Bind Launches Into the Fully-insured Market
In its biggest expansion ever, Bind looks to deliver its fully-insured product in more than 30 states by year-end 2021
MINNEAPOLIS–(BUSINESS WIRE)–Bind Benefits, Inc. announced today that its personalized health plan will be offered on a fully-insured basis to employers with more than 50 employees, launching immediately in the state of Florida. Bind filed for approval to provide its fully-insured offering in Ohio, Texas, Virginia and Wisconsin—with intent to file in dozens more states in 2020 and early 2021.
“Until now, poor insurance design forced employers to choose between meeting budgets and offering quality benefits that employees and their families could actually afford. We fundamentally lost sight of the purpose of insurance and the role of consumers in making informed choices about how they obtain and pay for care,” said Bind CEO Tony Miller. “Bind innovation changes the cost curve for both employers and employees—something the fully-insured market urgently needs.”
Formed in 2016, Bind believes people deserve to see treatment options and compare costs in advance of care, so they can make informed choices that meet their personal needs and conditions. With its entirely new model of health insurance design, Bind gives people something they’ve never experienced with health insurance—cost certainty and coverage flexibility with no deductible or coinsurance.
Bind uses data science algorithms to present consumers with clear, upfront coverage and price options, so they can make informed choices for their unique circumstances. The MyBind app and MyBind.com present members with search results that list coverage options, so members can easily find the best price and treatment combination for them.
In 2018, Bind expanded nationally with its self-funded Administrative Services Only (ASO) platform, landing dozens of customers in its first two years. Now serving nearly 100,000 members, including employees of Medtronic, Best Buy, Cumberland School District, Culligan and many more companies, the Bind personalized health plan shows people clear costs in advance of care and provides easy-to-see care options—all from the palm of their hand.
“At Bind, we’ve shown when you give people tools they can easily use to make informed decisions, they do. They’re empowered to make better care choices in a way that can improve overall health,” said Bind President Jodi Hubler. In fact, recent benchmark data illustrates Bind members buy cost-effective health care. For example, they are more likely to choose less expensive sites of care and more likely to choose surgical alternatives.
For more information about Bind, visit yourbind.com.
Bind redesigned health insurance to give employers the opportunity to offer a sustainable, attractive health benefit—without compromising coverage or quality. Members can see treatment options and compare costs before making a decision. The Bind personalized health plan delivers the freedom to choose—and the information to choose wisely. Learn more at yourbind.com.
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