Key findings in a recent report by the Colorado Division of Insurance shed light on the state of the HealthShare industry. While the report focuses on Colorado, it offers valuable insights into the broader HealthShare landscape in the United States. Some noteworthy highlights include:
Expanding HealthShare membership
HealthShare organizations (which the division refers to as “Health Care Sharing Plans” or “Arrangements”) operating in Colorado report 1.7 million members nationwide. However, due to inconsistencies in reporting and the report’s limited scope, it is likely that the actual number of HealthShare members surpasses this figure.
Significant presence on exchanges
HealthShare membership accounted for approximately 30% of the individual market enrollment on Colorado’s state-based exchange. This notable presence highlights the growing popularity and acceptance of HealthShare plans among consumers.
Sharing requests and funding
The report reveals that funds collected from Colorado HealthShare members were used to pay for 74% of eligible sharing requests. The report does note that the accuracy of the financial data is uncertain due to some HealthShare companies not submitting data as requested by the state, potentially inflating some of the figures.
While this report provides valuable insights into the HealthShare industry in Colorado, it underscores the need for transparency and standardized reporting practices. As the industry continues to evolve, it is likely that the leading HealthShare organizations will likely begin reporting their figures in a more uniform manner.
