Sidecar Health
| Company type | Private |
|---|---|
| Industry | Health insurance |
| Founded | 2018 |
| Founder | Patrick Quigley, Veronica Osetinsky |
| Headquarters | El Segundo , United States |
Area served | 44 states in the United States |
Key people | Patrick Quigley, Veronica Osetinsky |
| Products | Major medical insurance plans for medium and large enterprises |
Sidecar Health is a U.S.-based health insurance provider located in El Segundo, California. The company delivers major medical insurance plans tailored for medium and large enterprises operating in Ohio, Georgia, and Florida, with services extending to members in 44 states nationwide.
History
Established in 2018 in El Segundo, California, Sidecar Health was created by Patrick Quigley and Veronica Osetinsky, who previously held executive roles at Katch, a digital advertising technology company serving insurers. The firm's initial insurance offering debuted in Texas in 2019, aiming to address the substantial uninsured population within the state. By the end of that year, Sidecar Health had broadened its presence to include Alabama, Arkansas, Florida, Georgia, Kentucky, and North Carolina.
Early capital included an $18 million investment from GreatPoint Ventures and Morpheus Ventures. In July 2020, the company secured $20 million from investors such as Comcast Ventures and Anne Wojcicki, CEO of 23andMe. A Series C financing round in January 2021 led by Drive Capital raised $125 million, valuing Sidecar Health at $1 billion. These funds facilitated workforce expansion, entry into new markets, and product innovation. In 2024, the company completed a $165 million Series D round spearheaded by Koch Disruptive Technologies with contributions from Cathay Innovation, GreatPoint Ventures, Morpheus Ventures, Drive Capital, Duke University, BOND, and Menlo Ventures.
Sidecar Health has moved away from offering fixed indemnity or "excepted benefit" policies. By 2024, it exclusively provides fully ACA-compliant major medical insurance plans designed for employers with 51 or more employees. These offerings are available in both fully insured and self-funded formats.
Services
Sidecar Health’s insurance solutions require members to pay healthcare providers directly at the time of service. Their online platform and mobile application present benefit details alongside local pricing information and provider ratings. Members utilize a Sidecar Health Visa debit card to cover costs that are frequently lower than conventional negotiated insurance fees. Following payment, Sidecar Health reimburses its portion according to a predetermined schedule while any remaining balance is the member’s responsibility. If expenditures fall below the allotted benefit amount, members receive the difference as cash savings.
The company’s plans meet all federal and state standards for major medical coverage under the ACA, including comprehensive emergency protections mandated by the No Surprises Act and coverage of essential health benefits required for ACA-compliant plans.
In 2024, Sidecar Health raised $165 million through a Series D funding round led by Koch Disruptive Technologies to facilitate its expansion efforts into Florida.