Medical Sharing Plans are becoming a common alternative to traditional health insurance. There are plenty of pros and con to both. However, if you’ve never heard of a Medical Sharing Plan, you may be lost on whether or not you should consider it, and if it suits your lifestyle, budget, and needs.
What makes a Medical Sharing Plan Unique?
Medical Sharing Plans are not like traditional health insurance. For one, Medical Sharing Plans, or Christian Healthcare Ministries, are often faith-based cooperatives with members agreeing to cover a certain portion of each other’s medical costs. While that might sound like the definition of insurance, there are large differences.
One difference is that there is no legal obligation to helping the sharing plan. You can stop payments with them and leave at any time. Medical Sharing Plans go by Good Samaritan type trust. They hope that by cooperating with a group that you will do your part and pay for our share of the premium to take care of everyone. In turn, unlike health insurances that can accept or deny whatever medical procedures they choose, the Medical Sharing Plan will cover most everything. There are exceptions, however. These usually come in the form of what may be considered “unbiblical” medical costs. This is in line with procedures and products such as birth control, abortions, and even things such as injuries that happen due to drinking and driving or reckless behavior.
This is also in line with a typical insurance “in-network/out-of-network” pricing. A Medical Sharing Plan typically with not have such a thing, and will allow you to see whatever doctor you would like. This can be great, and allow you to shop around and find the best medical provider for you.
Medical Sharing Plans are also much cheaper than traditional insurance plans. However, most times you will be required to pay some of your cost up-front until you are reimbursed.
How can I find one?
Finding a Christian Healthcare Ministry is as simple as running a Google search on it. There are plenty of options, however, be aware that you may be asked to have confirmation of regular church attendance in order to qualify. Speak to your Pastor or your church’s administrative office in regards to providing paperwork for such a thing. If you need an easy one-stop click, check here instead.
Is a Medical Sharing Plan for me?
If you love the idea of a faith-based, Good Samaritan style of health coverage, the freedom to choose who you wish to see without working about in-network and out-of-network costs, and a cheaper coverage premium, then a Medical Sharing Plan could be right for you.