Hi guys. TX TL here... currently on the HRA with self+spouse. Our plus one comes in May... That being said, I looked over Bind’s offering and must say at the end of the day it looks like a win-win for just about everyone.
Since my wife is pregnant, I did a comparison between UHC’s HRA and Bind and at least in the case of pregnancy, Bind beats the crap out of the HRA. Her doctor alone (for Labor and Delivery, and excluding the hospital fees) is slated to cost $2,500. On Bind, the copay for the hospital visit (which covers the doctor*) is $660 at the hospital we will be delivering at. Need I say more?
The whole premise of this plan is two-fold. Part one is making it more cost effective for the employer. Since we are self funded, Target pays for everything - not UHC. And because of how UHC’s plan is structured, Target has to account for everything that could be covered - and has to account for the wide variation in cost between different providers for the same procedure. Part 2 is making it more cost effective for the employee (surprisingly.) With Bind, the network is the same as UHC (a plus) - but because those cost wildly vary from doctor to doctor, facility to facility, they just have the info (read cost - you copay) handy and allow you to decide where you want to go. Again, going back to my baby - our hospital was one of the cheapest on the list, but had we had our baby in the city the cost was about double.
The add-in coverage is an interesting concept. But IMHO it’s sort of a win-win again. Because the list of add-ins is only 45 procedures, they have them listed on the website and what the cost is. Again, you get to choose your provider and because if that you effectively get to choose your price. They ask that you call and add the coverage in (at any time - just have to give 3 days notice) and you’re good to go. Those “cost” are also spread out over 24 months. So, really it’s just another co-pay.
I can post more about it if people are interested. Make no mistake, it does benefit the company. But for once it looks to be a huge benefit for the TM as well. My example of this is my doctor - on Bind he has a $40 copay. Currently on the HRA every time I see him it’s $80. Target gives us $1000 for our healthy actions (note - you do not get money for healthy actions if you are in Bind), so technically I’m not paying for it. But day one of Bind I would have to pay $40, and the company would pay the other $40. The way I see it - I’m only paying $40 for a $80 service where before I had to pay all $80.
As for the premiums - they are cheaper than the HRA. Per check TM is $48, TM+Kids is $109, TM+Spouse is $177, and Family is $199.
This time around, I’ll be giving Bind a try.
