Health Sharing Plans: Why You Should Consider This Method
What is a health sharing plan?
A health sharing plan is like an insurance plan, but without the middleman (the insurance company). The goal is to cut down on costs by paying for only what you need, and creating a fund for a group of mostly healthy people.
Let’s break it down:
Health sharing plans are communal health insurance programs typically created for a group of healthy people, often organized by religious communities (you don’t need to be religiously affiliated to join)
The costs are typically lower than usual health insurance premiums (so you can invest in your health in other ways: diet, exercise, etc.)
Those in the plan cover each other's costs more directly. This cuts back on all sorts of expenses insurance companies require like administrative overhead.
You get to choose your own providers — no fumbling around to find a covered doctor that you actually prefer
Not all items are covered — you pick and choose what you need, so if an emergency arises, you may end up paying out of pocket
Ideal if you don’t have an employer-based insurance program, such as if you’re self-employed
Some of the benefits of a health sharing program
Save money — because their coverage can vary so much, it covers a much wider span of affordability than typical insurance programs
More you-get-out-what-you-put-in options for health expenses and plans
More control over your health plan and providers
Start and stop as needed: health sharing plans have fewer mandatory elements once you get started, compared to a traditional healthcare plan
Community is another of the main pulls of a health sharing program. Whether it’s within your religious community, or among a group of trusted friends and colleagues, a health sharing program can be a healthy way to expand your sense of community. Everyone watching out for everyone else; somebody’s got your back.
How to begin a health sharing program wisely
The important thing with a health sharing plan, above all, is to be careful who your health sharing group is composed of. Knowing that your health sharing plan is a set of reliable, healthier, careful, people will keep you from having to foot the bill for people who live more reckless lifestyles. For example, you may not want to join a health sharing plan with an adrenaline seeker.
Keep in mind, currently, health insurance companies are prohibited from discriminating against people with pre-existing conditions. Health sharing plans aren’t as kind to those with pre-existing worries.
Why you should consider a health sharing plan
If you’re looking to save some coin and not feel the full brunt of medical expenses staring you down, a health sharing program is a great start.
While not as all encompassing as a full-on health insurance plan, if the price is right, a health sharing plan can be a healthy addition to managing your health and finances more sustainably. For other ways to save some money with lifestyle changes, check out what we have to say over here.