As healthcare costs continue to rise, frustration with traditional insurance has led many to seek alternative channels for healthcare. In the United States, HealthShares have become an increasingly popular answer.
These non-profit organizations consist of likeminded communities, often religious in nature, that require members to commit to making good health choices. Eligible medical costs are then shared among members, who contribute to the available funds in the form of monthly membership fees. Although HealthShares can be more affordable than traditional insurance, their novelty, general unfamiliarity, and distinct vocabulary, cause some to question their legitimacy.
Legal status of HealthShares
Health Care Sharing Ministries (HCSM), are a legal alternative to health insurance under the Affordable Care Act if the organization existed prior to 1999 or is sponsored by such an organization that existed before that time. Recognized by the United States government as a healthcare option, HCSM members are not subject to individual coverage mandate penalties in most states.
That said, it is important to understand that HCSMs are not insurance, and not all HealthShares meet the federal definition of a HCSM. They may work in a similar way, but they are not regulated like insurance companies. HealthShares are not required to accept everyone for membership and are not required to pay any bills they deem ineligible.
Evaluating HealthShares
HealthShares often limit sharing for chronic conditions, maternity costs, and costs related to tobacco use, which helps keep their monthly fees lower for the members. This model is beneficial for a large part of the population, but consumers need to thoroughly review each company they might be interested in to make sure that a membership will meet their needs. Consumer reviews can be a useful resource for getting an idea of what membership with a particular HealthShare will be like. Such reviews can be found right here on HealthShare Guide.
New HealthShares
Finally, health sharing is becoming more and more popular, so there has been a recent increase in brand-new ministries. A new company can be a good way to save money since many new HealthShares may ask for lower membership fees to attract members, but there probably won’t be many member reviews to evaluate. Any prospective member should read all company material carefully.
Ultimately, anything that helps more people afford healthcare is worth considering. As the HealthShare industry grows, many are offering better care options. These organizations are a healthcare cost management strategy worth considering for those seeking affordable healthcare solutions.
