Oscar Health (OSCR) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40154
Entity Registrant Name	Oscar Health, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1315570
Entity Address, Address Line One	75 Varick Street, 5th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10013
City Area Code	(646)
Local Phone Number	403-3677
Title of 12(b) Security	Class A Common Stock, $0.00001 par value per share
Trading Symbol	OSCR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001568651
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		211,754,816
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,514,201

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Premium	$ 2,368,257	$ 1,392,082	$ 6,626,055	$ 4,295,674
Investment income	50,326	42,368	143,309	119,908
Services and other	4,899	5,541	15,764	15,629
Total revenue	2,423,482	1,439,991	6,785,128	4,431,211
Operating Expenses
Medical	2,003,979	1,163,194	5,267,475	3,436,785
Selling, general, and administrative	460,377	325,850	1,289,745	1,061,612
Depreciation and amortization	7,500	9,191	22,912	22,952
Total operating expenses	2,471,856	1,498,235	6,580,132	4,521,349
Earnings (loss) from operations	(48,374)	(58,244)	204,996	(90,138)
Interest expense	5,815	6,130	17,708	18,386
Other expenses (income)	(1,877)	414	173	8,132
Earnings (loss) before income taxes	(52,312)	(64,788)	187,115	(116,656)
Income tax expense	2,076	915	7,709	4,100
Net income (loss)	(54,388)	(65,703)	179,406	(120,756)
Less: Net income (loss) attributable to noncontrolling interests	208	(305)	427	(58)
Net income (loss) attributable to Oscar Health, Inc.	$ (54,596)	$ (65,398)	$ 178,979	$ (120,698)
Earnings (Loss) per Share
Basic (in dollars per share)	$ (0.22)	$ (0.29)	$ 0.75	$ (0.55)
Diluted (in dollars per share)	$ (0.22)	$ (0.29)	$ 0.65	$ (0.55)
Weighted Average Common Shares Outstanding
Basic (in shares)	243,106,000	223,099,000	237,759,000	219,827,000
Diluted (in shares)	243,106,000	223,099,000	301,459,000	219,827,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (54,388)	$ (65,703)	$ 179,406	$ (120,756)
Other comprehensive income (loss), net of tax:
Unrealized gains on investments, net	28,676	2,403	24,742	5,262
Comprehensive income (loss)	(25,712)	(63,300)	204,148	(115,494)
Comprehensive income (loss) attributable to noncontrolling interests	208	(305)	427	(58)
Comprehensive income (loss) attributable to Oscar Health, Inc.	$ (25,920)	$ (62,995)	$ 203,721	$ (115,436)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,206,145	$ 1,870,315
Short-term investments	503,784	689,833
Premiums and accounts receivable (net of allowance for credit losses of $30,100 and $31,600)	300,635	201,269
Risk adjustment transfer receivable	63,512	51,925
Reinsurance recoverable	273,317	241,194
Other current assets	20,661	6,564
Total current assets	2,368,054	3,061,100
Property, equipment, and capitalized software, net	66,631	61,930
Long-term investments	1,933,892	365,309
Restricted deposits	30,069	29,870
Other assets	84,369	83,271
Total assets	4,483,015	3,601,480
Current Liabilities:
Benefits payable	1,356,726	965,986
Risk adjustment transfer payable	1,083,880	1,056,941
Premium deficiency reserve	1,444	5,776
Unearned premiums	66,129	65,918
Accounts payable and other liabilities	395,481	273,367
Reinsurance payable	51,117	61,024
Total current liabilities	2,954,777	2,429,012
Long-term debt	299,361	298,777
Other liabilities	63,537	67,574
Total liabilities	3,317,675	2,795,363
Commitments and contingencies (Note 12)
Stockholders' Equity
Treasury stock (315 thousand shares as of September 30, 2024 and December 31, 2023)	(2,923)	(2,923)
Additional paid-in capital	3,837,369	3,682,294
Accumulated deficit	(2,697,736)	(2,876,715)
Accumulated other comprehensive income	26,051	1,309
Total Oscar Health, Inc. stockholders' equity	1,162,763	803,967
Noncontrolling interests	2,577	2,150
Total stockholders' equity	1,165,340	806,117
Total liabilities and stockholders' equity	$ 4,483,015	$ 3,601,480
Treasury stock (in shares)	315	315
Common Class A
Stockholders' Equity
Common stock	$ 2	$ 2
Common stock, shares outstanding (in shares)	211,702	193,875
Common Class B
Stockholders' Equity
Common stock	$ 0	$ 0
Common stock, shares outstanding (in shares)	35,514	35,514

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Premiums and accounts receivable, allowance for credit losses	$ 30,100	$ 31,600
Treasury stock (in shares)	315	315
Common Class A
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	825,000	825,000
Common stock, shares outstanding (in shares)	211,702	193,875
Common Class B
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	82,500	82,500
Common stock, shares outstanding (in shares)	35,514	35,514

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Treasury stock	Additional paid-in capital	Accumulated Deficit	Accumulated other comprehensive income (loss)	Noncontrolling interests	Common Class A Common Stock	Common Class B Common Stock
Balance, beginning of period (in shares) at Dec. 31, 2022							181,176	35,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)							9,619	180
Balance, end of period (in shares) at Sep. 30, 2023							190,796	35,296
Balance, beginning of period at Dec. 31, 2022		$ (2,923)	$ 3,509,007	$ (2,605,987)	$ (9,715)	$ 2,016	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans			2,886
Stock-based compensation expense			139,151
Joint venture contribution			2,491
Net income (loss)	$ (120,756)			(120,698)		(58)
Unrealized gains on investments, net	5,262				5,262
Balance, end of period at Sep. 30, 2023	921,434	(2,923)	3,653,535	(2,726,685)	(4,453)	1,958	$ 2
Balance, beginning of period (in shares) at Jun. 30, 2023							186,790	35,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)							4,006	180
Balance, end of period (in shares) at Sep. 30, 2023							190,796	35,296
Balance, beginning of period at Jun. 30, 2023		(2,923)	3,620,766	(2,661,287)	(6,856)	2,263	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans			300
Stock-based compensation expense			30,449
Joint venture contribution			2,020
Net income (loss)	(65,703)			(65,398)		(305)
Unrealized gains on investments, net	2,403				2,403
Balance, end of period at Sep. 30, 2023	921,434	(2,923)	3,653,535	(2,726,685)	(4,453)	1,958	$ 2
Balance, beginning of period (in shares) at Dec. 31, 2023							193,875	35,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)							17,827
Balance, end of period (in shares) at Sep. 30, 2024							211,702	35,514
Balance, beginning of period at Dec. 31, 2023	806,117	(2,923)	3,682,294	(2,876,715)	1,309	2,150	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans			64,571
Stock-based compensation expense			90,504
Net income (loss)	179,406			178,979		427
Unrealized gains on investments, net	24,742				24,742
Balance, end of period at Sep. 30, 2024	1,165,340	(2,923)	3,837,369	(2,697,736)	26,051	2,577	$ 2
Balance, beginning of period (in shares) at Jun. 30, 2024							206,153	35,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans (in shares)							5,549
Balance, end of period (in shares) at Sep. 30, 2024							211,702	35,514
Balance, beginning of period at Jun. 30, 2024		(2,923)	3,786,885	(2,643,140)	(2,625)	2,369	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans			18,560
Stock-based compensation expense			31,924
Net income (loss)	(54,388)			(54,596)		208
Unrealized gains on investments, net	28,676				28,676
Balance, end of period at Sep. 30, 2024	$ 1,165,340	$ (2,923)	$ 3,837,369	$ (2,697,736)	$ 26,051	$ 2,577	$ 2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 179,406	$ (120,756)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred taxes	(68)	95
Net realized loss on sale of financial instruments	2	70
Depreciation and amortization expense	22,912	22,952
Amortization of debt issuance costs	583	583
Stock-based compensation expense	83,969	133,541
Net accretion of investments	(18,956)	(22,856)
Change in provision for credit losses	(1,500)	12,000
(Increase) / decrease in:
Premiums and accounts receivable	(97,867)	(2,622)
Risk adjustment transfer receivable	(11,587)	(4,265)
Reinsurance recoverable	(32,123)	615,084
Other assets	(15,127)	3,854
Increase / (decrease) in:
Benefits payable	390,740	(27,278)
Unearned premiums	211	(7,396)
Premium deficiency reserve	(4,332)	(4,035)
Accounts payable and other liabilities	118,079	(41,366)
Reinsurance payable	(9,907)	(360,335)
Risk adjustment transfer payable	26,938	(766,297)
Net cash provided by (used in) operating activities	631,373	(569,027)
Cash Flows from Investing Activities:
Purchase of investments	(2,023,049)	(622,183)
Sale of investments	21,188	26,656
Maturity of investments	663,011	1,019,612
Purchase of property, equipment and capitalized software	(21,078)	(19,475)
Change in restricted deposits	3,942	100
Net cash (used in) provided by investing activities	(1,355,986)	404,710
Cash Flows from Financing Activities:
Proceeds from joint venture contribution	0	2,491
Proceeds from exercise of stock options	64,571	2,886
Net cash provided by financing activities	64,571	5,377
Decrease in cash, cash equivalents and restricted cash equivalents	(660,042)	(158,940)
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	1,891,971	1,580,497
Cash, cash equivalents, restricted cash and cash equivalents—end of period	1,231,929	1,421,557
Cash and cash equivalents	1,206,145	1,399,791
Restricted cash and cash equivalents included in restricted deposits	25,784	21,766
Total cash, cash equivalents and restricted cash and cash equivalents	1,231,929	1,421,557
Supplemental Disclosures:
Interest payments	22,480	22,893
Income tax payments	$ 636	$ 1,000

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Oscar Health, Inc., together with its subsidiaries (either individually or collectively referred to as "Oscar" or the "Company"), is a leading healthcare technology company, whose mission is to make a healthier life accessible and affordable for all. The Company’s Class A common stock is traded on the New York Stock Exchange under the symbol “OSCR”. Oscar operates as one segment to sell insurance to its members through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act and leverages 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. The Company also partners with Cigna through the Cigna+Oscar partnership to serve the small group employer market. Oscar previously offered Medicare Advantage insurance coverage, but exited the Medicare Advantage market for plan year 2024. The Company’s member-first philosophy and innovative approach to care has earned the trust of approximately 1.65 million members, as of September 30, 2024. Non-Renewal of Cigna+Oscar Partnership and Exit from the Small Group Market On March 26, 2024, the Company notified Cigna Health and Life Insurance Company that it is not renewing the Cigna+Oscar Small Group arrangement after the expiration of the initial term on December 31, 2024. The parties will continue to offer their Cigna+Oscar Small Group product through December 15, 2024. Following termination of the arrangement on December 31, 2024, the Company will continue to provide transition and run-off services through December 31, 2026 and share proportionally in all premiums and claims for any Cigna+Oscar Small Group plan sold or issued on or before December 15, 2024, in accordance with the terms of the arrangement. Additionally, effective December 15, 2024, Oscar will no longer be offering small group products in any market. Basis of Presentation The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements are unaudited; however, in the opinion of management, they reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the information presented in conformity with U.S. GAAP applicable for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2023. Certain monetary amounts, percentages, and other figures included in this Quarterly Report on Form 10-Q have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report on Form 10-Q have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report on Form 10-Q may vary from those obtained by performing the same calculations using the figures in the Company's Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. Certain other amounts that appear in this Quarterly Report on Form 10-Q may not sum due to rounding. Reclassification With the commencement of the current fiscal year, the Company has made certain reclassifications to the income statement to provide more transparency into the Company’s streams of revenue and to increase comparability with peers. This reclassification has been applied retrospectively, and comparative figures for prior periods have been adjusted accordingly within the accompanying Condensed Consolidated Financial Statements and notes to the Condensed Consolidated Financial Statements. The reclassification does not affect the Company’s net income. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying interim Condensed Consolidated Financial Statements include healthcare costs incurred but not yet reported (“IBNR”) and risk adjustment transfers. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates. Accounting Pronouncements - Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07 ("ASU 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 has evaluated the impact of the adoption of this guidance on the Consolidated Financial Statements and related disclosures. The Company believes the adoption of ASU 2023-07 will not have a material impact on the Company’s financial position but will result in additional segment footnote disclosures in the Company’s annual consolidated financial statements for the year ending December 31, 2024, as well as interim periods thereafter. More specifically, the Company will provide enhanced disclosures regarding the measure of profit or loss reviewed by the Chief Operating Decision Maker as well as enhanced expense disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to improve the transparency of income tax disclosures by requiring greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid and other amendments to improve the effectiveness of income tax disclosures. This guidance is effective for annual periods 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	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Premium Premium revenue includes direct policy premiums collected from members and the federal government, assumed policy premiums received as part of the reinsurance arrangement under the Cigna+Oscar Small Group plan offering, and risk adjustment transfers. Premium revenue is net of ceded premium from excess of loss ("XOL") and run-off quota share reinsurance contracts accounted for under reinsurance accounting (See Note 9 - Reinsurance for additional information on the Company’s reinsurance contracts). Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Direct policy premiums $ 2,687,883 $ 1,548,571 $ 7,542,098 $ 4,796,819 Assumed premiums 55,062 57,836 173,134 174,166 Risk adjustment transfers (374,828) (211,422) (1,077,121) (665,200) Reinsurance premiums ceded 140 (2,903) (12,056) (10,111) Premium $ 2,368,257 $ 1,392,082 $ 6,626,055 $ 4,295,674 The direct policy premiums received from Centers for Medicare & Medicaid Services ("CMS") for the three and nine months ended September 30, 2024 were $2,488.4 million and $6,952.3 million, respectively. For the three and nine months ended September 30, 2023, direct policy premiums received from CMS were $1,328.2 million and $4,113.0 million respectively. Services and Other The Company earns revenue as part of services performed via the +Oscar platform. Services 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 to Premiums and accounts receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, deferred revenue is recorded to Accounts payable and other liabilities when payment is received before the performance obligations are satisfied. Other revenue includes primarily sublease income.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Net investment income was attributable to the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Fixed maturity securities $ 22,996 $ 15,987 $ 54,414 $ 46,219 Cash equivalents 25,986 24,874 84,659 69,691 Other (1) 1,555 1,682 4,783 4,605 Investment income 50,537 42,543 143,856 120,515 Investment expense (211) (175) (547) (607) Total $ 50,326 $ 42,368 $ 143,309 $ 119,908 (1) Represents the net interest earned on funds withheld. As of September 30, 2024 and December 31, 2023, the Company recorded accrued investment income of $20.7 million and $6.6 million, respectively. The following tables provide summaries of the Company's investments by major security type as of September 30, 2024 and December 31, 2023: September 30, 2024 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury and agency securities $ 1,891,092 $ 24,133 $ (974) $ 1,914,251 Corporate notes 481,698 3,019 (157) 484,560 Certificates of deposit 38,865 — — 38,865 Total $ 2,411,655 $ 27,152 $ (1,131) $ 2,437,676 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 Certificates of deposit 16,663 — — 16,663 Total $ 1,053,859 $ 2,543 $ (1,260) $ 1,055,142 The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position, by the length of time in which the securities have continuously been in that position, as of September 30, 2024 and December 31, 2023: September 30, 2024 Less than 12 Months 12 Months or Longer (in thousands, except no. of securities) Number of Securities Fair Value Gross Number of Securities Fair Value Gross U.S. treasury and agency securities 90 $ 455,067 $ (910) 6 $ 47,680 $ (63) Corporate notes 75 99,362 (154) 1 3,270 (4) Total 165 $ 554,429 $ (1,064) $ 7 $ 50,950 $ (67) December 31, 2023 Less than 12 Months 12 Months or Longer (in thousands, except no. of securities) Number of Securities Fair Value Gross Number of Securities Fair Value Gross U.S. treasury and agency securities 69 $ 480,312 $ (995) 4 $ 24,551 $ (67) Corporate notes 64 79,024 (166) 19 5,545 (32) Total 133 $ 559,336 $ (1,161) 23 $ 30,096 $ (99) The Company monitors available-for-sale debt securities for credit losses and recognizes an allowance for credit losses when factors indicate a decline in the fair value of a security is credit-related. Certain investments may experience a decline in fair value due to changes in market interest rates, changes in general economic conditions, or a deterioration in the credit worthiness of a security's issuer. For securities in an unrealized loss position that the Company does not intend to sell, the Company has assessed the gross unrealized losses during the period and determined an allowance for credit losses is not necessary because the declines in fair value are believed to be due to market fluctuations and not due to credit-related events. The amortized cost and fair value of the Company's fixed maturity securities as of September 30, 2024 and 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. September 30, 2024 December 31, 2023 (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 502,534 $ 503,784 $ 690,694 $ 689,833 Due after one year through five years 1,909,121 1,933,892 363,165 365,309 Total $ 2,411,655 $ 2,437,676 $ 1,053,859 $ 1,055,142

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
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 quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations in which all significant inputs are observable in active markets. • Level 3 : Inputs utilized 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 relevant observable inputs are not available. The unobservable inputs 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: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 95,844 $ — $ — $ 95,844 Investments U.S. treasury and agency securities $ — $ 1,914,251 $ — $ 1,914,251 Corporate notes — 484,560 — 484,560 Certificates of deposit — 38,865 — 38,865 Restricted investments U.S. treasury securities — 4,285 — 4,285 Total $ 95,844 $ 2,441,961 $ — $ 2,537,805 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 434,330 $ — $ — $ 434,330 Investments U.S. treasury and agency securities $ — $ 802,915 $ — $ 802,915 Corporate notes — 235,564 — 235,564 Certificates of deposit — 16,663 — 16,663 Restricted investments U.S. treasury securities — 5,736 — 5,736 Certificates of deposit $ — $ 2,478 $ — $ 2,478 Total $ 434,330 $ 1,063,356 $ — $ 1,497,686

RESTRICTED CASH AND RESTRICTED

RESTRICTED CASH AND RESTRICTED DEPOSITS	9 Months Ended
	Sep. 30, 2024
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 for its property leases or pledged to various state agencies in connection with its insurance licensure. The restricted cash and cash equivalents and restricted investments presented below are included in Restricted deposits in the accompanying Condensed Consolidated Balance Sheets. (in thousands) September 30, 2024 December 31, 2023 Restricted cash and cash equivalents $ 25,784 $ 21,656 Restricted investments 4,285 8,214 Restricted deposits $ 30,069 $ 29,870

BENEFITS PAYABLE

BENEFITS PAYABLE	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
BENEFITS PAYABLE	BENEFITS PAYABLE Reserves for medical claims expenses are estimated using actuarial assumptions and recorded as Benefits payable liabilities on the Condensed Consolidated Balance Sheets. The assumptions for the estimates and for establishing the resulting liability are reviewed and any adjustments to reserves are reflected in the Condensed Consolidated Statements of Operations in the period in which the estimates are updated. The following table provides a rollforward of the Company’s beginning and ending benefits payable and claims adjustment expenses ("CAE") payable balances for the nine months ended September 30, 2024 and 2023: As of September 30, 2024 As of September 30, 2023 (in thousands) Benefits Payable Unallocated Claims Total Benefits Payable Unallocated Claims Total Benefits payable, beginning of the period $ 965,986 $ 13,192 $ 979,178 $ 937,727 $ 12,712 $ 950,439 Less: Reinsurance recoverable 57,111 — 57,111 277,944 — 277,944 Benefits payable, beginning of the period, net $ 908,875 $ 13,192 $ 922,067 $ 659,783 $ 12,712 $ 672,495 Claims incurred and CAE Current year $ 5,388,787 $ 82,642 $ 5,471,429 $ 3,418,106 $ 68,814 $ 3,486,920 Prior years (121,312) — (121,312) 18,679 — 18,679 Total claims incurred and CAE, net $ 5,267,475 $ 82,642 $ 5,350,117 $ 3,436,785 $ 68,814 $ 3,505,599 Claims paid and CAE Current year $ 4,345,363 $ 68,013 $ 4,413,376 $ 2,737,037 $ 59,454 $ 2,796,491 Prior years 533,393 9,061 542,454 522,678 9,664 532,342 Total claims and CAE paid, net $ 4,878,756 $ 77,074 $ 4,955,830 $ 3,259,715 $ 69,118 $ 3,328,833 Benefits and CAE payable, end of period, net $ 1,297,594 $ 18,760 $ 1,316,354 $ 836,853 $ 12,408 $ 849,261 Add: Reinsurance recoverable 59,132 — 59,132 73,596 — 73,596 Benefits and CAE payable, end of period $ 1,356,726 $ 18,760 $ 1,375,486 $ 910,449 $ 12,408 $ 922,857 Amounts incurred related to prior periods vary from previously estimated liabilities as more claim information becomes available and claims are ultimately settled. The favorable development recognized in the nine months ended September 30, 2024 resulted primarily from lower than expected paid claims.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Convertible Senior Notes As previously disclosed in Note 15 - Long-Term Debt, in our Annual Report on Form 10-K for the year ended December 31, 2023, 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 to funds affiliated with or advised by Dragoneer Investment Group, LLC, Thrive Capital, LionTree Investment Management, LLC and Tenere Capital LLC. The 2031 Notes are the Company's senior, unsecured obligations which 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 convertible into the Company's Class A common stock at an initial conversion rate 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. During the quarterly period ended September 30, 2024, a conditional conversion feature of the 2031 Notes was satisfied when the last reported sales price per share of the Company’s common stock was greater than 130% of the conversion price of $8.32 per share for each of at least twenty (20) trading days during the period of thirty (30) consecutive trading days ending on, and including, the last trading day of the quarter. As a result, the 2031 Notes are convertible during the fourth quarter of 2024 at the option of the holder. As of the date of this Quarterly Report on Form 10-Q, the 2031 Notes have not been converted. 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. As of September 30, 2024, the net carrying amount of the 2031 Notes was $299.4 million, with unamortized debt discount and issuance costs of $5.6 million. The estimated fair value of the 2031 Notes as of September 30, 2024 was $807.0 million. The Company classified the fair value of the 2031 Notes as a level 3 measurement due to the lack of observable market data over fair value inputs such as stock price volatility over the term of the 2031 Notes and the Company's cost of debt. The following table presents the interest expense indicating an effective interest rate of 7.61% over the term of the 2031 Notes: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Coupon interest expense $ 5,344 $ 5,528 $ 16,400 $ 16,584 Amortization of debt discount and issuance costs 194 195 583 584 Total interest expense $ 5,538 $ 5,723 $ 16,983 $ 17,168 Revolving Credit Facilit y As previously disclosed in Note 15 - Long-Term Debt, in our Annual Report on Form 10-K for the year ended December 31, 2023, on December 28, 2023, the Company entered into a third amendment to its senior secured credit agreement (the “Third Amendment”), with certain lenders (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 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 certain guarantees (i) that would require material governmental consents or (ii) in respect of joint ventures). 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 is available until December 2025, provided the Company is in compliance with all covenants, including financial covenants to maintain minimum thresholds related to direct policy premiums, consolidated Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”), and liquidity, and a maximum medical loss ratio. As of September 30, 2024, there were no outstanding borrowings under the Revolving Credit Facility.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Basic earnings per share is computed by dividing net income (loss) for the period by the weighted-average shares of common stock outstanding during the period. In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation of diluted earnings per share because their inclusion would have an anti-dilutive effect. Thus, basic earnings per share is the same as diluted earnings per share. During periods of net income, diluted earnings per share is calculated by adjusting net income for any interest charges and changes in the fair value of the bifurcated conversion option applicable to the convertible senior notes. This adjusted net income is then divided by the sum of the basic weighted-average shares of common stock and any dilutive potential common stock outstanding during the period, using the treasury stock method. Potential common stock includes the effect of outstanding dilutive stock options, restricted stock units, performance-based restricted stock units, as well as shares the Company could be obligated to issue from its convertible senior notes, as described in Note 7 - Debt, using the if-converted method. The calculation for basic and diluted earnings per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator : Net income (loss) attributable to Oscar Health, Inc. $ (54,596) $ (65,398) $ 178,979 $ (120,698) Effect of convertible senior notes — — 17,459 — Net income (loss) available to Oscar Health, Inc. $ (54,596) $ (65,398) $ 196,438 $ (120,698) Denominator : Weighted average shares of common stock outstanding 243,106 223,099 237,759 219,827 Common stock equivalents — — 27,048 — Effect of convertible senior notes — — 36,652 — Weighted average shares of common stock outstanding 243,106 223,099 301,459 219,827 Net Earnings (Loss) per Share Basic $ (0.22) $ (0.29) $ 0.75 $ (0.55) Diluted $ (0.22) $ (0.29) $ 0.65 $ (0.55) The following potential common shares were excluded from the computation of diluted net income (loss) per share attributable to Oscar Health, Inc. because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Stock options to purchase common stock 18,698 27,016 1,291 27,016 Restricted stock units 16,040 25,206 369 25,206 Performance-based restricted stock units 7,453 9,350 — 9,350 Shares underlying convertible notes (Note 7) 36,653 36,652 — 36,652 Total 78,844 98,224 1,660 98,224

REINSURANCE

REINSURANCE	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
REINSURANCE	REINSURANCE The Company participates in quota share reinsurance to limit risk and capital requirements and XOL reinsurance to mitigate the exposure of high cost or catastrophic member risk. The quota share reinsurance arrangements are with more than one counterparty with multiple state-level treaties. The XOL reinsurance arrangements are with a private counterparty and federal and state-run programs. A summary of the Company's reinsurance agreements and related accounting treatment is included in Note 4 - Reinsurance, in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 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 Deposit Accounting As of September 30, 2024 and December 31, 2023, a deposit liability balance of $13.2 million and $7.0 million, respectively, was recorded for the Company's quota share arrangements accounted for under deposit accounting and represents fees due to the reinsurer, which are recognized within Selling, general, and administrative expenses on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company ceded 51% and 53% of its premium under reinsurance contracts accounted for under deposit accounting. For the three and nine months ended September 30, 2023, the Company ceded 45% and 46%, respectively, of its premium under reinsurance contracts accounted for under deposit accounting. Reinsurance Contracts Accounted for under Reinsurance Accounting Reinsurance accounting applies to quota share reinsurance contracts that are in runoff as well as the XOL treaties. Under reinsurance accounting, the Company records premium paid to the reinsurer as a reduction to premium revenue with a corresponding reinsurance payable. In the case of federal and state-run reinsurance programs, no reinsurance premiums are paid. Expected reimbursement from the reinsurer for claims incurred are recorded as a reduction to claims incurred with a corresponding reinsurance recoverable asset. The tables below present information for the Company's reinsurance arrangements accounted for under reinsurance accounting. Please see Note 2 - Revenue Recognition for total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total Premium revenue in the Condensed Consolidated Statements of Operations. The following table reconciles total Medical expenses to the amount presented in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Direct claims incurred $ 1,986,189 $ 1,116,679 $ 5,189,901 $ 3,301,424 Ceded reinsurance claims (41,171) (15,266) (90,823) (33,833) Assumed reinsurance claims 58,961 61,781 168,397 169,194 Medical expenses $ 2,003,979 $ 1,163,194 $ 5,267,475 $ 3,436,785 The Company records Selling, general and administrative ("SG&A") expenses net of reinsurance ceding commissions and assumed SG&A expenses. The following table reconciles total Selling, general and administrative expenses to the amount presented in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Selling, general and administrative expenses, gross $ 459,522 $ 325,820 $ 1,289,362 $ 1,060,636 Reinsurance ceding commissions 855 30 383 976 Selling, general and administrative expenses $ 460,377 $ 325,850 $ 1,289,745 $ 1,061,612 The composition of the Reinsurance recoverable balance on the Condensed Consolidated Balance Sheets is as follows: (in thousands) September 30, 2024 December 31, 2023 Reinsurance premium and claim recoverables $ 272,478 $ 224,837 Reinsurance ceding commissions 6,915 7,054 Experience refunds on reinsurance agreements (6,076) 9,303 Reinsurance recoverable $ 273,317 $ 241,194 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+ or higher. The creditworthiness of each reinsurer is evaluated in order to assess counterparty credit risk and estimate an allowance for expected credit losses on the Company's reinsurance recoverable balances.

BUSINESS ARRANGEMENTS

BUSINESS ARRANGEMENTS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS ARRANGEMENTS	BUSINESS ARRANGEMENTS Variable Interest Entities In the normal course of business, the Company entered into business arrangements with integrated health systems, as well as medical professional corporations that employ health care providers to deliver telemedical healthcare services to its covered member population in various states. The financial results of these entities are consolidated into the Company's financial statements. The following table presents the collective assets and liabilities of the Company's variable interest entities: (in thousands) September 30, 2024 December 31, 2023 Assets $ 135,610 $ 125,709 Liabilities $ 77,320 $ 74,568

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
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 Management, LLC, LionTree Investment Management, LLC and Tenere Capital LLC (collectively, the “Purchasers”). See Note 7 - Debt for additional information.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
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 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, network adequacy, 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, disputes relating to intellectual property and the Telephone Consumer Protection Act and class action lawsuits, or other claims relating to the performance of contractual and non-contractual obligations to providers, members, employer groups, and others, including, but not limited to, the alleged failure to properly pay in-network and out-of-network claims and challenges to the manner in which the Company processes claims, and claims alleging that the Company has engaged in unfair business practices. In addition, on May 12, 2022, a securities class action lawsuit against the Company, certain of its directors and officers, and the underwriters that participated in the Company’s initial public offering ("IPO") was commenced in the United States District Court for the Southern District of New York, captioned Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-CV-03885 (S.D.N.Y.) (the “Securities Action”). The initial complaint in the Securities Action asserted violations of Sections 11 and 15 of the Securities Act based on the Company’s purported failure to disclose in its IPO registration statement growing COVID-19 testing and treatment costs, the impact of significant Special Enrollment Period membership, and risk adjustment data validation results for 2019 and 2020. By Court orders dated September 27, 2022 and December 13, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the putative class. An amended complaint filed on December 6, 2022 asserts the same violations of Sections 11 and 15 of the Securities Act, but this time based on the Company’s alleged failure to disclose in its IPO registration statement purportedly inadequate controls and systems in connection with the risk adjustment data validation audit for 2019, alleging that this purported omission caused losses and damages for members of the putative class. The amended complaint seeks unspecified compensatory damages as well as interest, fees, and costs. On April 4, 2023, the Company moved to dismiss the amended complaint. Briefing on the motion was completed on July 7, 2023. The Company believes it has meritorious defenses to these claims. At this time, the Company cannot predict the outcome, or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. The Company records liabilities for its reasonable estimates of probable losses resulting from these matters where appropriate. Estimates of losses resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable that a loss may be incurred, the ultimate settlement of which could be material. Given that such proceedings are subject to uncertainty, there can be no assurance that such legal proceedings, either individually or in the aggregate, will not have a material adverse effect on Oscar's business, results of operations, financial condition or cash flows.

CANCELLATION OF FOUNDERS AWARDS

CANCELLATION OF FOUNDERS AWARDS	9 Months Ended
	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations [Abstract]
CANCELLATION OF FOUNDERS AWARDS	CANCELLATION OF FOUNDERS AWARDS On March 28, 2023, the Company’s Co-Founders, Mario Schlosser (the Company’s President of Technology and Chief Technology Officer and former Chief Executive Officer) and Joshua Kushner (the Company’s Vice Chairman), recommended to the Company’s Board of Directors that they should cancel and terminate the applicable awards that were granted to them in connection with the Company’s Initial Public Offering (the “Founders Awards”). This recommendation was made in support of reducing the dilutive effects of equity awards granted on April 3, 2023, to Mark T. Bertolini in connection with his appointment as the Company’s Chief Executive Officer, effective April 3, 2023, and the Company’s annual employee equity awards granted in 2023. On March 28, 2023, Mr. Schlosser and Mr. Kushner each entered into an agreement to cancel and terminate his Founders Award, which consisted of performance-based restricted stock units covering 4,229,853 shares (for Mr. Schlosser) and 2,114,926 shares (for Mr. Kushner) of the Company’s Class A common stock. As a result of this cancellation, in March 2023 the Company recognized approximately $46.3 million of accelerated stock-based compensation expense that would have otherwise been recognized over the remaining vesting period of the awards. Stock-based compensation expense is included in the Selling, general and administrative line item on the Condensed Consolidated Statements of Operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (54,596)	$ (65,398)	$ 178,979	$ (120,698)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Alessandrea Quane [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 27, 2024, Alessandrea Quane, the Company’s Chief Insurance Officer, entered into a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 211,774 shares of the Company’s Class A common stock by August 29, 2025.
Name	Alessandrea Quane
Title	Company’s Chief Insurance Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 27, 2024
Expiration Date	August 29, 2025
Arrangement Duration	336 days
Aggregate Available	211,774	211,774

ORGANIZATION (Policies)

ORGANIZATION (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements are unaudited; however, in the opinion of management, they reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the information presented in conformity with U.S. GAAP applicable for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2023. Certain monetary amounts, percentages, and other figures included in this Quarterly Report on Form 10-Q have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report on Form 10-Q have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report on Form 10-Q may vary from those obtained by performing the same calculations using the figures in the Company's Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. Certain other amounts that appear in this Quarterly Report on Form 10-Q may not sum due to rounding.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying interim Condensed Consolidated Financial Statements include healthcare costs incurred but not yet reported (“IBNR”) and risk adjustment transfers. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ materially from these estimates.
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 ("ASU 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 has evaluated the impact of the adoption of this guidance on the Consolidated Financial Statements and related disclosures. The Company believes the adoption of ASU 2023-07 will not have a material impact on the Company’s financial position but will result in additional segment footnote disclosures in the Company’s annual consolidated financial statements for the year ending December 31, 2024, as well as interim periods thereafter. More specifically, the Company will provide enhanced disclosures regarding the measure of profit or loss reviewed by the Chief Operating Decision Maker as well as enhanced expense disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to improve the transparency of income tax disclosures by requiring greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid and other amendments to improve the effectiveness of income tax disclosures. This guidance is effective for annual periods 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 (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Effects of Reinsurance	Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Direct policy premiums $ 2,687,883 $ 1,548,571 $ 7,542,098 $ 4,796,819 Assumed premiums 55,062 57,836 173,134 174,166 Risk adjustment transfers (374,828) (211,422) (1,077,121) (665,200) Reinsurance premiums ceded 140 (2,903) (12,056) (10,111) Premium $ 2,368,257 $ 1,392,082 $ 6,626,055 $ 4,295,674 The following table reconciles total Medical expenses to the amount presented in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Direct claims incurred $ 1,986,189 $ 1,116,679 $ 5,189,901 $ 3,301,424 Ceded reinsurance claims (41,171) (15,266) (90,823) (33,833) Assumed reinsurance claims 58,961 61,781 168,397 169,194 Medical expenses $ 2,003,979 $ 1,163,194 $ 5,267,475 $ 3,436,785 The Company records Selling, general and administrative ("SG&A") expenses net of reinsurance ceding commissions and assumed SG&A expenses. The following table reconciles total Selling, general and administrative expenses to the amount presented in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Selling, general and administrative expenses, gross $ 459,522 $ 325,820 $ 1,289,362 $ 1,060,636 Reinsurance ceding commissions 855 30 383 976 Selling, general and administrative expenses $ 460,377 $ 325,850 $ 1,289,745 $ 1,061,612 The composition of the Reinsurance recoverable balance on the Condensed Consolidated Balance Sheets is as follows: (in thousands) September 30, 2024 December 31, 2023 Reinsurance premium and claim recoverables $ 272,478 $ 224,837 Reinsurance ceding commissions 6,915 7,054 Experience refunds on reinsurance agreements (6,076) 9,303 Reinsurance recoverable $ 273,317 $ 241,194

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of investment income	Net investment income was attributable to the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Fixed maturity securities $ 22,996 $ 15,987 $ 54,414 $ 46,219 Cash equivalents 25,986 24,874 84,659 69,691 Other (1) 1,555 1,682 4,783 4,605 Investment income 50,537 42,543 143,856 120,515 Investment expense (211) (175) (547) (607) Total $ 50,326 $ 42,368 $ 143,309 $ 119,908
Summary of investments	The following tables provide summaries of the Company's investments by major security type as of September 30, 2024 and December 31, 2023: September 30, 2024 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury and agency securities $ 1,891,092 $ 24,133 $ (974) $ 1,914,251 Corporate notes 481,698 3,019 (157) 484,560 Certificates of deposit 38,865 — — 38,865 Total $ 2,411,655 $ 27,152 $ (1,131) $ 2,437,676 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 Certificates of deposit 16,663 — — 16,663 Total $ 1,053,859 $ 2,543 $ (1,260) $ 1,055,142
Summary of investments in a gross unrealized loss position	The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position, by the length of time in which the securities have continuously been in that position, as of September 30, 2024 and December 31, 2023: September 30, 2024 Less than 12 Months 12 Months or Longer (in thousands, except no. of securities) Number of Securities Fair Value Gross Number of Securities Fair Value Gross U.S. treasury and agency securities 90 $ 455,067 $ (910) 6 $ 47,680 $ (63) Corporate notes 75 99,362 (154) 1 3,270 (4) Total 165 $ 554,429 $ (1,064) $ 7 $ 50,950 $ (67) December 31, 2023 Less than 12 Months 12 Months or Longer (in thousands, except no. of securities) Number of Securities Fair Value Gross Number of Securities Fair Value Gross U.S. treasury and agency securities 69 $ 480,312 $ (995) 4 $ 24,551 $ (67) Corporate notes 64 79,024 (166) 19 5,545 (32) Total 133 $ 559,336 $ (1,161) 23 $ 30,096 $ (99)
Summary of contractual maturities of available-for-sale securities	The amortized cost and fair value of the Company's fixed maturity securities as of September 30, 2024 and 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. September 30, 2024 December 31, 2023 (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 502,534 $ 503,784 $ 690,694 $ 689,833 Due after one year through five years 1,909,121 1,933,892 363,165 365,309 Total $ 2,411,655 $ 2,437,676 $ 1,053,859 $ 1,055,142

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 95,844 $ — $ — $ 95,844 Investments U.S. treasury and agency securities $ — $ 1,914,251 $ — $ 1,914,251 Corporate notes — 484,560 — 484,560 Certificates of deposit — 38,865 — 38,865 Restricted investments U.S. treasury securities — 4,285 — 4,285 Total $ 95,844 $ 2,441,961 $ — $ 2,537,805 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 434,330 $ — $ — $ 434,330 Investments U.S. treasury and agency securities $ — $ 802,915 $ — $ 802,915 Corporate notes — 235,564 — 235,564 Certificates of deposit — 16,663 — 16,663 Restricted investments U.S. treasury securities — 5,736 — 5,736 Certificates of deposit $ — $ 2,478 $ — $ 2,478 Total $ 434,330 $ 1,063,356 $ — $ 1,497,686

RESTRICTED CASH AND RESTRICTE_2

RESTRICTED CASH AND RESTRICTED DEPOSITS (Tables)	9 Months Ended
	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of restricted deposits	The restricted cash and cash equivalents and restricted investments presented below are included in Restricted deposits in the accompanying Condensed Consolidated Balance Sheets. (in thousands) September 30, 2024 December 31, 2023 Restricted cash and cash equivalents $ 25,784 $ 21,656 Restricted investments 4,285 8,214 Restricted deposits $ 30,069 $ 29,870

BENEFITS PAYABLE (Tables)

BENEFITS PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table provides a rollforward of the Company’s beginning and ending benefits payable and claims adjustment expenses ("CAE") payable balances for the nine months ended September 30, 2024 and 2023: As of September 30, 2024 As of September 30, 2023 (in thousands) Benefits Payable Unallocated Claims Total Benefits Payable Unallocated Claims Total Benefits payable, beginning of the period $ 965,986 $ 13,192 $ 979,178 $ 937,727 $ 12,712 $ 950,439 Less: Reinsurance recoverable 57,111 — 57,111 277,944 — 277,944 Benefits payable, beginning of the period, net $ 908,875 $ 13,192 $ 922,067 $ 659,783 $ 12,712 $ 672,495 Claims incurred and CAE Current year $ 5,388,787 $ 82,642 $ 5,471,429 $ 3,418,106 $ 68,814 $ 3,486,920 Prior years (121,312) — (121,312) 18,679 — 18,679 Total claims incurred and CAE, net $ 5,267,475 $ 82,642 $ 5,350,117 $ 3,436,785 $ 68,814 $ 3,505,599 Claims paid and CAE Current year $ 4,345,363 $ 68,013 $ 4,413,376 $ 2,737,037 $ 59,454 $ 2,796,491 Prior years 533,393 9,061 542,454 522,678 9,664 532,342 Total claims and CAE paid, net $ 4,878,756 $ 77,074 $ 4,955,830 $ 3,259,715 $ 69,118 $ 3,328,833 Benefits and CAE payable, end of period, net $ 1,297,594 $ 18,760 $ 1,316,354 $ 836,853 $ 12,408 $ 849,261 Add: Reinsurance recoverable 59,132 — 59,132 73,596 — 73,596 Benefits and CAE payable, end of period $ 1,356,726 $ 18,760 $ 1,375,486 $ 910,449 $ 12,408 $ 922,857

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of debt interest expense	The following table presents the interest expense indicating an effective interest rate of 7.61% over the term of the 2031 Notes: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Coupon interest expense $ 5,344 $ 5,528 $ 16,400 $ 16,584 Amortization of debt discount and issuance costs 194 195 583 584 Total interest expense $ 5,538 $ 5,723 $ 16,983 $ 17,168

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The calculation for basic and diluted earnings per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator : Net income (loss) attributable to Oscar Health, Inc. $ (54,596) $ (65,398) $ 178,979 $ (120,698) Effect of convertible senior notes — — 17,459 — Net income (loss) available to Oscar Health, Inc. $ (54,596) $ (65,398) $ 196,438 $ (120,698) Denominator : Weighted average shares of common stock outstanding 243,106 223,099 237,759 219,827 Common stock equivalents — — 27,048 — Effect of convertible senior notes — — 36,652 — Weighted average shares of common stock outstanding 243,106 223,099 301,459 219,827 Net Earnings (Loss) per Share Basic $ (0.22) $ (0.29) $ 0.75 $ (0.55) Diluted $ (0.22) $ (0.29) $ 0.65 $ (0.55)
Schedule of antidilutive securities excluded from computation	The following potential common shares were excluded from the computation of diluted net income (loss) per share attributable to Oscar Health, Inc. because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Stock options to purchase common stock 18,698 27,016 1,291 27,016 Restricted stock units 16,040 25,206 369 25,206 Performance-based restricted stock units 7,453 9,350 — 9,350 Shares underlying convertible notes (Note 7) 36,653 36,652 — 36,652 Total 78,844 98,224 1,660 98,224

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Effects of Reinsurance	Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Direct policy premiums $ 2,687,883 $ 1,548,571 $ 7,542,098 $ 4,796,819 Assumed premiums 55,062 57,836 173,134 174,166 Risk adjustment transfers (374,828) (211,422) (1,077,121) (665,200) Reinsurance premiums ceded 140 (2,903) (12,056) (10,111) Premium $ 2,368,257 $ 1,392,082 $ 6,626,055 $ 4,295,674 The following table reconciles total Medical expenses to the amount presented in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Direct claims incurred $ 1,986,189 $ 1,116,679 $ 5,189,901 $ 3,301,424 Ceded reinsurance claims (41,171) (15,266) (90,823) (33,833) Assumed reinsurance claims 58,961 61,781 168,397 169,194 Medical expenses $ 2,003,979 $ 1,163,194 $ 5,267,475 $ 3,436,785 The Company records Selling, general and administrative ("SG&A") expenses net of reinsurance ceding commissions and assumed SG&A expenses. The following table reconciles total Selling, general and administrative expenses to the amount presented in the Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Selling, general and administrative expenses, gross $ 459,522 $ 325,820 $ 1,289,362 $ 1,060,636 Reinsurance ceding commissions 855 30 383 976 Selling, general and administrative expenses $ 460,377 $ 325,850 $ 1,289,745 $ 1,061,612 The composition of the Reinsurance recoverable balance on the Condensed Consolidated Balance Sheets is as follows: (in thousands) September 30, 2024 December 31, 2023 Reinsurance premium and claim recoverables $ 272,478 $ 224,837 Reinsurance ceding commissions 6,915 7,054 Experience refunds on reinsurance agreements (6,076) 9,303 Reinsurance recoverable $ 273,317 $ 241,194

BUSINESS ARRANGEMENTS (Tables)

BUSINESS ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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: (in thousands) September 30, 2024 December 31, 2023 Assets $ 135,610 $ 125,709 Liabilities $ 77,320 $ 74,568

ORGANIZATION (Details)

ORGANIZATION (Details) member in Thousands	9 Months Ended
	Sep. 30, 2024 member segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | segment	1
Number of members | member	1,650

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Insurance [Abstract]
Direct policy premiums	$ 2,687,883	$ 1,548,571	$ 7,542,098	$ 4,796,819
Assumed premiums	55,062	57,836	173,134	174,166
Risk adjustment transfers	(374,828)	(211,422)	(1,077,121)	(665,200)
Reinsurance premiums ceded	140	(2,903)	(12,056)	(10,111)
Premium	$ 2,368,257	$ 1,392,082	$ 6,626,055	$ 4,295,674

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 2,687,883	$ 1,548,571	$ 7,542,098	$ 4,796,819
CMS
Effects of Reinsurance [Line Items]
Direct policy premiums	$ 2,488,400	$ 1,328,200	$ 6,952,300	$ 4,113,000

INVESTMENTS - Summary of invest

INVESTMENTS - Summary of investment income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Investment income	$ 50,537	$ 42,543	$ 143,856	$ 120,515
Investment expense	(211)	(175)	(547)	(607)
Total	50,326	42,368	143,309	119,908
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Investment income	22,996	15,987	54,414	46,219
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Investment income	25,986	24,874	84,659	69,691
Other
Debt Securities, Available-for-sale [Line Items]
Investment income	$ 1,555	$ 1,682	$ 4,783	$ 4,605

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Accrued investment income	$ 20.7	$ 6.6

INVESTMENTS - Summary of inve_2

INVESTMENTS - Summary of investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,411,655	$ 1,053,859
Unrealized Gains	27,152	2,543
Unrealized Losses	(1,131)	(1,260)
Fair Value	2,437,676	1,055,142
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,891,092	802,288
Unrealized Gains	24,133	1,689
Unrealized Losses	(974)	(1,062)
Fair Value	1,914,251	802,915
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	481,698	234,908
Unrealized Gains	3,019	854
Unrealized Losses	(157)	(198)
Fair Value	484,560	235,564
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	38,865	16,663
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 38,865	$ 16,663

INVESTMENTS - Summary of inve_3

INVESTMENTS - Summary of investments in a gross unrealized loss position by length of time (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, number of securities | security	165	133
Less than 12 months, fair value	$ 554,429	$ 559,336
Less than 12 months, gross unrealized losses	$ (1,064)	$ (1,161)
12 months or longer, number of securities | security	7	23
12 months or longer, fair value	$ 50,950	$ 30,096
12 months or longer, gross unrealized losses	$ (67)	$ (99)
U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, number of securities | security	90	69
Less than 12 months, fair value	$ 455,067	$ 480,312
Less than 12 months, gross unrealized losses	$ (910)	$ (995)
12 months or longer, number of securities | security	6	4
12 months or longer, fair value	$ 47,680	$ 24,551
12 months or longer, gross unrealized losses	$ (63)	$ (67)
Corporate notes
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, number of securities | security	75	64
Less than 12 months, fair value	$ 99,362	$ 79,024
Less than 12 months, gross unrealized losses	$ (154)	$ (166)
12 months or longer, number of securities | security	1	19
12 months or longer, fair value	$ 3,270	$ 5,545
12 months or longer, gross unrealized losses	$ (4)	$ (32)

INVESTMENTS - Summary of contra

INVESTMENTS - Summary of contractual maturities of available-for-sale securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 502,534	$ 690,694
Due after one year through five years	1,909,121	363,165
Amortized Cost	2,411,655	1,053,859
Fair Value
Due in one year or less	503,784	689,833
Due after one year through five years	1,933,892	365,309
Fair Value	$ 2,437,676	$ 1,055,142

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of assets and liabilities measured on recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 2,437,676	$ 1,055,142
U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,914,251	802,915
Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	484,560	235,564
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	38,865	16,663
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	95,844	434,330
Total	2,537,805	1,497,686
Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,914,251	802,915
Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	484,560	235,564
Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	38,865	16,663
Restricted investments		2,478
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,285	5,736
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	95,844	434,330
Total	95,844	434,330
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 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted 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	0
Total	2,441,961	1,063,356
Level 2 | Recurring | U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,914,251	802,915
Level 2 | Recurring | Corporate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	484,560	235,564
Level 2 | Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	38,865	16,663
Restricted investments		2,478
Level 2 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments	4,285	5,736
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total	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 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Restricted 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

RESTRICTED CASH AND RESTRICTE_3

RESTRICTED CASH AND RESTRICTED DEPOSITS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Restricted cash and cash equivalents	$ 25,784	$ 21,656
Restricted investments	4,285	8,214
Restricted deposits	$ 30,069	$ 29,870

BENEFITS PAYABLE (Details)

BENEFITS PAYABLE (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Benefits payable, beginning of period	$ 965,986	$ 937,727
CAE payable, beginning of the period	13,192	12,712
Benefits and CAE payable, beginning of period	1,375,486	922,857	$ 979,178	$ 950,439
Less: Reinsurance recoverable	57,111	277,944
Benefits payable, net reinsurance recoverable, beginning of period	908,875	659,783
Benefits and CAE payable, net, beginning of period	922,067	672,495
Benefits Payable
Current year	5,388,787	3,418,106
Prior years	(121,312)	18,679
Claims incurred	5,267,475	3,436,785
Unallocated Claims Adjustment Expense
Current year	82,642	68,814
Prior years	0	0
Claims adjustment expense	82,642	68,814
Total
Current year	5,471,429	3,486,920
Prior years	(121,312)	18,679
Total claims incurred and CAE, net	5,350,117	3,505,599
Benefits Payable
Current year	4,345,363	2,737,037
Prior years	533,393	522,678
Claims paid	4,878,756	3,259,715
Unallocated Claims Adjustment Expense
Current year	68,013	59,454
Prior years	9,061	9,664
CAE paid	77,074	69,118
Total
Current year	4,413,376	2,796,491
Prior years	542,454	532,342
Total claims and CAE paid, net	4,955,830	3,328,833
Benefits payable, net reinsurance recoverable, end of period	1,297,594	836,853
CAE payable, end of the period	18,760	12,408
Benefits and CAE payable, net, end of period	1,316,354	849,261
Add: Reinsurance recoverable	59,132	73,596
Benefits payable, end of period	1,356,726	910,449
Benefits and CAE payable, end of period	$ 1,375,486	$ 922,857

DEBT - Narrative (Details)

DEBT - Narrative (Details)	1 Months Ended
	Feb. 28, 2022 USD ($) tradingDay $ / shares	Sep. 30, 2024 USD ($)	Dec. 28, 2023 USD ($)	Feb. 21, 2021 USD ($)
Convertible debt | 7.25% Convertible Senior Notes Due 2031
Debt Instrument [Line Items]
Aggregate principal amount	$ 305,000,000
Stated interest rate	7.25%
Conversion ratio	0.1201721
Conversion price (in dollars per share) | $ / shares	$ 8.32
Threshold percentage of stock price trigger	130%
Threshold trading days | tradingDay	20
Threshold consecutive trading days | tradingDay	30
Long-term debt, net		$ 299,400,000
Unamortized debt discount and debt issuance costs		5,600,000
Long-term debt, fair value		$ 807,000,000
Effective interest rate		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
Line of credit outstanding		$ 0

DEBT - Schedule of debt interes

DEBT - Schedule of debt interest expense (Details) - 7.25% Convertible Senior Notes Due 2031 - Convertible debt - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Coupon interest expense	$ 5,344	$ 5,528	$ 16,400	$ 16,584
Amortization of debt discount and issuance costs	194	195	583	584
Total interest expense	$ 5,538	$ 5,723	$ 16,983	$ 17,168

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to Oscar Health, Inc.	$ (54,596)	$ (65,398)	$ 178,979	$ (120,698)
Effect of convertible senior notes	0	0	17,459	0
Net income (loss) available to Oscar Health, Inc. common shareholders	$ (54,596)	$ (65,398)	$ 196,438	$ (120,698)
Denominator:
Weighted average shares of common stock outstanding, basic (in shares)	243,106,000	223,099,000	237,759,000	219,827,000
Common stock equivalents (in shares)	0	0	27,048,000	0
Effect of convertible senior notes (in shares)	0	0	36,652,000	0
Weighted-average shares of common stock outstanding and potential dilutive common shares outstanding (in shares)	243,106,000	223,099,000	301,459,000	219,827,000
Net Earnings (Loss) per Share
Basic (in dollars per share)	$ (0.22)	$ (0.29)	$ 0.75	$ (0.55)
Diluted (in dollars per share)	$ (0.22)	$ (0.29)	$ 0.65	$ (0.55)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of antidilutive securities excluded from computation (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	78,844	98,224	1,660	98,224
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	18,698	27,016	1,291	27,016
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	16,040	25,206	369	25,206
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	7,453	9,350	0	9,350
Shares underlying convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	36,653	36,652	0	36,652

REINSURANCE - Narrative (Detail

REINSURANCE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Insurance [Abstract]
Reinsurance, deposit liability	$ 13.2		$ 13.2		$ 7
Reinsurance premiums ceded, percentage	51%	45%	53%	46%

REINSURANCE - Reinsurance Arran

REINSURANCE - Reinsurance Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Policyholder Benefits and Claims Incurred, Net [Abstract]
Direct claims incurred	$ 1,986,189	$ 1,116,679	$ 5,189,901	$ 3,301,424
Ceded reinsurance claims	(41,171)	(15,266)	(90,823)	(33,833)
Assumed reinsurance claims	58,961	61,781	168,397	169,194
Medical expenses	2,003,979	1,163,194	5,267,475	3,436,785
Other Insurance Cost, Net [Abstract]
Selling, general and administrative expenses, gross	459,522	325,820	1,289,362	1,060,636
Reinsurance ceding commissions	855	30	383	976
Selling, general and administrative expenses	460,377	$ 325,850	1,289,745	$ 1,061,612
Reinsurance Recoverables, Including Reinsurance Premium Paid [Abstract]
Reinsurance premium and claim recoverables	272,478		272,478		$ 224,837
Reinsurance ceding commissions	6,915		6,915		7,054
Experience refunds on reinsurance agreements	(6,076)		(6,076)		9,303
Reinsurance recoverable	$ 273,317		$ 273,317		$ 241,194

BUSINESS ARRANGEMENTS - Variabl

BUSINESS ARRANGEMENTS - Variable interest entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 4,483,015	$ 3,601,480
Liabilities	3,317,675	2,795,363
Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	135,610	125,709
Liabilities	$ 77,320	$ 74,568

CANCELLATION OF FOUNDERS AWAR_2

CANCELLATION OF FOUNDERS AWARDS (Details) - USD ($) $ in Millions		1 Months Ended
	Mar. 28, 2023	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock-based compensation expense		$ 46.3
PSUs | Founder, Mario Schlosser
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares canceled (in shares)	4,229,853
PSUs | Founder, Joshua Kushner
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares canceled (in shares)	2,114,926