Affordable Health Care Sharing Options Alternatives to the marketplace coverage

What Is A Healthcare Sharing Program?

These are faith-based programs, albeit with various affiliations and different religious denominations that facilitate voluntary sharing of risk among members for eligible medical expenses.  Specifically, members submit their monthly shares (similar to premiums) which are then distributed to qualified members with approved medical expenses in accordance to their program guidelines.  They are built on the principle of people with similar beliefs and values who have come together to share each other’s hardships, which has a similar structure to the risk-pooling in which standard health insurance policies abide by.

Although one major impact that these plans have had on the public is that they create an affordable method of obtaining protection from medical costs at a much lower cost to the consumer.  Eligible members in the healthcare sharing programs can expect premiums of $300 to $500 per month, compared to the traditional health insurance for an average unsubsidized family plan through the marketplace can run around $1500 per month.  It becomes very clear why these plans have gained traction for those families who do not qualify for premium assistance either due to income restrictions or the availability of group coverage.

It is important to remember that healthcare sharing programs are not health insurance policies.  A big reason why the cost difference is so great is that they do not have to abide by the ACA laws that govern health insurance plans.  They may offer more limited coverage to suit a lower budget and many limitations of the programs are there to manage potential costs and claims of the healthcare sharing program as well as following the faith-based nature of the program to follow the values of the like-minded consumers.

Keep in mind that the programs do fulfill the mandate set forth by the Affordable Care Act (ACA) mandating that individuals carry health insurance.  While this may be a moot point in terms of the actual penalty thanks to the latest legislative changes, you can rest assured you are at least meeting that requirement and have one less thing to worry about.

In order to become a member, many healthcare sharing programs require that you agree with a statement of faith, or attestation that states your values and verifies your status as a like-minded member of the program.