When most people hear the word crowdfunding, they think of entrepreneurs selling products on Kickstarter or charitable causes fundraising on GoFundMe. Health insurance isn’t something that can be sold on Kickstarter and most GoFundMe campaigns fail to reach their goals, so you may be wondering how insurance can be reliably crowdfunded. Here is the answer in three easy steps:
1. Contribute to the plan
All CrowdHealth Members pledge to make a monthly contribution to the services we provide. Unlike the monthly premiums that insurance companies charge, CrowdHealth only keeps $30 of every payment to help cover administrative costs. The rest of your payment is stored in a savings account that you can use to pay for care throughout the state and beyond.
This is one of the biggest differences between CrowdHealth and standard insurance. Money in your account remains yours, and you will receive a full refund minus a small closing fee if you decide to cancel CrowdHealth. You can also use funds in your account to pay for the healthcare needs of other Members at your discretion. Making contributions to others will improve your “generosity score”, a numeric indication of how often you’ve helped the Community since joining CrowdHealth. Should you ever have a health emergency, your score will be shown with your funding request. Many Members are more likely to contribute to requests backed by high generosity scores, but it isn’t mandatory to receive funding.
2. Visit a Georgia physician
CrowdHealth doesn’t have any networks, so you can choose any doctor or provider you like in the state. When you do, ask for the cash price of your visit. Doctors don’t always publish cash rates for their services, but they all have them. Many physicians prefer to be paid in cash because it spares them the expenses associated with filing health insurance claims, stressing over prior authorizations, and waiting up to 120 days to receive compensation for their services. CrowdHealth leverages that preference to negotiate more affordable rates, bringing many medical bills down by up to 66% of an initial quote. If you know you’ll be receiving costly care, we ask that you let us know beforehand so our negotiators can work their magic ahead of time. If you need emergency care, we can negotiate after the fact as well.
If your total medical bill comes to $500 or less, you pay it without CrowdHealth’s further involvement. If you owe more than $500, you make a $500 payment and submit a funding request to us for the rest.
3. Submit a claim
While many insurance companies seem to make it as difficult as possible to submit a claim, CrowdHealth makes it easy. Simply download our mobile app through Google Play or the app store, take a photo of all of your medical bills, and click submit. Yes, it’s really that easy.
CrowdHealth facilitates all funding requests, so other Members will see your claim and help pay your bill smoothly and quickly. Better yet, the funds will be transferred directly into your account for ease of access. Most health insurance companies aren’t as quick or convenient as CrowdHealth.
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