Health share plans are an alternative to traditional insurance. If you’re wondering whether they are a good option for you, then keep reading! We’ll help you decide by listing some of the pros and cons of health share plans so that you can be sure the decision you make will be the right one for you.
The pros:
1. Health share plans tend to be cheaper than traditional insurance
If you’re worried that you might not be able to cover the costs of insurance, then you should consider health share plans. Prices vary from plan to plan and ministry to ministry, so make sure to check which one suits your needs the most. Even with that considered, you should be able to save a lot of money. You can lower the cost even further by scoring a discount, for example by joinig a membership that covers your whole family. And if you change your mind at some point, you can always switch plans.
2. You can join a health share plan anytime
People tend to join health share plans because they’ve missed the open enrollment period for health insurance, among other reasons. If you don’t enroll during the determined window (usually Nov 1st – Jan 31st) or do it when a trigger in your life makes it available (birth, move, loss of previous coverage, etc.), then you won’t be able to join an ACA plan. Meanwhile, health share plans don’t have set enrollment dates—you can join anytime you want to.
3. You choose your care provider
You can choose your care providers. This means that to some extent, you have control over your healthcare and treatment. More natural options, such as chiropractors and midwives, are also available, and you can hand-pick them, too.
4. Supportive religious community
The sites of health share companies usually include forums, which members can visit. On those forums, you can ask questions, or even ask for spiritual support if you happen to be in a bad place at the time. Some sites even have anonymous prayer request forms, which you can fill out and send, and the community will pray for you. It is a nice way to ease your mind and feel cared for by like-minded individuals, especially in a time of need.
5. Some health shares will tell you who your money goes to
Some health shares provide you with the option to see where your money goes, instead of it just seemingly ending up in a black hole. You would know, for example, if your monthly share funded someone’s recovery from surgery or someone’s new addition to the family. In some cases, you will even be asked to send your monthly shares directly to individuals, instead of sending it to the ministry which will then distribute the money.
The cons:
1. Health share plans aren’t DOI regulated
Health insurances are regulated by the Department of Insurance and follow a strict set of rules. This isn’t the case with health share plans, however, because health shares are not insurance products. This means that health share plans don’t need to meet the same requirements that insurance does, like the requirement to keep reserve or to pay for claims in a timely manner. No law guarantees that your bills will be paid.
2. Some health shares have strict religious requirements
Health care sharing ministries are faith-based organizations, which means they ask their members to follow their religious regulations. The ministries vary in their membership requirements, but some can be very strict. For example, you might be asked to attend church regularly, which the organization will check.
3. Some situations aren’t covered
Because some of these health share companies are faith-based, they are unlikely to cover things like rehabilitation from drugs or alcohol, or hospital and delivery services for children born to single mothers. Different plans vary in what they share, so make sure to choose one based on what you need and to read the guidelines. Other things that are scarcely covered by health share plans are mental health care, preventive and well-child health visits, and dental care.
4. Pre-existing conditions are often not covered
Some pre-existing conditions (as well as chronic ones) are often not covered by health share plans. This means that it’s important to sign up for a plan on time if you wish to make the most out of it. It’s necessary to add that if you wish to have your pregnancy covered, you will need to join well before getting pregnant or giving birth. So, if you already have a condition that you wish to have covered, read the ministry’s guidelines to see if it can be covered at all.
5. Prescription medicine sometimes isn’t covered
The bad news is that prescription drugs are sometimes not covered by the plan, which may be a big expense for you, depending on your condition. The good news is that health share plans will often provide discounts to their members so that they still end up saving money. If you pay a lot for medicine, then this is an important thing for you to consider.
Find the Best Option for You
We have listed some of the pros and cons of health share plans. Remember, everybody’s situation is unique, so what might be a great solution for one family might be an inadequate one for the other. Take your expenses and needs into consideration and look up different health shares before deciding if health share plans are a good way to go for you.
