Tradeoffs, New Health Policy Podcast, Features U-M Concept Value-Based Insurance Design (V-BID)
This week on TradeOffs, the story of V-BID, or value-based insurance design, a wonky name for a very simple but elusive goal: making high-value health care easier to get than low-value care. Co-hosts Dan Gorenstein, Anupam Jena, and Sayeh Nikpay discuss the improbable 20 year-long V-BID journey with co-creators Mark Fendrick and Michael Chernew.
“This Tradeoffs episode on value-based insurance design is the perfect microcosm of our show’s mission,” said Gorenstein, a former NPR national health correspondent. “We take topics that seem on their surface impossibly wonky and weedy, and turn them into engaging, human stories that we hope ultimately spark smarter, more honest conversations about our country’s health policies.”
The conversation begins with V-BID’s conception at an Ann Arbor Korean restaurant, and continues on to highlight its early private-sector implementation. It then describes the Center’s major bipartisan policy achievements, including the incorporation of V-BID principles into the Affordable Care Act, Medicare Advantage and TRICARE. The discussion explores V-BID’s approach to reducing low-value care and highlights its incorporation into the Department of Treasury’s recent directive, which enhances coverage of essential services in high-deductible health plans. The episode wraps up with the introduction of V-BID X, a cost-neutral, clinically-nuanced benefit design that lowers consumer out-of-pocket costs for high-value services – without increasing deductibles or premiums.