Whether it is a first world country or third world country, there are various health care mechanisms in place. Many employers and even educational institutes include health insurance in their engagements with employees and students. There are various health insurance companies who provide insurance to individuals and even businesses or organizations. Apart from health insurance, there is another thing called medical health share plans. Health share plans and health insurance both help pay the expenses incurred whenever you face any health issues and acquire any treatment or any medical services. So what is the difference between health insurance and a health share plan?
What is Health Insurance?
Like any other insurance such as life, vehicle, infrastructure and such, medical health insurance covers expenses in case of any medical issues you might have. Insurances can be of various types and can cover different aspects of health. Some insurance covers everything, some insurance covers dental, some insurance covers emergency or unforeseen expenses and so on. Health insurance, as mentioned above, is usually offered by employers, educational institutes, private companies and even governments. You are expected to pay premiums like any other insurances. In return, when there are medical expenses incurred by you, it is covered by the insurance provider and you do not have to worry about a huge dent in your finances because of costly health care.
What is a Health Share Plan?
Health share plan is also known as health share ministries and it is basically an organization of like minded people who volunteer fixed donations in order to help the members of the organization. When you get medical health share plans, you become a member of the organization while meeting the eligibility criteria such as maintaining a certain lifestyle, believing in certain faith and being connected with the organization with the common ground of the same. Now, when a member of the organization incurs medical expenses, it is the organization that will cover the expenses.
Difference Between Health Insurance and Health Share Plan
Most important difference is the kind of provider there is for insurance and for a share plan. Health share plans are offered by non profit organizations who operate on good faith and mutual understanding of the members of the organization. Whereas, insurance providers are commercial in nature and do not step back from profit. The health share plans offering organizations can enjoy certain exemptions from law as the same laws that apply to health insurance, do not apply to health share plans. Health insurance providers often include many conditions in the contract such as certain doctors can be consulted and certain hospitals can be visited and if you go to others, the expenses will not be covered. More often than not, that is not the case for health share plans. You could go and consult a doctor who doesn’t recognise the health share plan you have, you can pay out of the pocket at the moment and then be reimbursed by the organization later on.
Health insurance premiums can be high given the tendency of the insurance provider to want to make profit, whereas the health share plan is something that is a cheaper solution in these times of heavy insurance premiums and costly health care. You can contact us for some of the best health share plans that you can avail for yourself. Visit our website or give us a call today and make sure your health and medical finances are secured.