Health sharing, a unique alternative to traditional health insurance, offers individuals an innovative approach to managing their healthcare expenses. Unlike traditional health insurance, which operates on the concept of risk pooling and premiums based on statistical data, health sharing is founded upon principles of mutual aid and collective responsibility among members who share similar beliefs or values.
The major difference between health sharing and traditional health insurance is that medical cost sharing plans are nonprofit, meaning all the collected funds are allocated towards the expenses of members. Whereas, traditional health insurance companies are large corporations with a fidutianry for profit responsibiliy to its shareholders.