COLUMBUS, Ohio--(BUSINESS WIRE)--Sidecar Health, a transformative health insurance company giving its members control over costs and choice, announced today that it is teaming up with Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) to help bring high-quality, lower-cost prescription drugs to Sidecar Health members.
Both Sidecar Health and Cost Plus Drugs were founded to address the issue of rising healthcare costs, which are often driven by lack of transparency and inefficient middlemen that inflate the overall cost of healthcare services. Together, Sidecar Health and Cost Plus Drugs are fostering a healthcare landscape that is transparent, consumer-friendly, and genuinely cost-effective.
According to a September 2021 Gallup poll, 18 million Americans were recently unable to pay for at least one prescription medication for their household due to ever-rising costs, and 1 in 10 Americans have skipped doses to save money.
The Sidecar Health model allows members to know exactly what their plan covers, including the cost of prescriptions, and when their healthcare services cost less than their Benefit Amount, they keep the difference. On average, group plan members keep $54 in savings per month on their prescriptions.
Cost Plus Drugs provides transparent drug pricing with minimal markups and fees. Their online pharmacy charges consumers only 15% more than it pays to buy a drug from the manufacturer, along with a $5 per-prescription dispensing fee and a $5 shipping fee. In addition, Sidecar Health members may also receive Cost Plus Drugs pricing at participating retail pharmacies, via the Team Cuban Card.
“We are thrilled to collaborate with Sidecar Health in our mission to make prescription drugs more affordable for consumers,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug Company. “At Cost Plus Drugs, our commitment to transparent drug pricing has always been unwavering, and with Sidecar Health we are dedicated to providing affordable and accessible solutions for all.”
Using actionable transparency to lower cost
With Sidecar Health, there are no restrictive formularies and its members can choose to fill their medications at any U.S.-based pharmacy.
When Sidecar Health members choose to fill their drugs with Cost Plus Drugs, members may receive more money back than at a traditional pharmacy. Consider, for example, a Sidecar Health member in Columbus, Ohio, taking the generic form of Lipitor (Atorvastatin – 20mg, 90 days) to manage high cholesterol. While their plan pays $24 for the medication, they can pocket $16.30 savings by filling their prescription at Cost Plus Drugs, where the cost is only $7.70. The same is true for some less commonly used medications. Imatinib, a chemotherapy drug used to treat Leukemia, costs $33 on average in Cincinnati and some pharmacies even charge up to $2,500 for 30 tablets at 100 mg strength, but Cost Plus Drugs sells it for $13.40. Sidecar Health members who take this drug and purchase it from Cost Plus Drugs could keep a difference of $19 or more.
“Far too many Americans can't access the healthcare they need due to high costs,” said Meghann Seidner, VP of Marketing, Sidecar Health. “Cost Plus Drugs and Sidecar Health are working together to change that.” By eliminating administrative complexities and offering transparency, Sidecar Health and Cost Plus Drugs are making prescription drugs more affordable and taking a significant step toward accessible healthcare for all.
About Sidecar Health
Sidecar Health insurance plans deliver industry leading major medical coverage for employers. Our mission is to make quality healthcare affordable and accessible to everyone in the US. We believe in a world where patients have the freedom to choose any provider, and pricing is understandable and clear. So, we’ve rewired health insurance with a modern, intuitive, and tech-forward approach that removes obstacles to excellent care and empowers our members with the information they need to make smart decisions about their care. More at sidecarhealth.com.
About Mark Cuban Cost Plus Drug Company
The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry operates. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. Cost Plus Drugs transparently charges a standard markup on every drug it sells. The costplusdrugs.com online pharmacy launched in January 2022 now carries over 2,300 prescription products, delivered by mail to thousands of happy customers every day. Customers can also go to participating retail pharmacies to receive Cost Plus Drugs pricing through the Team Cuban Card. Cost Plus Drugs is working with health plans, managed-care organizations, pharmacy benefits managers (PBMs) and self-insured employers to bring these same savings to employer-sponsored benefit plans nationwide.
