There are numerous options when it comes to health insurance. However, most people can get comprehensive health insurance either through a state health insurance portal or the federal market[pace. Even people with pre-existing conditions can find a plan that works for them. You can find health insurance and share plans with various providers that perfectly fit your needs. Healthcare sharing ministries are organized by metal tiers that offer affordable premiums with higher deductibles and lesser out-of-pocket costs.
What Are Health Sharing Ministries?
Health-sharing ministries are a great alternative to health insurance as they provide a financial shield for families willing to share their medical expenses with other families so that all members can get low out-of-pocket costs. All the families and individuals participating in the health insurance share plans must pay a monthly sharing amount, not a premium, like the traditional health insurance plans. The members of the health-sharing ministries can choose a program that will give them benefits like discounts on health care, out-of-pocket limits, and predictable monthly payments. Such programs are significantly cheaper than traditional insurance plans, most priced at half the cost. They also give the benefit of lower deductibles to the members.
However, there are certain variations to consider when going for health-sharing ministries. First of all, these plans are not held to ACA standards. This means that they can exclude people with pre-existing conditions or those who have chronic illnesses. The organization can set additional parameters on these plans, including excluding people with a complex medical history or certain undesirable habits like excessive drinking or smoking. Remembering that these plans are centered around a group’s shared ethical or religious beliefs would be best. Thus, many benefits are centered around these beliefs.
Some benefits, including birth control options, may also be considered unnecessary and may not be offered under these plans. Many of these groups also want their participants to practice the shared belief system and request that the members agree and sign a statement of faith. Healthcare-sharing ministries could also place an annual or lifetime limit on their coverage. So if your medical costs exceed this limit, you must pay the remaining costs alone.
How To Choose The Right Healthcare Sharing Plan?
The above facts about healthcare-sharing ministries may confuse you about getting the right plans. But you should know that your choice will depend upon your unique needs and circumstances. The only thing you need to do is to find the right balance of cost and insurance benefits so that you get optimal care at affordable prices. Remember that health-sharing plans are only beneficial if:
You are looking for an affordable option. If you find the ACA plans expensive and are looking for an affordable option than what your region offers you, you can opt for healthcare sharing ministries.
You do not have any pre-existing or chronic conditions. Healthcare sharing plans are perfect if you are young and healthy since most healthcare ministries do not cover pre-existing issues.
You do not have any medical requirements as these plans usually do not cover prescription drugs or other complex medical needs. So if you take a lot of prescription drugs, you may end up paying a high out-of-pocket amount.
Therefore you should stick to traditional health insurance plans if you have any of the above conditions or qualify for subsidies with the ACA. However, there may also be some health-sharing ministries that cover the above conditions as well. So make sure you do proper research to find the most suitable program. There are also certain health insurance plans specially designed for self-employed people that offer free primary care and have affordable premiums.
Know The Difference Between Health Sharing Programs And Traditional Health Insurance
Affordability
Health insurance plans have always been expensive, and the prices are increasing constantly. They have high premiums, and the costs do not even include out-of-pocket expenses. The health-sharing ministries allow you to make significant savings. You can save as much as 50% compared to traditional insurance plans. Thus, they are an affordable option.
Organizational Aim
Health insurance is a business that charges premiums to make money. The profits are driven by the monthly premiums paid by the policyholders. In comparison, healthshare programs are non-profit organizations and hence do not collect any contribution from their members to make profits. The contributions are collected into the plan used by the active member who may require financial assistance for medical care.
Eligibility And Payment Of Medical Expenses
Remember that mandates of the ACA bind health insurance plans. This means that all individuals should be accepted into the plans, irrespective of whether they have poor health or pre-existing conditions. While the AC does not mandate healthcare-sharing programs, the membership eligibility is based on the standards set out by the particular ministry. This means that the members do not have to pool their contribution in a plan that does not choose its members based on lifestyle or health levels. Thus, the members have the freedom to share the cost with other like-minded individuals.
Summing up
While both types of health insurance programs are meant to help people cover their medical expenses, there are significant differences between them. These differences should be considered when choosing between health sharing and health insurance plans.