Healthcare Sharing Plans are not Insurance Plans. Let me say that again, Healthcare Sharing Plans are not insurance plans. These plans are made up of individuals who group their money into a fund that in turn pays for each other’s medical expenses.
Healthcare sharing is a practice where members of a healthcare sharing program contribute money to a shared fund to help cover the medical expenses of other members. This is often done within a community of individuals who share common beliefs, values, or lifestyles, and who agree to share in each other’s healthcare expenses.
Healthcare sharing programs may be faith-based or secular and are often seen as an alternative to traditional health insurance. Members of these programs pay a monthly or annual amount into a shared fund, which is then used to pay for eligible medical expenses incurred by other members.
It’s important to note that healthcare sharing programs are not considered insurance plans and are not regulated by state insurance laws. As a result, these programs may have certain restrictions on coverage and may not be suitable for everyone. Members of healthcare sharing programs are encouraged to review the program’s guidelines carefully and consult with their healthcare providers before joining.
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How Does The Medi-Share Healthcare Sharing Program Work?
Medi-Share is a healthcare sharing program that operates on the principle of cost sharing among its members. Members of Medi-Share are Christians who share similar faith beliefs and agree to live a healthy lifestyle.
The program works by members contributing a set amount of money each month, which is pooled together to pay for the medical expenses of other members who need medical care. Medi-Share is not an insurance program, but rather a faith-based healthcare cost-sharing community.
Here’s how it works:
- Members pay a monthly share amount, which is based on the age, household size, and health status of each member.
- Members select an annual household portion (AHP), which is similar to an insurance deductible. The AHP is the amount of medical expenses that a member is responsible for paying out of their own pocket before Medi-Share begins sharing medical expenses.
- When a member needs medical care, they present their Medi-Share card to the healthcare provider. The healthcare provider bills Medi-Share directly for eligible medical expenses.
- Eligible medical expenses are shared among the members according to the program’s guidelines. Members may receive a monthly newsletter with details of medical needs submitted by other members, along with prayer requests and ways to give financial assistance.
It’s important to note that Medi-Share has certain restrictions on what medical expenses are eligible for sharing, and there may be limitations on coverage for pre-existing conditions. Additionally, Medi-Share is not available in all states and may not be suitable for everyone. Members of Medi-Share are encouraged to consult with their healthcare providers and review the program’s guidelines carefully before joining.