A Quick Review of How Medical Cost Healthshare Programs Work, and Why You Might Want to Make the Switch
Tired of paying too much for health insurance? Health sharing plans are a stable, long-term healthcare solution that can save thousands of dollars per year.
This video presents a brief introduction to the concept of health care cost sharing, and explores the ways that healthshare plans are different from health insurance.
You’ll learn why nearly 2 million Americans have chosen this alternative, and how much you might save! You’ll also get specific tips on how to enroll in a low-cost plan, so you can start saving money on healthcare right away.
Complete Healthshare Programs Review
Hello and welcome to all you need to know about Healthshare programs. And this brief webinar will review Healthshare programs and compare how they measure up to current Obamacare health insurance options. Let’s get started.
What is a Health Sharing Program?
So first, if you are unfamiliar with the Healthshare concept, Healthshare are organizations that facilitate sharing of healthcare costs among their members who have common ethical or religious beliefs. Healthshares are not health insurance. These are groups of like-minded people who band together to share medical expenses in a mutually beneficial way.
Contrary to what some might think, the Healthshare concept is not a new phenomenon. Healthshares have been protecting their members from financial catastrophe for over 30 years, but they have gained in popularity over the last several years due to the skyrocketing cost of health insurance under Obamacare.
Over $2 Billion Shared
In 2020 we continued to see sky-high health insurance rates, and we don’t expect any changes in that scenario for the foreseeable future.
This has created a huge demand for lower cost alternatives for health care. Today, there are nearly 2 million hardworking Americans who have become members of Healthshare programs. And these Healthshare have paid out over $2 billion in sharing aid. It’s sharing you can count on and afford.
You see, Healthshares are considerably less expensive than Obamacare health insurance plans, unless you’re in that small group of people who are receiving large government subsidies to offset their monthly cost. And they exempt you from Obamacare tax penalties.
Bill Negotiation Teams Keep Costs Down for All Members
Another strength to Healthshares is that they utilize their own in-house price negotiation teams working hard negotiating pricing with your doctors. They also give you access to bigger provider networks leveraging the power and flexibility of PPO networks.
You see PPO networks used to be the golden standard of doctor provider networks before the shift to limited HMO networks under Obamacare. With a PPO, you see who you want when you want, in or out of network, and you have access to doctors all across the nation.
Lastly, we find that many of our clients are attracted to Healthshare programs because they don’t force you to pay for things that you don’t want or things that you are ethically or morally opposed to, like contraception or abortions or substance abuse treatment.
As I mentioned previously, Healthshares are not health insurance, and to not confuse the two, they have their own terminology as you can see from this slide. While Healthshares are not health insurance, they do accomplish the same end goal and serve the same purpose.
You Must Agree to a Statement of Principles
Unlike health insurance, Healthshare programs do require that you agree to certain beliefs. As a review, we’ll take a look at Zion’s required Principles of Membership that all members must attest to:
- I believe that a community of ethical, health-conscious people can most effectively care for one another by directly sharing the costs associated with each other’s health care needs. I acknowledge that Zion Health affiliates itself with, and considers itself accountable to, a higher power. I recognize that Zion Health welcomes members of all faiths.
- I understand that Zion Health is a benevolent organization, not an insurance entity, and that Zion Health cannot guarantee payment of medical expenses.
- I agree to practice good health measures and strive for a balanced lifestyle. I agree to abstain from the use of any illicit or illegal drugs and refrain from excessive alcohol consumption, acts which are harmful to the body. I understand that members who use tobacco will have an increased monthly contribution (per household) of fifty dollars.
- I am obligated to care for my family. I believe that mental, physical, emotional, or other abuse of a family member, or any other person, is morally wrong. I commit to treating my family and others with care and respect at all times.
- Lastly, I agree to submit to mediation followed by subsequent binding arbitration, if needed, for any instance of a dispute with Zion Health or its affiliates.
This is just an example from one health sharing program. Many healthshares have statements of belief that are more religiously based than this, including several with strong statements of Christian belief.
Healthshare Programs Have Waiting Periods on Pre-existing Conditions
Healthshares are a perfect fit for those who lead a healthy, clean lifestyle. Healthshare programs do require a review of your health history in order to qualify for the coverage. This process is similar to how things were done before Obamacare. So, there could be a look back period on certain pre-existing conditions as well as waiting periods on certain services.
Now, let’s look at the major differences between Healthshare programs and ACA or Obamacare health insurance plans. Under Healthshare programs, preventive care is not free and varies by healthshare. With some healthshares there may be a waiting period before cancer is shared.
No Coverage for Mental Health or Alcohol/Drug Treatment
Healthshares do not share for mental health or alcohol and drug abuse treatment. Some Healthshares have annual and lifetime maximum sharing caps. Also, certain pre-existing conditions may make you ineligible for certain health shares or a limitation may be placed on a certain condition.
As I mentioned earlier, most Healthshares leverage the strength and flexibility of PPO networks so their members have control over how and where they receive their care.
Much Lower Monthly Cost Than Health Insurance
Another great strength of Healthshare programs is that they’re much less expensive than Obamacare health insurance options. The national average for an ACA silver plan for a family of four husband and wife age 50 with two kids is over $1800 a month. It has a max out of pocket of over $16,000 a year.
Under a healthshare plan, that same family could have a premium health share with a 1000 IUA for only $685 a month. Over the course of a year, that family could save over $13,000. Just consider those savings.
Compare Pricing on the Best Healthshare Plans Available
So, let’s recap. Healthshares are tried and true low-cost alternative to health insurance where groups of like-minded people band together to share medical expenses in a mutually beneficial way. Healthshares are exempt from the ACA tax penalties.
There’s no enrollment period, so you can enroll anytime of the year.
Healthshares are a stable long-term solution to health care – no more switching plans every year.
Healthshare programs are ideal for health-conscious individuals and families.
You must qualify for healthshares and pre-existing conditions are not covered. With some healthshares, there may be waiting periods and certain benefits.
And the best thing about health shares is that you can enroll at any time so you don’t have to wait until open enrollment to change plans.
So, if you’re healthy and currently have an overpriced ACA plan draining your wallet or pocketbook with deductibles and out of pocket costs too high to even use the coverage, imagine having a plan that met your needs, it could save you $400-500 a month or more.
What could you do with all that extra cash? I’m sure you could find a better investment or use for it than to give it to an insurance company every month.
There’s no time like the present to start saving money.
That concludes our webinar. If you’re ready to take the first step towards saving yourself hundreds of dollars a month, reach out to us now at www.HSAforAmerica.com or simply give us a call at 800-913-0172. Our team is standing by and we look forward to hearing from you soon.
Wiley is President of HSA for America. He believes that consumers should have choice and price transparency, so they can make the best healthcare decisions for their needs. Read more about Wiley on his Bio page.