Bind On-Demand Health Insurance

Bind On-Demand Health Insurance Review: A Comprehensive Guide

Brief Introduction and Overview of the Company

Bind, now operating under the name Surest, is a health insurance company renowned for its innovative approach to personalized, on-demand health insurance plans. Established in 2016 by a team of health insurance pioneers, Bind aimed to disrupt the traditional health insurance model by offering consumers greater cost certainty and coverage flexibility.^[1][2] The company's focus on transparency and consumer choice has set it apart in a market often criticized for its complexity and lack of upfront cost clarity.

Key Highlights of the Company’s Market Position and Reputation

Bind's innovative model has garnered significant industry recognition. Its impressive Net Promoter Score (NPS) of 381 significantly surpasses the industry average of 19.2.^[2] This high NPS reflects exceptional customer satisfaction, with a remarkable 86% of members expressing disappointment at the prospect of their employer discontinuing the Bind plan.^[2] This strong endorsement speaks volumes about the positive experience members have had with the company's services and its commitment to providing value.

Overview

Year of Establishment and Background Story

Founded in 2016, Bind (Surest) embarked on a mission to provide employers with a sustainable and attractive health benefit solution without compromising coverage quality.^[1] The company recognized a significant gap in the market for accessible, transparent, and affordable health insurance, and it set out to fill that void with its innovative, on-demand model.

Key Milestones in the Company’s History and Growth

• 2018: Bind expanded its reach nationally through its self-funded Administrative Services Only (ASO) platform, quickly gaining dozens of clients within its first two years of operation. By 2020, the company boasted nearly 100,000 members, including employees from prominent organizations like Medtronic, Best Buy, and Cumberland School District.^[1] This rapid growth demonstrated strong market demand for Bind's unique approach.
• 2021: Expanding its product offerings, Bind launched its fully insured product in over 30 states, beginning with Florida and subsequently seeking regulatory approvals in Ohio, Texas, Virginia, and Wisconsin.^[1] This strategic expansion significantly broadened the company's reach and market accessibility.
• 2022: To better reflect its commitment to providing certainty and predictability for its members and healthcare providers, Bind underwent a rebranding, officially changing its name to Surest on September 1, 2022.^[3] This rebranding signaled a new chapter in the company's growth and evolution.

Insurance Products and Services

Main Insurance Products

Types of Insurance Offered:

Surest (formerly Bind) primarily offers personalized health insurance plans. A key differentiator is the absence of traditional deductibles and coinsurance, providing members with greater upfront cost clarity.^[1][2] This feature allows members to make more informed decisions about their healthcare choices.

Coverage Options and Policy Details:

• Preventive Care: Included in all plans, emphasizing proactive health management.
• Primary and Specialty Care: Access to necessary care from a wide range of providers.
• Urgent, Emergency, and Hospital Care: Comprehensive coverage for unexpected medical needs.
• Chronic Care: Support for long-term and recurring illnesses.
• Pharmacy Needs: Transparent copays and no restrictions based on pre-existing conditions.^[1][4] This commitment to inclusivity ensures all members have access to necessary medication.

Additional Services

Beyond core health insurance, Surest offers:

• Virtual Health Network: Access to a broad virtual healthcare network, seamlessly integrated into the search experience for increased convenience and accessibility.
• Add-Ins: Optional coverage for planned treatments (e.g., knee replacement, hernia repair). These add-ins can contribute to lower monthly premiums by providing cost certainty for anticipated procedures.^[1][4] This innovative approach to coverage allows members to tailor their plan to their specific needs and budget.

Premiums and Pricing

Pricing Structure

Overview of Premium Rates:

Surest’s pricing model focuses on providing cost certainty and affordability. A core principle is the ability for members to preview costs and compare options for doctors, treatments, and medications before scheduling appointments.^[1][2] This transparency empowers consumers to make well-informed decisions about their care.

Comparative Analysis with Industry Averages:

Data suggests that Surest members are more inclined to select cost-effective healthcare options, such as less expensive facilities and surgical alternatives.^[1] This behavior leads to considerably lower out-of-pocket expenses compared to traditional health insurance plans. The model incentivizes cost-conscious decision-making, ultimately benefiting both the members and the insurance provider.

Discounts and Special Offers

Available Discounts:

While specific multi-policy discounts aren't explicitly detailed, Surest collaborates extensively with employers to offer superior, faster, and more economical health insurance options.^[4] This strategic partnership approach benefits both employers and employees.

Promotional Deals and Limited-Time Offers:

Through a partnership with CEO Connection, Surest provides cost savings to mid-market companies, achieving a notable 10-15% reduction in healthcare expenses.^[4] These strategic alliances emphasize Surest’s dedication to providing cost-effective solutions to a broader market segment.

Customer Service and Support

Contact Methods

Available Customer Service Channels:

• Phone: 612-677-2023 (Heather Morrison, media contact)^[1]
• Email: [email protected]^[1]
• Live Chat: While not explicitly stated, the user-friendly MyBind app and MyBind.com provide comprehensive search results displaying coverage options, empowering members to locate the most cost-effective treatment combinations effortlessly.^[1] This intuitive platform serves as an effective customer support channel.

Pros and Cons of Bind On-Demand Health Insurance

Pros

Advantages:

• Competitive Premiums: Surest offers lower premiums compared to traditional plans, attracting both employers and employees seeking affordability.^[1][4]
• Comprehensive Coverage: The absence of deductibles and coinsurance provides clarity on upfront costs and flexible coverage options.^[1][2]
• Cost Certainty: Members can proactively examine treatment options and associated costs, making informed decisions about their healthcare.^[1][2]

Cons

Potential Drawbacks:

• Limited Geographic Coverage (Initially): While expanding rapidly, the initial rollout was limited to a smaller number of states. However, by the end of 2021, coverage extended to over 30 states.^[1]
• Complexity in Implementation (Transition): The transition from Bind to Surest may have introduced complexities in implementation for existing members and providers.^[3] This is a potential concern for those already enrolled in the program.

Conclusion

Summary of Main Points:

Surest (formerly Bind) presents a unique approach to health insurance through personalized, on-demand plans eliminating deductibles and coinsurance. Its innovative model has garnered significant recognition and high customer satisfaction. The company's ongoing expansion and service improvements make it a compelling alternative for employers and employees prioritizing cost-effective healthcare.

Recommendations:

Surest's on-demand health insurance is highly recommended for employers and employees seeking comprehensive coverage with predictable costs. It is particularly beneficial for individuals valuing transparency in healthcare expenses and desiring to actively participate in making informed decisions about their treatment options.

Frequently Asked Questions about Bind On-Demand Health Insurance

Answers to Common Questions:

1. What is Bind (Surest)? Bind, now Surest, offers personalized, on-demand health insurance plans without deductibles or coinsurance.^[1][2]
2. How does Surest work? Members access treatment options and cost comparisons before making decisions. The MyBind app and MyBind.com offer search results listing coverage options for finding the best price and treatment combination.^[1][2]
3. What are the key features of Surest’s health plans? Key features encompass preventive care, primary and specialty care, urgent/emergency/hospital care, chronic care, and pharmacy needs. All plans include clear copays and no pre-existing condition restrictions.^[1][4]
4. How does Surest’s pricing model work? Surest’s model provides cost certainty by bundling frequently-co-occurring health services into single copays. Members can preview costs and compare choices for doctors, treatments, and medications before appointments.^[1][2]
5. What is the customer service experience like with Surest? Members can contact Surest via phone (612-677-2023) or email ([email protected]). The user-friendly app and website provide easy access to coverage options and claims information.^[1]

References

• [1] https://medicalalley.org/bind-launches-into-the-fully-insured-market/
• [2] https://www.uhc.com/content/dam/uhcdotcom/foundation/images/content/lmh-pdfs/bind-brochure.pdf
• [3] https://www.hbma.org/news/commercial-payor-news/insurance-company-news/united/n_bind-is-changing-its-name-to-surest
• [4] https://www.businesswire.com/news/home/20181219005113/en/Bind-Forms-Strategic-Partnership-with-CEO-Connection-to-Lower-Health-Care-Costs-for-Mid-Market-Companies