Sidecar Health Launches New Group Fully Insured Health Insurance Product for Employers with 51 or more Employees

EL SEGUNDO, Calif., April 11, 2022 (GLOBE NEWSWIRE) --  Sidecar Health, the company dedicated to providing transparent and straightforward insurance options based on cash prices, today announced it is launching a group fully insured health insurance product in Ohio. The new product is major medical health insurance, includes HSA compatible options, and on average leads to a 39%¹ savings compared to traditional insurance negotiated rates in the state.

The new employer-sponsored product, initially available to employers based in Ohio and for groups of at least 51 employees, offers the same leading-edge benefits included in Sidecar Health's other offerings: the ability to see any doctor, transparent and upfront pricing, and access to Sidecar Health's U.S.-based Member Care team. Sidecar Health anticipates quickly expanding the offering to additional states.

"Everyone deserves access to care. Sidecar Health is about providing our members with complete transparency and the ability to shop for the best care possible independently," said Patrick Quigley, Founder and CEO of Sidecar Health. "Expanding our offerings to employers was naturally the next step for Sidecar Health, and we are excited to continue expanding our offerings to reach and benefit more and more people."

Sidecar Health's mission is to simplify the health insurance process and bring meaningful cost-savings, increased flexibility, and transparency into health plans. Not only can members see upfront how much they'll receive for any service, but they can also compare prices between providers to shop around for the care that's best for them. Employers benefit from significantly reduced rates compared to other insurance plans while still providing their employees excellent health insurance benefits. Members and providers love Sidecar Health because its instant-pay technology with the Sidecar Health VISA card lets employees pay their providers upfront, with none of the traditional insurance paperwork hassles.

Individuals should have the freedom to choose the provider they want to see, whether they're purchasing coverage in the individual market or on their company's health plan. As other insurers narrow their networks and lock in preferred pharmacies, Sidecar Health takes a different approach, empowering consumers and employers with greater choice, transparency, and simplicity.

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

*Sidecar Health Group Fully Insured Health Insurance Plans are underwritten by Sidecar Health Insurance Company.

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.

Contact:

Moira Sim

moira@bulleitgroup.com 

610-506-2785