Health-sharing programs also known as Medi-share and sometimes called Christian Health sharing programs are another type of plan that you as the consumer can purchase.
The primary benefit of these plans is that they are excluded from any law associated with the Affordable Care Act or Obamacare. If you have one of these plans you will be exempt from any tax-penalty that you may be subject to if you did not have an Obamacare plan.
Here is how they work:
When you enter into a health-sharing program, you are now part of a larger group. Premiums paid into these policies go into a general fund that will help pay the medical expenses for other people in your group. There are several advantages to these types of plans: they have low monthly premiums, these plans work across state lines (unlike Obamacare), and of course, they exclude you from any tax-penalty on the basis of religious freedom.
These plans are designed for people that are healthy and want an alternative to the high cost of the Obamacare plans.
Here are some of the benefits associated with these plans:
– Copays for consult office visits ranging from: $20 – $50
-Copays for specialist consults usually ranging from $50 – $125
-Preventative care coverage usually after a 9-month waiting period.
While these plans can replace an Obamacare plan they do have some stipulations:
-Generally, pre-existing conditions may not be covered for 12 – 36 months depending on the carrier.
-Any medical expenses are reviewed and may not be paid depending on circumstances.
-The maximum amount of coverage is not unlimited like the Affordable Care Act, it is usually restricted to $1 – $2 million dollars.
It’s always a good idea as the consumer to review your policy brochures before you make a purchase to see what limitations and exclusions your policy has.
But if you want an inexpensive replacement to the rising cost of Obamacare plans, this can be a good option for you!
If you have questions feel free to contact us!