Health Insurance for Everyone Who Suffers From Health Insurance
The Minneapolis-based startup was established in 2016 by Anthony Miller, who previously cofounded Definity Health, a pioneer and national leader in consumer-driven health benefit programs that was sold to UnitedHealthcare in 2004. According to Minneapolis/St. Paul Minnesota Business Journal, it has closed a $60M round of funding led by Lemhi Ventures, where Anthony Miller is a managing partner.
Bind is an on-demand health insurance scheme for employers that self-fund their insurance with several benefits. It allows policyholders to purchase and adjust coverage as they need. It is good for both core and additional coverage – what the company calls “Add-Ins.” Core coverage includes preventive, routine and urgent care as well as treatment for emergencies, trauma and all diseases. Add-Ins are available for services such as knee replacements or back surgery; to name two. There are no restrictions to those with pre-existing conditions, no enrollment periods, and definitely no deductibles – instead members pay a premium plus co-pays for specific treatments. “If I could tell my 30-year-old self something, it would be that deductibles are a terrible idea in health insurance” – Miller .
Also, Bind provides members a complete online experience from pre-enrollment to mybind.com, a member portal. Intel on one’s coverage and exact cost of treatment is accessible via a mobile app.
Bottom Line: PreferredOne is already a partner.
