US health insurance start-up Bind Benefits launched an on-demand service that allows customers to only buy parts of their coverage if and when they need it. UnitedHealthcare and several large employers have already expressed an interest in the service. The company is also working with a number of other insurers on similar services, including Blue Cross Blue Shield plans for small businesses and individual plans. Bind, which designed health plans rather than working as an insurer itself, launched earlier in 2018 and was planning to expanding nationally with UnitedHealthcare’s support.
US health insurance start-up Bind Benefits launched an on-demand service that allows customers to only buy parts of their coverage if and when they need it. UnitedHealthcare and several large employers have already expressed an interest in the service. The scheme could cut health insurance costs by up to 40% as consumers would not pay for coverage they never used. Bind, which designed health plans rather than working as an insurer itself, launched earlier in 2018 and was planning to expanding nationally with UnitedHealthcare’s support.