Oscar Health (OSCR) Rallies on New Medicare Proposal

Oscar Health, Inc. (NYSE:OSCR) is one of the 10 Stocks Boast Whopping Gains Amid Market Downturn.

Oscar Health grew its share price by 7.76 percent on Tuesday to close at $16.11 apiece following news that lawmakers are proposing a new measure that would allow individuals and employers to voluntarily enroll in a new version of Medicare.

Under the proposed legislation, it would establish “Part E,” a self-funded Medicare plan to be offered alongside private insurance across all states and federal marketplaces.

Oscar Health, Inc. (NYSE:OSCR) is among the American insurance companies offering government-backed health insurance services, including Medicare and Medicaid.

In other recent news, Oscar Health, Inc. (NYSE:OSCR) announced a 55-percent increase in net income attributable to the company of $275 million versus the $177 million in the same period last year.

Revenues were also higher by 42 percent to $3.05 billion from $2.14 billion year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.