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Millions of Americans Still in Need of More Affordable Options for Health Insurance

As the nation continues to face unprecedented economic, societal and health challenges on the heels of the widespread coronavirus pandemic, the ripple effect of unemployment on Americans has been seemingly endless. KFF estimates that 28 million Americans have also lost health insurance coverage through their employers.

While many qualify for government assistance via Medicaid or subsidized ACA marketplace plans, there are an estimated 5.7 million Americans who don’t qualify for financial support to make these plans affordable. While the House of Representatives recently introduced a bill to help expand marketplace access and affordability, House leaders don’t expect the bill to pass through the Senate, leaving many Americans without a realistic option for health coverage.

Among the 5.7 million who aren’t eligible for subsidized coverage are those who fall into the “coverage gap” within states that have not expanded Medicaid (meaning their income is below the minimum to qualify for ACA subsidies, but also don’t meet the requirements to qualify for Medicaid), those who are ineligible due to family income being above eligibility limits, those with an offer of ESI through another working family member, and those who don’t meet citizenship requirements.

The average cost without subsidies per person across the U.S. is $403 per month and $4,840 annually. Southern states like Florida, Tennessee and North Carolina where large quantities of unemployed are ineligible for financial support for health insurance are looking at averages above $450 per month, with Tennessee among the highest at an average of $518 monthly. An estimated 300,000 New Yorkers who don’t qualify for financial assistance would need to pay an estimated $662 monthly for health coverage.

The average Sidecar member in Florida pays $231 monthly, $201.75 in Tennessee and $226 in North Carolina. Even with the reduced rate, the plans offered by Sidecar cover everything Medicare does, and at a higher benefit amount. They also cover up to $2 million annually with a 3-year rate lock in some states.

To look up how much Sidecar premiums would cost for you, share a few details about yourself and generate a personalized quote.

About Sidecar Health

Sidecar Health offers a new approach to health insurance, allowing its members to pay doctors on the spot at their discounted “self-pay” rate. To do this, Sidecar Health uses multiple data points to come up with an estimate of what procedures should cost and also displays the amount Sidecar Health will pay towards that medical service. This gives members the ability to compare prices from local doctors and pharmacies to ensure they’re getting a fair price, eliminating the issue of “surprise billing”. All members receive a Sidecar Health payment card that lets them take advantage of these discounted self-pay prices. This brings an unprecedented level of transparency and the ability to comparison-shop for medical services and Rx. Plans offered through Sidecar Health cover more than 170,000 medical services (including for treatment for respiratory viruses like COVID-19) and Rx at a price point that can be 40%* or more affordable than traditional plans. Members are able to choose a plan that fits their budget with options ranging from $5,000 - $2 million of health coverage.

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