Bind Benefits is moving into the market for fully-insured health plans, with products already approved for employers in Florida and plans to sell the coverage in dozens of other states by the end of next year.
The Minneapolis-based company announced this week approval from Florida regulators to sell coverage to employers with 50 or more workers seeking “fully-insured” coverage, meaning Bind takes the financial risk for paying medical claims.
Previously, Bind Benefits wasn’t a health insurer, but provided administrative services to “self-insured” employers that are at-risk for excess medical costs in worker health plans.
Now, Bind says it’s filed for approval to sell fully-insured health plans to employers in Ohio, Texas, Virginia and Wisconsin. The company also plans to file with regulators in Minnesota and other states in 2020 and early 2021.
“Bind innovation changes the cost curve for both employers and employees — something the fully-insured market urgently