HealthShares have emerged as an alternative to traditional health insurance, offering a unique approach to handling healthcare costs. While they may not suit everyone’s needs, there are several compelling reasons to consider medical cost sharing. From affordability and sharing for unexpected medical expenses to fostering a sense of community and providing greater freedom in provider choice, HealthShare organizations can offer some distinct advantages. In this article, HealthShare Guide explores the reasons HealthShares have been gaining popularity and might warrant further consideration.
1. More affordable than traditional insurance
Most HealthShares offer programs that are more affordable than monthly insurance premiums. While sharing programs with the lowest price points rarely offer sharing for preventive care, many mid-priced options function similarly to traditional insurance and allow sharing for common bills such as routine checkups and immunizations. The more expensive memberships often include discounts or sharing for prescriptions and more comprehensive preventive care, such as mammograms. Yet, even these options tend to be less expensive than traditional health insurance.
2. Effective for unexpected needs
HealthShares excel in “catastrophic care,” referring to unexpected medical costs following major events like injury or serious illness. Although the original concept of HealthShares focused on helping members afford large medical costs, these programs have evolved to fit more complicated needs. Even for a generally healthy person who is not concerned about preventive care or paying the costs for minor medical needs, joining a HealthShare might still be worthwhile. Hospital visits and treatments can result in substantial bills, and HealthShares offer programs designed to help with those costs.
3. A sense of community and involvement
HealthShares accept members based on shared values about health and personal responsibility. Many HealthShares also accept members who share a set of religious beliefs. These commonalities cultivate a sense of belonging in members, and many organizations take this a step further by adding features such as devotionals, prayer request options, financial visibility (members can see who their monthly fee has helped), and direct contact between members for mutual support and encouragement. The shared values of a HealthShare, and its smaller size compared to the member network of a traditional insurance company, allow members to feel more involved with other members and with the organization as a whole.
