TALLAHASSEE, Fla.--(BUSINESS WIRE) --Sidecar Health, the company that created health plans with robust health care coverage at up to 40% savings over traditional major medical plans, today announces its launch in Florida.
“Almost 13 percent of Florida residents are uninsured, which is a staggering statistic,” said Patrick Quigley, Sidecar Health’s CEO.
According to data from the Kaiser Family Foundation, ACA premiums for bronze plans rose by an average of 12% 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.
“We created an insurance product that provides good coverage to many of those who can’t afford existing options,” Quigley said. “We’re excited to make that product available to Floridians.”
Consumers who enroll 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 – all at a fraction of the price of a traditional major medical plan.
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. And because the policies offer robust 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 and make the most of their coverage.
Sidecar Health’s innovative 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.
Sidecar Health is changing health insurance. Traditional insurance sits between patients and their doctors, which leads to increased costs, adds unnecessary procedures, and results in surprise bills patients can’t afford. Sidecar Health is different. Our members know exactly what their coverage is and pay the provider directly at the time of care using their Sidecar Health payment card, which allows them to take advantage of discounts for paying upfront. The insurance plans we offer are affordable, personalized, and fully transparent – the way health insurance should be. For more info visit: sidecarhealth.com.
Originally released on Business Wire.
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