To the ACA’s credit, it expanded healthcare access to Americans who had no insurance. It also eliminated caps on coverage, stopped exclusions related to pre-existing conditions, and mandated certain types of coverage.
The downside? These benefits come at a cost to American families that result in higher insurance premiums and deductibles. For the self-employed or citizens whose employers don’t contribute meaningfully to the health insurance cost burden, the financial pain is real and relief is needed.
Health sharing plans, also known as health sharing ministries, are becoming a popular alternative. Most Americans struggling with the high cost of health insurance are unfamiliar with their options, and insurance companies probably prefer to keep it that way.
What Are Health Sharing Plans/Ministries?
Though similar, health sharing plans are not the same as insurance. Essentially, they are a group of like-minded individuals that come together and help each other pay their medical expenses.
Here’s how they work.
Individuals or families pay a monthly member amount similar to a health insurance premium. Depending on the program selected, participants can enjoy many of the same benefits – perks like discounts on healthcare, limits on out-of-pocket expenses, and predictable monthly cost sharing contributions amounts. The biggest of all benefits is how health-sharing plans are priced.
It depends, of course, on the type of plan chosen, but monthly payments for these plans can be significantly cheaper than insurance purchased through the ACA – in some cases HALF THE COST of traditional insurance! Member Shared Responsibility Amounts (their version of a deductible) are generally a lot lower as well.
It depends, of course, on the type of plan chosen, but monthly payments for these plans can be significantly cheaper than insurance purchased through the ACA – in some cases HALF THE COST of traditional insurance! Deductibles are generally a lot lower as well.
Lets Compare Health Sharing vs Traditional Government Plans:
Health Sharing Plans
- Are significantly less expensive
- Can have member shared responsibility amounts than insurance deductibles
- Cover meaningful medical costs
- Avoid government penalties for not having insurance
- May have lifetime or annual caps on how much they pay
- May require better health to qualify.
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Traditional Health Insurance
- Provide coverage regardless of health
- Have no lifetime caps or limits
- Are eligible for government subsidies for low-income families
- Can be expensive for families with incomes above the poverty level
- Can limit coverage to certain networks or doctors
- Have limited availability in a number of states
Want to Learn More?
Health sharing plans are not overly complicated, but having someone help you better understand your options is the way to go. Consult with a licensed agent with expertise to determine if health sharing plans are a good choice for you.
Onviant – Health Benefits Experts specialize in these alternatives and have licensed agents who help guide you through the decision-making process. They are friendly and eager to help you better understand your options.