The Affordable Care Act and Healthcare Cost Sharing Plans
Health Care Sharing Ministry: Health Care Sharing Plans
The search for alternatives to conventional health insurance due to rising premiums and other out of pocket costs has begun to drive many to consider joint one of the nations many health care Sharing Plans. These do not have any premiums or deductibles although there may be other associated fees. At the end of the day many families are finding out that they can save a rather significant percentage of their healthcare costs annually by switching to a healthcare Sharing plan from a conventional Heath insurance plan. Let’s take a quick look at what these plans are, some of the history of these plans and any legislation that is relevant to the administration of these types of plans for you and your family.
What are Health Care Sharing Plans?
Health Care Sharing Plans or otherwise known as Heakth Care Sharing Minitries are a type of health coverage option that is faith based. Members of these plans contribute monthly and they are able to get eligible medical procedures and services covered under the plan. They have been growing in popularity for a number of reasons. They are a faith based alternative to conventional insurance that rejects the pursuit of profit over the pursuit of patient outcome. Many like the level of attention they feel they receive from these types of plans when compared to conventional insurance. Many have also found that they can lower their overall family medical cost by trying one of these plans out.
How Do Health Care Sharing Plans Keep Costs Lower?
These plans keep costs lower by eliminating a lot of the administrative waste associate with the profit obsessed traditional health insurance industry. By making themselves non profit organizations and only covering eligible procedures they are able to lower the total costs for all members.
What is Conventional Health Insurance?
Conventional medical insurance is paid for through monthly payments called premiums. The average family of four can spend over ten thousand dollars a year on these expenses. They will also carry deductibles. These are limits which you must meet before the plan will actually pay out anything for you. They will have hospitals and doctors that are in network and others that are out of network. These can sometimes get quite confusing so make sure to read your policy details before making any serious medical decisions.
Health Care Sharing Plans as Compared to Conventional Health Insurance Plans
The primary benefit that health insurance has over health care Sharing Plans would be the spread of their coverage. There are some medical procedures that it can be difficult to find plans that will cover them but you can almost always find an insurance policy that will. There are also restrictions on where you can use your health care Sharing plan. Now the are where healthcare Sharing Plans come out on top every single time would be Cost. The healthcare Sharing Plans almost have a lower monthly cost as well as lower total out of pocket cost. If you are looking for a low cost alternative to conventional health insurance then these could be a great fit for you and your family.
History of Health Care Sharing Plans
The concept of sharing health care costs appears to have been around since over one hundred years ago. There are records of Amish communities who ch instituted early forms of these types of systems. They are risen up around communities that share common beliefs and have banded together to help share healthcare costs among all of the individuals. The majority of these institutions today are of the Christian faith but there are other healthcare Sharing plans which are more secular in nature. In the late 2000s there were several states that attempted to file lawsuits against organizations that offered these plans on the grounds that these were unauthorized insurance services. Today thanks to provisions of the affordable care act or ACA these types of plans enjoy special recognitions and status protection under the eyes of the law. After the repeal of Obamacare the future was uncertain for these plans but recent reviews have seemed to indicate that people will continue to use them and they could even continue to increase in popularity as a way to maintain coverage while cutting costs over conventional health insurance coverage.
Membership Data of Healthcare Sharing Plans
At the time that the affordable care act was passed in 2010 there were one hundred thousand people who were covered by these health care Sharing Plans. The number grew by sixty thousand over the next four years to one hundred and sixty thousand. The popularity then really began to take off. Today there are though to be more than one million people who have decided to get coverage by purchasing health care Sharing plan. These people are all enjoying the cost savings that millions are looking for still