Sidecar Health launches affordable health insurance product in Florida
Sidecar Health, a company focusing on affordable health plans, has launched in Florida.
According to data from the Kaiser Family Foundation, ACA premiums for bronze plans rose by an average of 12 percent from 2018 to 2019. The cost of health insurance is an even bigger issue for Florida residents in rural areas, where premiums are an average 38 percent higher than in urban areas, according to data from the Urban Institute.
“Almost 13 percent of Florida residents are uninsured, which is a staggering statistic,” said Patrick Quigley, Sidecar Health’s CEO. “We created an insurance product that provides good coverage to many of those who can’t afford existing options. We’re excited to make that product available to Floridians.”
Consumers who enrol in a plan created by Sidecar Health can customize it to their needs, see any doctor they want without being constrained to a network, and have full transparency into their health costs so they have no surprise bills.
Sidecar Health enables this by providing its members with a payment card they use to pay for healthcare services when they get it, thereby allowing them to take advantage of discounts for paying upfront. Because the policies offer coverage at fixed, published amounts, members know how much will be paid by their plan for any health service. Through the Sidecar Health app, members can see how much health care providers in their area charge for services so they can shop around.
Sidecar Health’s approach to health care earned it $18 million of funding led by San Francisco-based venture capital firm GreatPoint Ventures and Los Angeles-based firm Morpheus Ventures. Sidecar Health issues insurance plans that are underwritten and backed by global insurers who have ratings of A (Excellent) by AM Best Company.
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