Millions of professionals dream of leaving their corporate career to be their own boss. But losing their health insurance often plays a huge factor in keeping people tethered to the 9-5.
In this interview with The Upside, Indipop founder Melissa Blatt debunks the common myths of the healthcare system and explains exactly how her company is redefining health insurance options for independent business owners.
Why have professionals traditionally felt so chained to their corporate health insurance programs?
The biggest difference I experienced and what my fellow Independents relay to me is the sticker shock of how expensive healthcare is.
Each year the cost of healthcare rises and for an individual out on their own it is very difficult to find a plan that is affordable, especially for those who have pre-existing conditions.
What prompted you to launch Indipop? How did you get the idea for Indipop?
Indipop was created out of my personal challenges of going out on my own and accessing and initiating the services I needed. Healthcare was just one part of the picture for my life and business, but it was an essential part.
As I searched plans, the majority of quotes were a $450 premium and an $8,000 deductible from insurance companies that supposedly had discounted rates. It didn’t include my primary care visits, ER, labs, x rays etc.
It made me question, what am I paying for?
I was not alone. I am among the 57 million US workers who are considered independent workers–a company of “one”–who are not eligible for group rates.
After extensive research, I found health memberships to be an alternative to what was being widely-offered in the market. So I formed a partnership and launched Indipop to offer this alternative healthcare option to the independent workers who needed it.
What’s the difference between health insurance and health memberships?
Health insurance has a monthly premium and a deductible. That monthly payment allows you to share “risk” with a large number of people who are making similar payments.
Plans with lower monthly premiums have higher deductibles. Plans with higher monthly premiums usually have lower deductibles.
A health membership or cost share differs in that there are no premium or deductibles. Instead, you become a member with a monthly fee and share each other’s medical costs as a community.
When a member has a medical need it is shared by the community after the member pays an IUA, which stands for “initial unshareable amount”. The monthly memberships amounts and IUA are generally much lower than a traditional monthly premiums and deductibles.
For example, when a person breaks their leg, a monthly membership for an individual is $250 and the IUA cost on one plan is $1000, the person is responsible for $1000 for this medical need. Without insurance it could be as expensive as $17,000 or with insurance you may have to meet your deductible before the insurance will cover the cost.
How should I decide which option is best for me or my family?
Consider these questions:
What are your typical healthcare bills per year?
Do you see doctors regularly? Are you open to telemedicine?
Are you primarily interested in catastrophic and hospitalization or managing a health issue?
Weigh the options. If you are saving a significant amount of money with a monthly membership and a lower IUA this might make sense instead of a traditional premium and deductible.
Tell our readers how they can learn more about Indipop:
Please visit www.indipop.co, explore plans, sign up for a webinar and visit our partner page to take advantage of perks and offers.
To your health and success!