Since the Affordable Care Act (ACA) went into effect, healthcare sharing plans have exploded as a viable healthcare option. Despite the fact that they began in the 1990s, many people are still unaware of the benefits of these plans.

While the bulk of family healthcare plans were founded as a benefit for organizations’ own members, a select handful now welcome anyone to their fold.

Costs are often lower than other health insurance options since these organizations are not-for-profit and do not support the cost of some medical procedures that go against their beliefs. But how do healthcare sharing plans operate, and who qualifies for them?

What Is a Family Healthcare Sharing Plan? 

A healthcare sharing plan is a private healthcare system whose members share similar views and ideas and distribute medical expenses amongst themselves according to certain fixed criteria. Religious principles underpin the great majority of recognized and active healthcare sharing organizations.

You can join a health sharing plan any time you want without waiting for a period where enrollments are open or a major life event, unlike health insurance.

How Does a Family Health Care Sharing Plan Work?

Members of healthcare sharing plans put money into a savings account on a monthly basis. When a member of the plan’s community becomes ill and requires financial assistance to pay their medical bills, they submit a request for the amount.

 Top Benefits of Family Healthcare Sharing PlansWhile low costs are undoubtedly a major benefit of healthcare sharing plans, some also provide their members some extra benefits such as dental and vision discounts, disability sharing, and free telehealth, which allows members to speak with a licensed physician over the phone or via video for no additional cost.

The following are some additional benefits of healthcare sharing plans:

  • Each family contributes a particular monthly dollar amount based on program options; thus, healthcare sharing plans are cost-effective.
  • A member’s membership cannot be revoked due to the onset of a medical condition.
  • Annual or lifetime limits are not imposed by healthcare sharing plans.
  • Adoption and funeral costs that meet certain requirements may be reimbursed.
  • Your membership is unaffected by where you live or your employment position.
  • To ensure financial stability, healthcare sharing plans might be audited annually by an independent accounting firm.
  • For people seeking an alternative to purchasing on the ACA Marketplace, healthcare sharing plans are a feasible choice.
  • Members of these plans can support one another by writing personal words of encouragement, which fosters a sense of community and family among them.

The points mentioned above should help an individual understand the benefits of enrolling in a family health care sharing plan instead of going for traditional insurances, which are far more expensive with much higher premiums and similar features.

Contact us if you want any more information on family healthcare plans or if you seek to enroll in such a plan for you or your family.