Insurtech startup Sidecar Health has unveiled its latest insurance product: a new group plan for fully insured employers.
The plan, which will be offered in Ohio, is available to employers with at least 51 workers. The new offering includes health savings account-compatible plan options, and Sidecar says the plan could drive savings of 40% on average compared to other coverage options available in the state.
The new group plans will be built on Sidecar's transparent pricing model, which also allows patients to see any doctor. In addition, members can also connect with the insurer's in-house Member Care team.
Sidecar expects to rapidly scale the plan to other regions.
Sidecar's model is based around offering upfront pricing to its members, which allows them to compare pricing and shop around for care. The member is provided a Sidecar Health VISA card that they can use to pay for care, reducing administrative paperwork and paying providers more quickly.
Members save 40% compared to traditional insurance, Sidecar says.
“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, in a statement. “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.”
The company has banked $175 million in funding to date, reaching a $1 billion valuation. Backers include Drive Capital, Tiger Global and BOND.
The insurtech segment has been an active one, with the biggest names in this space—Oscar Health, Clover Health and Bright Health—all going public in the past year. Clover Health went public through a SPAC deal, while Oscar and Bright Health launched traditional initial public offerings.