Healthcare expenses are on the rise, placing a burden on the average household that amounts to a second mortgage each month. But opting for medical cost sharing through a HealthShare can substantially reduce the amount of money members pay out of pocket by lowering monthly contributions. HealthShare membership may also be life-changing in the event of a catastrophic medical event.
Unexpected medical costs with traditional insurance
In the United States more than half of the population has reported having $10,000 or more in medical debt. This stems from the escalating cost of surgeries, medical equipment, and procedures related to long-term medical ailments like cancer and heart disease. These expenses drive HealthShare members to seek alternatives to traditional insurance plans.
The average monthly cost for an individual health insurance plan is around $500, while a family plan is closer to $1,200. In exchange for these steep premiums, insurance companies pen customers into a network of providers that agree to act, prescribe, and treat within certain parameters in an effort to keep their costs as low as possible. Once a diagnosis is made,a treatment plan is established and a procedure takes place, the insurance company pays a percentage of the costs of the patient’s medical expenses. As long as all plan requirements are met, the insurance company covers a fairly large portion of potential medical debt.
Unexpected medical costs with a HealthShare membership
With HealthShares it is important that members do their research when looking at cost sharing for large medical expenses—not all companies share in the same way. The amount of assistance a member may receive toward medical bills will vary depending on the chosen organization and plan, similar to insurance. However, unlike conventional insurance companies, many HealthShares sincerely care about helping individual members. Organizations such as Zion HealthShare, a highly-rated, Utah-based HealthShare community, have exemplary sharing guidelines and in many situations will actually share all expenses after the Initial Unshareable Amount (IUA) related to a need until the need is resolved.
For several organizations, the “deductible” or initial amount that you pay, only needs to be met once per medical need or event. Also, it is becoming more common to have no network restrictions, so members may choose any provider they like. Many companies are willing to help members negotiate prices or help them navigate finding providers and making appointments for their specific needs.
Are HealthShares better?
When researching HealthShares, the benefits of becoming a member are clearly evident. HealthShare organizations are known to save members up to 60% of their annual medical costs. Monthly contributions (similar to insurance premiums) are usually more affordable, and sharing can be much more comprehensive and compassionate. Overall, HealthShares are more likely to significantly help with large, unexpected medical costs, than traditional insurance.
Families should consider their situation carefully before abandoning health insurance altogether. Some members may even decide that a combination of the two serves their needs and their budget best. The bottom line is, there are many options for healthcare consumers who are looking for alternatives to traditional insurance, and who are willing to do their research.
