Andy Schoonover: Reengaging the Consumer with the Cost of Healthcare with the founder of CrowdHealth

Andy Schoonover is the founder of CrowdHealth, a very unique alternative to conventional health insurance. They have a great track record for reimbursing on claims, and Andy compares his 20-odd refusals over the past 5 years to the 20% of denials that Americans with conventional insurance experience on the whole. How do they remain solvent if they are reimbursing for every claim? For starters, they don’t cover preventative care. They are truly filling the void that insurance is supposed to fill. With the savings that you can make by switching, you will have (a lot) more expendable income for changing your diet, lifestyle, and environment. This is an experiment in which I am participating with my family, as we just cancelled our health insurance policy in favor of a lower rate with CrowdHealth. And we still haven’t had to use it…

Visit CrowdHealth and see for yourself. If you decide to join, you get a discount with my code RILEY

00:06:20 - Health insurance companies are massively wealthy, and yet 3 million Americans are carrying $10,000 or more in medical debt. Health insurance companies look for every reason to short you on reimbursements. They deny around 20% of claims. You pay a premium every month (either directly or your employer takes it from your paycheck) and you owe co-payments and service fees and you owe a deductible before your insurance policy even kicks in. This why health insurance companies remain so wealthy and you find healthcare unaffordable. CrowdHealth on the other hand denies <0.1% of claims.

00:18:30 - What is the role of insurance to begin with? The government has been subsidizing health insurance premiums for the past decade and those subsidies are going away, thus your premiums are going up.

00:23:00 - How is CrowdHealth solving the issues being faced by the consumer? The money you save by transitioning to this less expensive model gives you more cash in hand to pay for those means of keeping yourself healthy without compromising tail risk for the rare catastrophe. By the way…it’s also cheaper to offer cash for your healthcare rather than using your insurance card.

00:29:45 - Physicians are often willing to charge you less if you pay in cash rather than relying on your health insurance policy because they get paid more.

00:36:20 - CrowdHealth covers childbirth, and won’t pay more than $3000 (which pales in comparison to the deductibles of conventional insurance). And they love home birth…They have had to tinker with maternity care coverage given that their average member age is 33 years, so LOTS of babies (and NICU admissions) have been covered.

00:43:00 - CrowdHealth offers two options: Bronze level or Black Swan. The former has a “deductible” of $500. That’s all. The latter is truly catastrophic coverage, but it the cheapest option on the planet for the rare, financial disasters that come as a consequence of health events. Visit CrowdHealth to check out the future of health insurance! If you decide to join, you get a discount with my code RILEY

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