EL SEGUNDO, Calif., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Sidecar Health, the company dedicated to providing simple and transparent insurance options based on cash prices, today announced it is launching a new Affordable Care Act (ACA) product line, starting with off-Exchange plans available in Ohio for Plan Year 2022. This new product meets all ACA requirements while costing roughly 24% less than other ACA plans in the state. Sidecar Health is a licensed insurer domiciled in Ohio and expects it will continue to expand availability of its ACA product to other states for Plan Year 2023.
“The ACA is a critical driver of health coverage in the United States, but it’s still prohibitively expensive for many, many people. We’re proud that our new plans hold all of the ACA protections and benefits consumers rely on, while still offering the flexibility, transparency, and affordability Sidecar Health is known for,” said Patrick Quigley, CEO of Sidecar Health. “We look forward to introducing our unique cash pay model to the ACA market and helping thousands access quality care that was previously out of reach.”
Sidecar Health works on the straightforward principle that everyone has the right to take control of their healthcare and receive the provider’s “cash price” for services they need. On average, cash paying customers get 40% savings1 on healthcare services compared to insurance-negotiated rates. With Sidecar Health, members can take advantage of these lower costs, without network restraints or surprise bills. Using the Sidecar Health Care Calculator, members can shop for providers based on the average cash price available for specific services in their area, and pay at the point of service using their Sidecar Health VISA benefit card. With insight into the actual cost of healthcare services, members actively participate in their healthcare; like other consumer-based industries, more informed consumers make better choices.
Sidecar Health also offers an Access Plan, an “excepted benefits” product not subject to the ACA, which is currently available to over 150 million Americans in 17 states and helps consumers in those states cover the cost of healthcare services with Sidecar Health’s cash-pay model. Sidecar Health plans to expand this product to several more states next year. Sidecar Health excepted benefit plans are available to consumers year-round in Alabama, Arkansas, Arizona, Florida, Georgia, Indiana, Kentucky, Maryland, Michigan, Mississippi, Ohio, Oklahoma, North Carolina, South Carolina, Tennessee, Texas, and Utah.
About Sidecar Health
Sidecar Health is changing health insurance. Unlike traditional insurance, which sits between the patient and the doctor, Sidecar Health members can pay for care directly when they get it using the Sidecar Health VISA benefit card. As a result, members can see any doctor, all coverage is transparent and members save 40% compared to traditional insurance. We believe it’s health insurance the way it should be.
Founded in 2018, Sidecar Health has raised more than $175 million to date from Drive Capital, BOND, Menlo Ventures, Tiger Global, Cathay Innovation, GreatPoint Ventures, and Morpheus Ventures. For more information visit: www.sidecarhealth.com
1 Savings estimate based on a study of more than 1 billion claims comparing self-pay (or cash pay) prices of a frequency-weighted market basket of procedures to insurer-negotiated rates for the same. Claims were collected between July 2017 and July 2019. R. Lawrence Van Horn, Arthur Laffer, Robert L. Metcalf. 2019. The Transformative Potential for Price Transparency in Healthcare: Benefits for Consumers and Providers. Health Management Policy and Innovation, Volume 4, Issue 3
