With health insurance premiums continuing to rise every year – sometimes compounding in double digits – some consumers are seriously weighing their available options and wondering if they should have health insurance at all. Though, the rising cost of premiums have made alternatives to traditional health insurance quite popular in recent times. These are called health care sharing programs and are organized under ministries and religious organizations. However, many non-religious entities have now entered the market and are offering health coverage to millions of Americans.
These programs operate outside the purview of traditional health insurance and, in some cases, be a little restrictive with their offered benefits; however, they offer some significant advantages over traditional health insurance, like being considerably cheaper than insurance plans. While even the best health share programs are not for everyone, there are some situations where they must be considered.
Are in an Overall Good Health
To ensure that the costs for the entire sharing community are low, most health sharing programs limit their membership to those who are free from any complicated or pre-existing medical conditions.
Live a Healthy and Fit Lifestyle
People who avoid alcohol, tobacco, or narcotic substances and maintain a healthy lifestyle are suitable for these health plans. As being in good health is a prerequisite for joining a health sharing program, those who engage in frequent dangerous activities may be barred from enrolling.
Share a Particular Faith or Belief System with the Rest of the Community
Many of the health share programs are faith-based, and therefore religion may be a criterion for enrollment in a health share plan. However, even non-faith-based organizations may require their members to adhere to some basic principles and values to continue being a member. If an organization has enrolled its employees in a health share program, then being an employee of that organization may be a requirement for membership.
Looking for an Affordable Option
As mentioned above, health insurance is becoming more expensive by the minute, which is why people are looking for more affordable health coverage. Being a part of health care sharing allows people to save up 50% every month as compared to traditional health insurance.
Are of Pre-retirement Age and are Yet to Be Eligible for Medicare
Those who get insurance benefits from their employer but are about to retire or wish to transition out of full-time work may lose their benefits. Such people benefit from health share plans to cover the gap between their current insurance coverage and Medicare.
Run a Non-Profit or Small Organization
Those who run small enterprises, family-owned businesses, or NGOs and would like to extend health care benefits to their employees at affordable rates also opt for health share plans.
Self-Employed, Freelancers, Contractors
Those who are not employees of firms may not have access to employer-backed insurance plans. They may not even be able to afford health insurance due to high premiums. Such individuals benefit greatly from being a part of a health share program as a viable alternative to health insurance.
There are other groups of people who would profit greatly from health care sharing plans, such as remote location workers or those who are ineligible for coverage under traditional ACA plans. These people should consider joining a health share program to ensure they are financially protected in case of a medical emergency. If you are ready to join a health share program, we can help you choose the best plan to protect you and your family from a medical emergency.