The idea is a health care insurance product that’s a multi-tier plan with varying percentages of coverage from the company based on your level (e.g. 90/10, 80/20, 70/30) and with different out of pocket maximums as well. Maybe out of pocket max is a separate tiered election and adjusts the bi-weekly cost/investment.
What’s critical for this to work is transparent pricing. Maybe policy can be implemented to subsidize health care facilities and hospitals that participate and show their regional pricing information for various procedures (either state or county based). Over time we’ll see a normal distribution of procedure costs in different regions enabling patients to be informed and better prepared, even giving them the option to “shop around” if they see that a neighboring hospital can treat the same broken arm for 25% less cost. It provides free market to health care costs.
I could envision the entire platform and available regional pricing data being web based and app-based. I think a review system would be helpful too so that people can be informed if quality suffers at the expense of locations undercutting each other.
What else could be done to improve this idea?