What to Consider
It's important to note that HealthShare is a distinct concept with its own terminology and guidelines. HealthShare should not be mistaken for insurance.
We'll help you understand what you need to know to determine if HealthShare is a fit for you.
Understanding HealthShare
Joining a HealthShare is an alternative approach to managing healthcare expenses, but it differs significantly from traditional insurance. It’s important to understand these distinctions to help you decide if a HealthShare community is right for you.
Here’s a few questions to ask:
Is this like insurance? HealthShare is a unique concept with its own guidelines, terminology, and way of operating. It’s not insurance, meaning it doesn’t guarantee payments for your medical expenses, and is not regulated by insurance boards, if it was it would be insurance. Rather it operates on a model of shared responsibility. Members voluntarily contribute to each other’s eligible medical bills.
Can anyone participate? Our HealthShare program has its own set of membership guidelines, which include commitments such as maintaining a healthy lifestyle and adhering to certain ethical principles. Make sure to review these to see if they align with your values and way of life. To view these, visit our Membership Guidelines page.
What are Eligible Medical Expenses? Our HealthShare community has specific definitions for what medical expenses are eligible for sharing. It’s crucial to understand which types of medical services are included or excluded. This will differ from the traditional feelings of "coverage" many are accustomed to with insurance plans.
What's a Monthly Contribution? HealthShare programs often have lower monthly contributions compared to traditional insurance premiums, the exact amount can vary depending on the initial unshareable amount you choose, your family size, and your age. Most people have varying ideas of what they need.
How does sharing work? HealthShare, members' contributions are pooled together to assist with eligible sharing requests. I'll discuss this further on in the presentation so stay tuned. Once you understand this process, you'll have the tools you need to avoid surprises when medical needs arise.
Are there additional Out-of-Pocket Costs? Taking care of your health needs with a HealthShare membership requires members to pay the initial costs related to their medical bills similar to a deductible in traditional insurance. Costs like the initial doctor visit, x-ray or medication. These costs are the initial unshareable amount for a medical need, and I consider them out of pocket expenses. Be sure to factor in these potential costs as you budget for healthcare.