment Income	155,447	27,594	2,395
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Investment income	59,965	10,713	3,097
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Investment income	$ 96,300	$ 17,919	$ 140

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Accrued investment income	$ 6.6	$ 5.1

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of assets and liabilities measured on recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1,055,142	$ 1,620,206
U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	802,915	1,155,282
Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	235,564	374,449
Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,663	38,082
Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		19,663
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	434,330	118,454
Total Assets	1,497,686	1,744,241
Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	802,915	1,155,282
Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	235,564	374,449
Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,663	38,082
Restricted investments	2,478
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		32,730
Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		19,663
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	5,736	5,581
(Level 1) | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	434,330	104,456
Total Assets	434,330	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
(Level 1) | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
(Level 1) | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	0	0
(Level 2) | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	13,998
Total Assets	1,063,356	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	802,915	1,155,282
(Level 2) | Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	235,564	374,449
(Level 2) | Recurring | Certificate of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16,663	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		32,730
(Level 2) | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		19,663
(Level 2) | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	5,736	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
(Level 3) | Recurring | Municipalities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		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 - Summary of B

BENEFITS PAYABLE - Summary of Benefits Payable And Claims Adjustment Expenses ("CAE") Payable Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Benefits payable, beginning of period	$ 937,727	$ 513,582	$ 311,914
CAE payable, beginning of the period	12,712	9,101	5,509
Benefits and CAE payable, beginning of period	979,178	950,439	522,683	$ 317,423
Less: Reinsurance recoverable	277,944	159,180	132,658
Benefits payable, net reinsurance recoverable, beginning of period	659,783	354,402	179,256
Benefits and CAE payable, net, beginning of period	672,495	363,503	184,765
Benefits Payable
Current year	4,622,263	3,279,460	1,640,247
Prior years	19,761	1,338	(16,252)
Claims incurred	4,642,024	3,280,798	1,623,995
Unallocated Claims Adjustment Expense
Current year	105,565	117,541	73,892
Prior years	0	0	0
Claims adjustment expense	105,565	117,541	73,892
Total
Current year	4,727,828	3,397,001	1,714,139
Prior years	19,761	1,338	(16,252)
Total claims incurred and CAE, net	4,747,589	3,398,339	1,697,887
Benefits Payable
Current year	3,840,009	2,726,912	1,346,870
Prior years	552,923	248,505	101,978
Claims paid	4,392,932	2,975,417	1,448,848
Unallocated Claims Adjustment Expense
Current year	94,807	106,871	64,791
Prior years	10,278	7,059	5,509
CAE paid	105,085	113,930	70,300
Total
Current year	3,934,816	2,833,783	1,411,661
Prior years	563,201	255,564	107,487
Total claims and CAE paid, net	4,498,017	3,089,347	1,519,148
Benefits payable, net reinsurance recoverable, end of period	908,875	659,783	354,402
CAE payable, end of the period	13,192	12,712	9,101
Benefits and CAE payable, net, end of period	922,067	672,495	363,503
Add: Reinsurance recoverable	57,111	277,944	159,180
Benefits payable, end of period	965,986	937,727	513,582
Benefits and CAE payable, end of period	$ 979,178	$ 950,439	$ 522,683

BENEFITS PAYABLE - Summary of I

BENEFITS PAYABLE - Summary of Insurance Claims Development (Details) claim in Thousands, $ in Thousands	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Claims Development [Line Items]
Claims incurred	$ 9,568,198
Claims paid	8,671,250
All outstanding liabilities prior to 2021, net of reinsurance	11,927
Total benefits payable, net of reinsurance	908,875	$ 659,783
2021
Claims Development [Line Items]
Claims incurred	1,631,603	1,648,358	$ 1,640,247
Incurred but not reported (IBNR)	$ 24,280
Cumulative number of reported claims | claim	6,274
Claims paid	$ 1,607,324	1,576,846	$ 1,346,870
2022
Claims Development [Line Items]
Claims incurred	3,314,332	3,279,461
Incurred but not reported (IBNR)	$ 90,415
Cumulative number of reported claims | claim	12,725
Claims paid	$ 3,223,917	$ 2,726,912
2023
Claims Development [Line Items]
Claims incurred	4,622,263
Incurred but not reported (IBNR)	$ 782,253
Cumulative number of reported claims | claim	11,526
Claims paid	$ 3,840,009

BENEFITS PAYABLE - Reconciliati

BENEFITS PAYABLE - Reconciliation of Claims Development to Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Short-duration healthcare costs payable, net of reinsurance	$ 908,875	$ 659,783
Reinsurance recoverables	57,111	277,944	$ 159,180	$ 132,658
Benefits payable	$ 965,986	$ 937,727	$ 513,582	$ 311,914

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		1,665,456	0
Options granted, weighted average grant date fair value (in dollars per share)		$ 3.74	$ 8.69
Options exercised, aggregate intrinsic value		$ 8,489	$ 1,000	$ 111,000
Stock-based compensation expense		166,841	112,329	86,296
Unrecognized compensation expense, options		12,800
Accelerated stock-based compensation expense		$ 46,300
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		43,700,000
Number of shares available for issuance		6,300,000
2022 Inducement Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		18,300,000
Number of shares available for issuance		5,800,000
Additional shares authorized (in shares)	13,300,000
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 101,086	60,834	44,001
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		10 years
Award vesting period		4 years
Stock-based compensation expense		$ 12,000	21,500	39,000
Unrecognized compensation expense, period for recognition		2 years 1 month 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units vested in the period		$ 89,700	68,400
Stock-based compensation expense		$ 90,000	65,500	28,500
Unrecognized compensation expense, period for recognition		2 years
Unrecognized compensation expense		$ 140,000
Granted (in shares)		20,165,861
Canceled (in shares)		4,713,688
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 64,900	$ 25,300	$ 18,800
Unrecognized compensation expense, period for recognition		2 years
Unrecognized compensation expense		$ 21,100
Granted (in shares)		7,453,334	0
Canceled (in shares)		6,613,308
PSUs | Founder, Mario Schlosser
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Canceled (in shares)	4,229,853
PSUs | Founder, Joshua Kushner
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Canceled (in shares)	2,114,926

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of stock-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 166,841	$ 112,329	$ 86,296
Other insurance costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	65,755	51,495	42,295
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 101,086	$ 60,834	$ 44,001

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of stock option award activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	28,728,889
Options granted (in shares)	1,665,456	0
Options exercised (in shares)	1,771,493
Options canceled (in shares)	2,244,740
Ending balance (in shares)	26,378,112	28,728,889
Options exercisable (in shares)	23,559,805
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 10.01
Options granted (in dollars per share)	6.35
Options exercised (in dollars per share)	2.23
Options canceled (in dollars per share)	11.39
Ending balance (in dollars per share)	10.18	$ 10.01
Options exercisable (in dollars per share)	$ 10.12
Weighted Average Remaining Contractual Life (in years)
Options outstanding, weighted average contractual life	5 years 4 months 6 days	5 years 9 months 21 days
Options exercisable, weighted average contractual life	4 years 11 months 26 days
Aggregate Intrinsic Value (in thousands)
Beginning balance, aggregate intrinsic value	$ 2,073
Ending balance, aggregate intrinsic value	15,700	$ 2,073
Options exercisable, aggregate intrinsic value	$ 11,409

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of valuation assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate of return, minimum	3.50%		0.50%
Risk free rate of return, maximum	4.70%		1.20%
Volatility, minimum	58.20%	39.20%
Volatility, maximum	59.40%	44.50%
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term in years	6 years 7 days		5 years 3 days
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term in years	6 years 1 month 20 days		6 years 25 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term in years	3 years	0 years	7 years
Dividend yield	0%	0%	0%
Grant date stock price (in dollars per share)	$ 6.74	$ 0	$ 39
Expected volatility	59.85%	0%	45%
Risk-free rate	3.64%	0%	1.14%

STOCK-BASED COMPENSATION - Su_4

STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) | shares	17,595,870
Granted (in shares) | shares	20,165,861
Vested (in shares) | shares	11,325,505
Canceled (in shares) | shares	4,713,688
Outstanding, ending balance (in shares) | shares	21,722,538
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 8.37
Granted (in dollars per share) | $ / shares	6.52
Vested (in dollars per share) | $ / shares	7.92
Canceled (in dollars per share) | $ / shares	7.60
Outstanding, ending balance (in dollars per share) | $ / shares	$ 7.06

STOCK-BASED COMPENSATION - Su_5

STOCK-BASED COMPENSATION - Summary of PSU activity (Details) - PSUs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, beginning balance (in shares)	8,464,577
Granted (in shares)	7,453,334	0
Canceled (in shares)	(6,613,308)
Outstanding, ending balance (in shares)	9,304,603	8,464,577
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 12.75
Granted (in dollars per share)	3.30
Canceled (in dollars per share)	13.88
Outstanding, ending balance (in dollars per share)	$ 4.37	$ 12.75

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to Oscar Health, Inc.	$ (270,728)	$ (606,275)	$ (572,606)
Denominator:
Weighted average shares of common stock outstanding, basic (in shares)	221,655,493	212,474,615	178,967,056
Weighted average shares of common stock outstanding, diluted (in shares)	221,655,493	212,474,615	178,967,056
Earnings (Loss) per Share
Net loss per share attributable to Oscar Health, Inc., basic (in dollars per share)	$ (1.22)	$ (2.85)	$ (3.20)
Net loss per share attributable to Oscar Health, Inc., diluted (in dollars per share)	$ (1.22)	$ (2.85)	$ (3.20)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of antidilutive securities excluded from computation (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	94,057,744	91,441,827	50,115,261
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	26,378,112	28,728,889	34,048,888
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	21,722,538	17,595,870	8,983,941
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	9,304,603	8,464,577	7,082,432
Shares underlying convertible notes (Note 15)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	36,652,491	36,652,491	0

EARNINGS (LOSS) PER SHARE - Nar

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation (in shares)	94,057,744	91,441,827	50,115,261
Convertible preferred stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation (in shares)				400,904,302
Warrant and call option
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation (in shares)				1,225,216

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax:
Federal	$ 3,222	$ (358)	$ 947
State	14	0	0
Total current income tax	3,236	(358)	947
Deferred income (benefit) tax:
Federal	58	(165)	(101)
State	0	0	0
Total deferred tax	58	(165)	(101)
Total income tax	$ 3,294	$ (523)	$ 846

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (267,300)	$ (610,075)	$ (570,580)
Percent
Income tax benefit at statutory rate	21%	21%	21%
State taxes (net of federal income tax)	(1.23%)	6%	0.90%
Change in valuation allowance	(11.08%)	(23.27%)	(21.62%)
Stock-based compensation adjustment	(1.65%)	(1.92%)	1.81%
Non-deductible compensation	(8.36%)	(1.56%)	(2.25%)
Other permanent items	0.09%	(0.16%)	0.01%
Total income tax	(1.23%)	0.09%	(0.15%)

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
NOL carryforwards	$ 548,147	$ 529,293
Premium deficiency reserves	1,213	798
Stock option	2,396	5,284
Claims reserves	17,736	16,021
Accrued bonus	5,786	4,991
Start-up costs	2,805	3,252
Unearned premium reserve	2,756	3,311
Business interest expense	0	1,242
Fixed assets and capitalized software	6,600	1,483
Investments	21	2,040
Other	13,204	1,972
Total deferred tax assets before valuation allowance	600,664	569,687
Valuation allowance	591,701	564,392
Total deferred tax assets, net of valuation allowance	8,963	5,295
Deferred Tax Liabilities:
Prepaid expenses	2,830	3,485
Other	5,429	1,038
Total deferred tax liabilities	8,259	4,523
Net deferred tax assets	$ 704	$ 772

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 591,701,000	$ 564,392,000
Unrecognized tax benefits	0	0	$ 0
Unrecognized tax benefits, penalties and interest expense	0	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,300,000,000
Net operating loss carryforwards, subject to expiration	1,300,000,000
Net operating loss carryforwards, not subject to expiration	922,000,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, group filings	918,000,000
Operating loss carryforwards, standalone filings	$ 383,000,000

LEASES - Summary of Lease-relat

LEASES - Summary of Lease-related Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Right-of-use assets	$ 62,873	$ 68,001
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities
Lease liabilities, current	$ 14,175	$ 12,824
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Lease liabilities, noncurrent	$ 66,803	$ 72,175

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease costs	$ 14.7	$ 14.8	$ 15.2
Operating lease payments	$ 14	$ 14.8

LEASES - Schedule of Operating

LEASES - Schedule of Operating Lease Liability Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 14,175
2025	14,360
2026	16,445
2027	17,099
2028	17,168
Thereafter	38,119
Total lease payments	117,366
Less: Imputed interest	36,388
Present value of lease liabilities	$ 80,978

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	7 years 2 months 12 days
Weighted-average discount rate	10.64%

PROPERTY, EQUIPMENT AND CAPIT_3

PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software	$ 150,007	$ 117,272
Less: Accumulated depreciation and amortization	(88,077)	(57,384)
Property, equipment, and capitalized software, net	61,930	59,888
Software and hardware
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software	119,263	87,252
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software	25,301	25,301
Property and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software	$ 5,443	$ 4,719

PROPERTY, EQUIPMENT AND CAPIT_4

PROPERTY, EQUIPMENT AND CAPITALIZED SOFTWARE- Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 30,694	$ 15,283	$ 14,605

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)			1 Months Ended		12 Months Ended
	Feb. 21, 2021 USD ($)	Oct. 30, 2020 USD ($)	Feb. 28, 2022 USD ($) tradingDay $ / shares	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 28, 2023 USD ($)
Debt Instrument [Line Items]
Debt prepayment					$ 0	$ 0	$ 153,173,000
Loss on extinguishment of debt					0	0	20,178,000
Debt prepayment cost					0	$ 0	$ 12,994,000
Convertible debt | 7.25% convertible senior notes due 2031
Debt Instrument [Line Items]
Aggregate principal amount			$ 305,000,000
Stated interest rate			7.25%
Conversion ratio			0.1201721
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares			$ 8.32
Debt instrument, convertible, threshold percentage of stock Price trigger			200%
Debt Instrument, convertible, threshold trading days | tradingDay			20
Debt Instrument, convertible, threshold consecutive trading days | tradingDay			30
Long-term debt					298,800,000
Unamortized debt discount and debt issuance costs					6,200,000
Long-term debt, fair value					$ 401,700,000
Debt instrument, interest rate, effective percentage					7.61%
Line of credit | Revolving credit facility | Revolving Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 115,000,000
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%
Loan payable | Facility Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 150,000,000
Interest rate during period					12.75%
Debt prepayment				$ 153,200,000
Paid-in-kind interest				3,200,000
Loss on extinguishment of debt				20,200,000
Debt prepayment cost				13,000,000
Unamortized debt discount and issuance costs written off				$ 7,200,000
Loan payable | LIBOR | Facility Agreement
Debt Instrument [Line Items]
Basis spread on variable rate		11.75%

LONG-TERM DEBT - Schedule of de

LONG-TERM DEBT - Schedule of debt interest expense (Details) - 7.25% convertible senior notes due 2031 - Convertible debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Coupon interest expense	$ 22,112	$ 20,270
Amortization of debt discount and issuance costs	778	713
Total interest expense	$ 22,890	$ 20,983

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions	Mar. 05, 2021 USD ($) $ / shares shares	Mar. 03, 2021 $ / shares shares	Mar. 02, 2021 $ / shares shares	Dec. 31, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Preferred stock, authorized (in shares)		82,500,000
Stock split, conversion ratio (in percent)		0.33
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, net proceeds | $	$ 1,300
Sale of stock, discounts and commissions | $	$ 71
Preferred Stock converted to Series A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)			402,192,500
Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.00001		$ 0.00001	$ 0.00001
Common stock, authorized (in shares)		825,000,000		825,000,000	825,000,000
Common stock, conversion ratio				1
Stock split, conversion ratio (in percent)		3
Common stock, outstanding (in shares)		132,760,639	398,283,107	193,874,843	181,176,239
Voting rights, number of votes | vote				1
Class A | IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction	36,391,946
Stock price (in dollars per share) | $ / shares	$ 39
Class A | Series A reclassified to Class A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)			398,283,107
Class A | Class B converted to Class A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)		219,772
Series A common stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.00001
Series A common stock | Preferred Stock converted to Series A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)			403,261,643
Series A common stock | Series B converted to Series A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)			9,360,800
Series A common stock | Series A reclassified to Class A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)			398,283,107
Series A common stock | Series A reclassified to Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)			45,879,623
Series B common stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.00001
Series B common stock | Series B converted to Series A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)			9,360,800
Series B common stock | Series B reclassified to Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)			60,127,163
Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.00001		$ 0.00001	$ 0.00001
Common stock, authorized (in shares)		82,500,000		82,500,000	82,500,000
Common stock, conversion ratio				1
Stock split, conversion ratio (in percent)		3
Common stock, outstanding (in shares)		35,335,579	106,006,786	35,514,201	35,115,807
Voting rights, number of votes | vote				20
Class B | Series B reclassified to Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)			60,127,163
Class B | Series A reclassified to Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, issued (in shares)			45,879,623
Class B | Class B converted to Class A
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, converted (in shares)		219,772

STATUTORY REGULATIONS (Details)

STATUTORY REGULATIONS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Combined statutory capital and surplus	$ 800.6	$ 701.5

SCHEDULE I - CONDENSED FINANC_2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 1,870,315	$ 1,558,595	$ 1,103,995
Other current assets	6,564	6,450
Total Assets	3,601,480	4,526,601
Liabilities and Stockholders' Equity
Long-term debt	298,777	297,999
Other liabilities	67,574	72,280
Total liabilities	2,795,363	3,634,201
Commitments and contingencies (Note 19)
Stockholders' Equity
Treasury stock (314,600 shares as of December 31, 2023 and 2022)	(2,923)	(2,923)
Additional paid-in capital	3,682,294	3,509,007
Accumulated deficit	(2,876,715)	(2,605,987)
Accumulated other comprehensive income (loss)	1,309	(9,715)
Total Oscar Health, Inc. stockholders’ equity	803,967	890,384
Total Liabilities and Stockholders' Equity	3,601,480	4,526,601
Class A
Stockholders' Equity
Common stock	2	2
Class B
Stockholders' Equity
Common stock	0	0
Parent
Assets:
Cash and cash equivalents	171,940	14,728
Restricted deposits and investments	23,589	310,043
Investments in and advances to subsidiaries	925,926	857,649
Other current assets	5,990	17,432
Total Assets	1,127,445	1,199,852
Liabilities and Stockholders' Equity
Long-term debt	298,777	297,999
Other liabilities	24,701	11,469
Total liabilities	323,478	309,468
Commitments and contingencies (Note 19)
Stockholders' Equity
Treasury stock (314,600 shares as of December 31, 2023 and 2022)	(2,923)	(2,923)
Additional paid-in capital	3,682,294	3,509,007
Accumulated deficit	(2,876,715)	(2,605,987)
Accumulated other comprehensive income (loss)	1,309	(9,715)
Total Oscar Health, Inc. stockholders’ equity	803,967	890,384
Total Liabilities and Stockholders' Equity	1,127,445	1,199,852
Parent | Class A
Stockholders' Equity
Common stock	2	2
Parent | Class B
Stockholders' Equity
Common stock	$ 0	$ 0

SCHEDULE I - CONDENSED FINANC_3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Investment income and other revenue	$ 161,358	$ 31,474	$ 2,301
Total revenue	5,862,869	3,963,638	1,838,715
Operating Expenses
General and administrative expenses	339,716	309,783	265,078
Interest expense	24,603	22,623	4,720
Loss on extinguishment of debt	0	0	20,178
Loss before income taxes	(267,300)	(610,075)	(570,580)
Income tax expense (benefit)	3,294	(523)	846
Net loss attributable to Oscar Health, Inc.	(270,728)	(606,275)	(572,606)
Parent
Revenue
Investment income and other revenue	20,253	8,274	3,225
Total revenue	20,253	8,274	3,225
Operating Expenses
General and administrative expenses	106,387	60,130	61,004
Interest expense	24,577	22,583	4,720
Other expenses (income)	7,081	(2,415)	1,201
Loss on extinguishment of debt	0	0	20,178
Loss before income taxes	(117,792)	(72,024)	(83,878)
Income tax expense (benefit)	(7,870)	2,703	(715)
Loss before equity in net loss of subsidiaries	(109,922)	(74,727)	(83,163)
Equity in net loss of subsidiaries	(160,806)	(531,548)	(489,443)
Net loss attributable to Oscar Health, Inc.	$ (270,728)	$ (606,275)	$ (572,606)

SCHEDULE I - CONDENSED FINANC_4

SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
Net loss attributable to Oscar Health, Inc.	$ (270,728)	$ (606,275)	$ (572,606)
Other comprehensive income (loss), net of tax:
Comprehensive loss attributable to Oscar Health, Inc.	(259,704)	(612,319)	(577,156)
Parent
Condensed Statement of Income Captions [Line Items]
Net loss attributable to Oscar Health, Inc.	(270,728)	(606,275)	(572,606)
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale	11,024	(6,044)	(4,550)
Comprehensive loss attributable to Oscar Health, Inc.	$ (259,704)	$ (612,319)	$ (577,156)

SCHEDULE I - CONDENSED FINANC_5

SCHEDULE I - CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (272,159)	$ 380,349	$ (181,745)
Cash flows from investing activities:
Purchase of fixed maturity securities	(836,982)	(1,192,706)	(1,810,076)
Sale of investments	31,857	360,616	624,077
Maturity of investments	1,410,166	633,467	430,694
Net cash (used in) provided by investing activities	577,187	(226,519)	(774,515)
Cash flows from financing activities:
Proceeds from long-term debt	0	305,000	0
Proceeds from joint venture contribution	2,490	1,846	0
Proceeds from exercise of stock options	3,956	1,299	49,584
Debt extinguishment costs	0	0	(12,994)
Debt prepayment	0	0	(153,173)
Payments of debt issuance costs	0	(7,035)	0
Offering costs from IPO	0	0	(9,447)
Proceeds from exercise of warrants and call options	0	0	9,191
Proceeds from IPO, net of underwriting discounts	0	0	1,348,321
Net cash provided by financing activities	6,446	301,110	1,238,712
Increase in cash, cash equivalents and restricted cash equivalents	311,474	454,940	282,452
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	1,580,497	1,125,557	843,105
Cash, cash equivalents, restricted cash and cash equivalents—end of period	1,891,971	1,580,497	1,125,557
Parent
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	9,055	(3,957)	(2,860)
Cash flows from investing activities:
Investments in subsidiaries	(149,025)	(652,008)	(802,190)
Purchase of fixed maturity securities	0	(138,919)	(986,553)
Sale of investments	(15,775)	295,316	275,279
Maturity of investments	306,511	155,578	111,681
Net cash (used in) provided by investing activities	141,711	(340,033)	(1,401,783)
Cash flows from financing activities:
Proceeds from long-term debt	0	305,000	0
Proceeds from joint venture contribution	2,490	1,846	0
Proceeds from exercise of stock options	3,956	1,299	49,584
Debt extinguishment costs	0	0	(12,994)
Debt prepayment	0	0	(153,173)
Payments of debt issuance costs	0	(7,035)	0
Offering costs from IPO	0	0	(9,447)
Proceeds from exercise of warrants and call options	0	0	9,191
Proceeds from IPO, net of underwriting discounts	0	0	1,348,321
Net cash provided by financing activities	6,446	301,110	1,231,482
Increase in cash, cash equivalents and restricted cash equivalents	157,212	(42,880)	(173,161)
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	14,728	57,608	230,769
Cash, cash equivalents, restricted cash and cash equivalents—end of period	$ 171,940	$ 14,728	$ 57,608