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As health insurance costs continue to rise, Americans are anxious for better options.
According to a recent study by disability and serious illness insurance company Breeze, the dissatisfaction has led many to accept insurance alternatives in amazing places.
More than half (55%) of Americans surveyed said they would buy fictitious insurance products from Amazon, and 46% said they would buy insurance from Google. Few (38%) said they would consider buying insurance from Facebook.
Especially when it comes to health insurance, 59% of respondents say they buy health insurance from companies such as CVS and Walgreens. This openness may be partly due to the fact that CVS already owns Aetna and through which it provides health insurance to 39 million people nationwide.
It may also reflect consumer despair.
Most Americans have choices, but medical costs continue to weigh on consumers, thanks to the Health Insurance Marketplace created by the Affordable Care Act. According to Gallup, 71% of Americans believe that households are paying a lot for the quality of care they receive, and nearly one-third report skipping medical care because of the cost. doing.
According to Breeze CEO and co-founder Colin Nabity, the enthusiasm for new and better insurance options may reflect the importance of health insurance.
“Everyone needs it and we use it often, so if tech or big companies enter and simplify the process from application to billing, people are new. I think it’s very intriguing to take on the challenge, “says Nabity.
Shane McCoy, a board-certified entomologist and founder and president of Aspect Pest Control, is one of those who are willing to try new approaches when it comes to saving money.
“Health premiums for small business owners and independent contractors are higher than ever. They aren’t just affordable for many Americans,” McCoy said. “If Amazon, Facebook, Google, CVS, or Walgreens can offer a large premium health insurance product that answers affordable questions for myself and others like me, I’ll definitely buy from them. increase.”
Paul C, Managing Partner of PCS Advisors, a benefits advisory firm. Seegert considers buying insurance and recommends the same to clients, but transparency and the power of the free market only if these companies address key factors that are lacking in the latest options.
“Their products need to provide consumers with the information they need to make the right purchase decisions based on both cost and quality. It also rewards them for making good decisions. There will be, “Seegert said. “By doing these things, we can cut medical costs in half.”
Jake Sattelmair, co-founder and CEO of digital care management firm Wellframe, said he welcomes the turmoil of Amazon, Apple, Walgreens, Walmart and others.
“The digital health market has long expected big players to step up. Increasing investment in these companies means more people will have access to better care.” Sattelmair said. “Consumer demand for a seamless experience is pervasive in healthcare, and it is more important than ever for health plans to improve the patient experience and drive higher healthcare costs. The idea has opened the gap for other organizations to get in and own different parts of the healthcare journey. “
However, not everyone is open to large technology companies entering the insurance business.
“The idea of empowering an organization like Amazon and increasing access to personal information is honestly scary to me,” said Betsy Brook, a 40-year-old housekeeping parent in Florida. ..
Brooke is uncomfortable with the idea of buying health insurance from a technology company that does not have healthcare expertise or insurance background. She’s at least a healthcare company, so she’s a little open to CVS or Walgreens.
“It’s easy to see why someone doesn’t trust a company like Facebook to offer health insurance coverage,” said Charles Helms, founder of Tracking Advice, a shipping information website. “Why do you probably deposit your money in an institution that knows you better than you? How Facebook uses your personal data retention for their benefit. There is no way to know. “
But Helms is in conflict.
“On the other hand, these companies are attractive because they are stable companies with a business model that can be reasonably expected to be safe in the near future,” he said.
Financial stability alone is not enough to convince Teresa Hash, CEO of Roji Health Intelligence.
“Health insurance is not a product purchase, so we don’t buy health insurance from these companies,” Hash said. “This is an admission ticket to the medical system.”
Hash says the system builds on the relationship between healthcare providers and funding partners such as insurance companies and employers.
“Can Amazon, Facebook and Google create an infrastructure that guarantees access to health care through negotiated arrangements?” Hash said. “It’s a stretch.”
Despite the skepticism of the tech giants, the bars they need to cross may not be particularly expensive.
“Part of [tech] Companies … have a reputable share of baggage that will probably enter the health insurance market. Health insurance companies’ baseline approvals are already fairly low among Americans, “said Anne Martin, Operations Director at Credit Donkey. “I think there is now a thirst for health care options, and some of these companies may succeed in marketing themselves as something different.”
Some experts still believe that openness to technology companies entering new healthcare markets such as pharmaceuticals may be lacking in health insurance.
Kim Buckey, Vice President of Client Services at DirectPath, said:
But she could change the game for tech giants who have less choice, such as those who live in uninsured, uninsured, or uncared areas. Say there is.
Wellframe’s Satellite air is also cautiously optimistic. “My hope is to combine high tech and high touch care to move insurance from a transactional temporary experience to a continuous, relationship-driven and rewarding experience.”
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