Health sharing programs offer a compelling alternative to traditional health insurance, providing a cost-effective solution for managing healthcare expenses.
This guide covers the essentials of how health sharing works, its benefits, and considerations for potential members.
Essential Insights into Health Sharing Programs
Health sharing plans bring together individuals with shared ethical or religious beliefs to collectively cover healthcare costs.
This community-driven approach has seen a significant rise in popularity, especially with the increasing costs associated with Obamacare health insurance plans. Nearly 2 million Americans are now part of health sharing programs, attracted by the promise of affordability and mutual support, with over $2 billion in medical expenses shared among members.
Key Features of Health Sharing Programs:
- Cost Efficiency: Health sharing plans are generally more affordable than Obamacare plans, particularly for those not qualifying for large government subsidies.
- Bill Negotiation: These programs often have teams that negotiate healthcare costs with providers, potentially lowering expenses for members.
- Flexibility in Provider Choice: Many healthsharing plans use PPO networks, offering members a broader selection of doctors compared to HMO networks typical of Obamacare plans.
- Ethical and Moral Alignment: Members are not required to contribute towards services they ethically disagree with, such as contraception, abortions, or substance abuse treatment.
- Community and Principles: Members must usually agree to live by certain health-conscious principles, including abstaining from illicit drug use and excessive alcohol consumption.
Considerations for Joining a Healthshare Program:
- Waiting Periods for Pre-existing Conditions: New members may face waiting periods before costs related to pre-existing conditions are shareable.
- Limits on Coverage: Unlike ACA plans, preventive care is not always covered, and there may be caps on sharing for certain conditions or treatments.
- Membership Qualifications: Applicants must often affirm a commitment to specific lifestyle choices or religious beliefs.
Compare Pricing on the Best HealthShare Plans Available
Comparative Advantages:
Health sharing programs can offer substantial savings over traditional health insurance.
For example, a family of four might pay over $1,800 monthly for an ACA silver plan, with high deductibles making it challenging to utilize. Conversely, a health sharing plan might only cost $685 monthly for similar coverage levels, saving the family over $13,000 annually.
Enrollment Flexibility: Unlike traditional insurance, there’s no designated enrollment period for health sharing programs, allowing members to join at any time throughout the year.
Summary:
Health sharing programs represent a viable and cost-saving healthcare management option for individuals and families leading healthy lifestyles and sharing common values.
While not suitable for everyone, particularly those with significant pre-existing conditions or requiring extensive medical care, health sharing can provide significant financial relief and a sense of community support for its members.
For those overwhelmed by high premiums and deductibles of traditional health insurance, health sharing offers a promising alternative, potentially saving hundreds of dollars each month.
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.