AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Sidecar Health Launches Affordable Health Insurance Product in Arkansas

November 13, 2019

LITTLE ROCK, Ark.--(BUSINESS WIRE)--Nov 13, 2019--

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 Arkansas.

“With 240,000 people uninsured in Arkansas and with healthcare costs continuing to rise, the existing solutions aren’t working for everyone, and so we’re bringing a totally new approach to the market,” said Patrick Quigley, Sidecar Health’s CEO.

The cost of health insurance is an even bigger issue for Arkansas residents in rural areas, where premiums are an average 15 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 Arkansans.”

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 them, 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.

About Sidecar Health

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191113005621/en/

Liz Deranja, Sidecar Health,lderanja@sidecarhealth.com

KEYWORD: ARKANSAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: Sidecar Health

Copyright Business Wire 2019.

PUB: 11/13/2019 11:12 AM/DISC: 11/13/2019 11:12 AM

http://www.businesswire.com/news/home/20191113005621/en