Tag: Bind

Bind expands health plan business to Florida, eyes other states

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

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Bind enters employer market with new approach to health insurance

  • Bind, a startup that’s building a new kind of health plan, is becoming an insurer itself. It’s offering plans to fully insured employers who have more than 50 employees. 
  • Getting rid of deductibles and co-insurance, Bind’s “on-demand” approach instead informs members how much they’d expect to pay for a certain doctor’s visit, prescription or procedure. 
  • Bind will be available for companies in Florida effective January 2021, with plans to file to be an insurer in dozens of states between now and 2021.
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Bind, a healthcare startup that built a new kind of “on-demand” health plan, is getting into the insurance business. 

The move into health insurance will make Bind’s services available to more companies, particularly smaller ones. Previously, Bind administered health plans for big companies that pay for the costs of their workers’ medical care themselves,

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