Value-Based Insurance Design: An Innovative Approach to Improve Medicare Advantage, Health Savings Accounts, and TRICARE
Washington, DC: On Tuesday, February 7, Representatives Diane Black (R-TN) and Earl Blumenauer (D-OR) convened a bipartisan briefing on the role of Value-Based Insurance Design (V-BID) in Health Savings Accounts, Medicare Advantage, and Tricare. V-BID Center Co-founders A. Mark Fendrick, MD, and Michael Chernew, PhD, discussed the role of V-BID as a bipartisan, multi-stakeholder solution to improve quality, enhance consumer experience, and lower costs. In their introductory remarks, Congressmen Black and Blumenauer highlighted the rare bipartisan support for V-BID and praised its role in improving the health of Americans and lowering health care spending. Both were enthusiastic about partnering on bipartisan legislation to expand V-BID in private and public payers.
Access to quality medical care and containing health care expenditures are among the most pressing issues for our military personnel, our national well-being and economic security. Understanding how commercial health insurers, Medicare and TRICARE could spend more efficiently and improve the health of all Americans, including Medicare Beneficiaries and those serving in our Armed Forces, offers an important step forward to lower health expenditures and ensure access to high quality care. V-BID has been included in major bipartisan health reform proposals, including demonstrations in Medicare-Advantage and TRICARE.
Value-Based Insurance Design (V-BID) is a potential solution built on the principle of lowering or removing financial barriers to essential, high-value clinical services and providers. V-BID plans align patients’ out-of-pocket costs, such as copayments and deductibles, with the value of services. These innovative programs are designed with the tenets of clinical nuance in mind. Clinical nuance recognizes that 1) medical services differ in the amount of health produced, and 2) the clinical benefit derived from a specific service depends on the consumer using it, as well as when, where, and by whom it is provided.
The University of Michigan Center for Value-Based Insurance Design (V-BID) leads in research, development, and advocacy for innovative health benefit plans.
Read the IHPI press release on the briefing here.
House Briefing Details
2020 Rayburn House Office Building
Tuesday, February 7
12:00 PM- 2:00 PM
(Lunch will be available)
V-BID Staff at the Capitol: