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Faith-Based Health Insurance In Oklahoma
Consumers are choosing faith based health plans over traditional insurance in growing numbers. Oklahoma is no exception. Oklahoma has seen more exponential growth in the volume of health care sharing plans than
any other state in the country.
Tulsa, Oklahoma
Faith-based health insurance refers to a method consumers from all walks of life are utilizing to handle the risk of unexpected medical bills. And it's actually a misnomer. in actuality, faith-based health insurance is not insurance at all - at least not in the legal sense of the word. Faith-based health plans, (also known as healthcare sharing plans, alternative health plans, or healthcare sharing ministries), are actually health plans that are designed to meet the same needs as traditional health insurance. The difference is, these plans are not governed by the ACA (Affordable Care Act) rules and regulations. This distinction makes it possible for faith-based health plans to be structured in ways that are different than a traditional ACA plan.
There are several advantages (and a few disadvantages) that are inherent within this distinction. This article will address both.
Want to see faith-based / healthcare sharing plans and rates now? Click here.
Good to know: Pay less for prescriptions. Go generic, for starters. In almost every case, generics are just as good as name brands and are much cheaper, says Catherine Tom-Revzon, a pharmacist at The Children's Hospital at Montefiore, in New York City. Second, compare costs since prices vary significantly from store to store. Your best bet may be a warehouse club like Costco or Sam's Club. (You don't even need to be a member.) Another option: If your plan has a mail order pharmacy, you might be able to get 90 days' worth of prescriptions mailed to you for two co-pays.
courtesy of Parents.com
The advent of faith-based / health care sharing plans.courtesy of Parents.com
Health care sharing /faith based ministries have grown exponentially beyond what anyone could have possibly invisioned, when such ministries were exempted from the Affordable Care Act health plan requirements. At the time, the exemption was a way to sooth objections from conservative leaning congressmen who had reservations on the passage of the ACA. This exempted niche, is now a fast growing segment of the health plan industry. From all appearances, this trend will continue well into the foreseeable future. What was once a fringe idea, limited to devout Evangelicals and rural churches has found acceptance with a wide swath of the American populous.
How do faith-based plans work?
To put it simply, healthcare sharing is about like-minded people voluntarily coming together to share the burden of medical expenses. Healthcare sharing plans are typically faith-based, meaning the core concepts are based upon religious beliefs. However, in most cases, consumers do not need to be affiliated with any religious group, or be religious at all, in order to purchase a faith-based health plan.
Usually, funds to pay medical bills are dispersed within the same community that the members reside. in other words, membership dues collected from plan members living in Oklahoma will be used to pay for medical costs that arise within the state of Oklahoma.
Good to know: If your family is healthy and doesn't visit the doctor often, a high-deductible health plan could save you hundreds of dollars in lower monthly premiums. In addition, most high deductible health insurance plans are HSA eligible. An HSA eligible plan qualifies you to open a health savings account (HSA). A health savings account is designed to work in concert with a your high deductible health insurance plan. You can save money in your HSA account before taxes and use the funds to pay for eligible health care expenses. Additionally, unused HSA funds continue to grow tax-deferred, year after year.
Faith-based plans, (also known as health care sharing plans, alternative health plans, or health care sharing ministries), are designed to accomplish the same fundamental goals as traditional health insurance:- Help people maintain good health by offsetting the costs of health care access.
- Assist people with the cost of medical bills.
- Protect people from catastrophic financial loss due to major medical expenses.
The mechanics.
In Oklahoma, the workings of faith-based health plans offered by various entities are quite similar. Each month all the members pay a set contribution or "share" amount. This contribution is based on the health plan style they have purchased. Other factors that may contribute to what the contribution will be are age, gender, and health history. Contributions are placed into a pool and managed by the healthcare sharing company. The funds are shared with members who have immediate medical bills, according to their chosen plan and company guidelines.
Advantages of Faith-Based Healthcare Sharing Plans.
Because Faith based health plans do not fall under Affordable Care Act regulations, there is enormous flexibility in plan structure. This is one of the factors that contribute to a lower monthly premium, when compared to a traditional health insurance plan with similar benefits. Another contributing factor to lower premiums is the comparative lack of bureaucracy within entities that offer faith-based health plans. Insurance companies in America have had over a century to build up a virtual mountain of bureaucracy. This stifling excess is invariably passed on to the consumer, in the form of high plan premiums.
Also, the lack of bureaucracy, translates into your physician, medical facility, or hospital being paid much more quickly for services provided. Consequently, medical providers generally like health care sharing plans.
Good to know: Ask an advocate to work for you. "If you receive a large bill for services, following an ER visit or surgery, for example, and you don't understand how to read it, hire a medical billing advocate to assist you," suggests Ruth Linden, founder of Tree of Life Advocates in San Francisco. "She or he will not charge you if everything is in order. On the other hand, if errors or a questionable charge is found, the typical billing advocate may charge you one-third to one-half of the amount they save you. Your cost savings could run into thousands of dollars." This can be especially important if you're dealing with a complex medical issue that requires significant, and expensive care. Some insurance companies have even begun offering their own advocates, such as UnitedHealthcare's Advocate4Me program, which provides a single point of contact with an expert who can help you understand your coverage and find the help you need.
DisadvantagesOne big selling point of an ACA backed plan is you cannot be declined coverage due to health issues. Medical cost sharing plan companies can choose to decline coverage to any individual due to medical issues or history. Also, certain ACA plan benefits and protections are mandated by law. Some benefits, like maternity, for example, may be very important to you. Your faith-based plan may not offer it.
There are also lifetime maximum benefit limitations with most any faith-based health plan. ACA plans have no such limitation.
For these reasons, faith based healthcare sharing plans are not the perfect alternative healthcare plan solution for everyone. Whether or not a cost sharing plan makes good sense, depends upon your medical and financial circumstance. Be certain to understand benefits and limitations thoroughly, before purchasing any faith-based , or traditional health insurance plan.
For more information on Faith-Based / health care sharing ministries, please contact us directly.
Other articles:
Alternatives To Obamacare Health Insurance.
5 Strategies For Reducing Medical Bills.
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