Value-Based Insurance Design

ARTICLES

By 2020, more plans will incorporate value-based insurance design (VBID) principles as a way to lower cost sharing for high-value services and potentially increase cost sharing for low-value services, according to Michael E. Chernew, PhD, the Leonard D. Schaeffer Professor of Health Care Policy and director of the Healthcare Markets and Regulation Lab in the Department of Health Care Policy at Harvard Medical School.
The University of Michigan Center for Value-Based Insurance Design (V-BID) celebrated significant initiative milestones in 2016.
Underinsurance, which occurs when people have insurance but aren’t covered for services they need, is a serious problem in the US, according to A. Mark Fendrick, MD, director of the Center for Value-Based Insurance Design at the University of Michigan. He proposed some strategies to alleviate this phenomenon, like smarter deductibles and revised Internal Revenue Service (IRS) rules.
Rising healthcare expenditures, leading to increased consumer cost sharing, is a top concern in healthcare that crosses party lines. In a new commentary in JAMA Internal Medicine, A. Mark Fendrick, MD, and Michael E. Chernew, PhD, co-editors-in-chief of The American Journal of Managed Care, highlighted the need for a “smarter” deductible.
A look at value-based insurance design, and how it provides a way to reduce financial barriers to care for people with chronic conditions.

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