Episode Summary
Sidecar Health is an innovative new health insurance company that is aiming to disrupt the industry by offering a completely different approach focused on affordability, transparency, and giving consumers more control.
The inspiration for Sidecar Health came when the company's CEO paid cash for a medical procedure instead of going through his insurance. He saved tens of thousands of dollars, exposing the inflated costs and lack of price transparency that plague the healthcare industry.
This experience motivated the creation of Sidecar Health to find a better way. Sidecar's plans have no deductible so coverage starts right away on day one. This removes a huge financial barrier that prevents many from seeking care.
Members also get a Visa card that allows them to pay their providers directly. This gives consumers more power in where they choose to get care. Sidecar Health also provides members with transparent pricing tools to easily search for prescription drug costs and medical services to see true prices and savings opportunities.
Applying and getting approved for coverage is fast and simple through their online underwriting process. No paperwork or long waits like traditional insurance.
One of Sidecar's key differentiators is offering customizable coverage. Members can tailor plans to their needs and budget by selecting their deductible and coverage options. This is a huge shift from the one-size-fits-all approach of traditional health insurance.
Sidecar Health also negotiates costs directly with providers on behalf of members. This leverages bulk purchasing power to get the lowest possible prices on medical bills. Members avoid the hassle of haggling down costs themselves.
The company provides extensive training and certification for insurance brokers on their products. This ensures brokers are well-equipped to guide members to the optimal plans based on factors like age, location, health conditions, tobacco use, and individual vs group coverage.
Once approved, members enjoy an easy online claims submission process and can conveniently track account balances. Sidecar Health takes care of adjudicating claims and negotiating prices.
This innovative model brings much-needed change to an antiquated industry. It puts the consumer first with upfront pricing, custom plans, and hands-on support. As healthcare costs continue to rise exponentially, Sidecar Health offers a ray of hope for affordability and transparency.
The health insurance landscape is ripe for disruption. Companies like Sidecar that rethink the status quo with the consumer's best interest in mind are poised to make big waves in reforming this broken system. The future looks bright thanks to innovators who dare to shake up the industry norms.
Timestamps
(0:00:02) - Broker Link podcast takes a look at Sidecar Health for under 65s
(0:00:40) - Sidecar Health is a new insurance product coming into the ACA open enrollment
(0:08:59) - These plans start with no deductible, cover all prescriptions and medically necessary care
(0:13:17) - How does the underwriting work involving scripts or upcoming procedures
(0:17:29) - This is the member dashboard to help members shop for their prescriptions
(0:24:26) - Sidecar health plans start with no deductible and then have a percentage after
(0:29:12) - You save money on prescription and doctor fees that are less than what the plan pays
(0:34:30) - How would an ACA plan that's from the marketplace work with sidecar
(0:37:04) - Sidecar uses a Visa card to pay for out-of-pocket medical expenses
(0:42:06) - Broker Link podcast features tips on growing your business through sidecar health
