Bind Benefits Inc. announced Thursday that it has begun fully-insured health plans to businesses with over 50 employees.
The health insurance startup now offers fully-insured plans in Florida, and has filed for approval in Ohio, Texas, Virginia and Wisconsin. It plans to offer the products in over 30 states by the end of 2021 including Minnesota, a spokesperson said.
Before this, Bind only offered plans to employees of companies with self-insured plans, which are generally larger. The new products serve to expand the number of employers Bind can potentially work with.
Founded in 2016, Minneapolis-based Bind has around 350 employees, at least 100 of which it added this year, and serves almost 100,000 members. Some companies that offer Bind to their employees include Target Corp. and Best Buy Co. Inc.
The company could also start to offer individual or Medicare Advantage plans in 2022 or 2023, president Jodi Hubler told the Business Journal earlier this year. The company offers an experience that is similar to the "on-demand" concepts of apps like Uber. Members opt into coverage for certain treatments as needed, keeping their costs lower overall. That structure means that members don't have coinsurance or deductibles.
Bind has raised around $140 million in venture capital so far. That includes the sale of $60 million in debt to an investor last October and a $70 million Series A in 2018. Some of its investors include Wayzata-based Lemhi Ventures and Minnetonka-based UnitedHealth Group Inc.
In 2018, Business Journal readers named Bind its Most Promising Startup of the year.
The original story incorrectly stated that Bind members don't have to pay co-pays. They do, but they don't have to pay coinsurance or deductibles. Also, members do not opt into coverage for certain conditions, they opt in for certain treatments.
