One of the biggest barriers that holds entrepreneurs and real estate investors back from leaving their 9-5 job is health insurance. Today’s guest, Andy Schoonover, is the CEO of CrowdHealth, a company that’s changing the way we pay for healthcare.
What I love about CrowdHealth is that they eliminate a lot of the headaches and costs that are associated with traditional health insurance. Their mission is to make healthcare more accessible, simple, and reasonably priced, which in turn makes entrepreneurship more attainable. In this interview, Andy is sharing how CrowdHealth works, why it’s a great solution for real estate investors, and how you can get started crowdfunding your healthcare.
On this episode you’ll learn:
- How CrowdHealth works.
- Why crowdfunding healthcare is a powerful model.
- An example of what it looks like to pay for a health event with CrowdHealth.
- And much more!
How CrowdHealth Works
CrowdHealth is an alternative to health insurance that works on a crowdfunding model. Instead of sending a monthly premium to an insurance company, each member pays into their account. The cost is $175/month or $695/month for a family of 4+. All member pay into their accounts, and money accumulates over time. In the event of a healthcare expense, each member is responsible for $500. The remaining costs are crowdfunded from the community.
Why Crowdfunding Healthcare is a Powerful Model
If you’ve ever used insurance to pay for a healthcare expense, you know that it can be an overwhelming, confusing, and time-consuming process. Crowdfunding healthcare costs allows doctors to get paid quickly, passing down savings to you as the patient. There are fewer hoops for doctors and hospitals to jump through by foregoing insurance, so CrowdHealth is able to negotiate lower costs, and the provider is able to be paid quicker, and in cash! It’s a win-win system for everyone involved.
An Example of What It Looks Like to Pay for a Health Event with CrowdHealth
If you had a CrowdHealth account, and your child broke his or her arm, you would be responsible for paying $500 upfront. This is similar to a copay you might have with traditional insurance. You would collect the bills, and upload them directly to the portal at CrowdHealth. The CrowdHealth team would negotiate with your provider, getting you a discount somewhere between 30-50%. Within three days, CrowdHealth would ask the community to help pay your bill. The funds would be transferred to your account, and you could pay the bill in cash.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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