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Healthcare Sharing Ministries In Pennsylvania


Consumers are choosing faith based, healthcare sharing plans over traditional insurance in ever-increasing numbers.  Why?  In most cases, it boils down to flexibility, transparency and price.

So, what are healthcare sharing ministries?

Healthcare sharing ministries are non-insurance company entities that consumers from all walks of life are utilizing to manage the risk of unexpected medical bills.  The plans offered by these companies are designed to work very much like a traditional health insurance plan.  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 distinctly different than traditional ACA plans.

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:  Talk to an independent agent.  An independent insurance agent is an essential resource when purchasing insurance.  An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for.  Working with an independent agent can help make sure that you are getting the best coverage, for the best price.

The advent of faith-based / healthcare sharing ministries.

Healthcare 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 healthcare sharing ministries work?

To put it simply, healthcare sharing ministries are about like-minded people voluntarily coming together to share the burden of medical expenses.  These entities are typically faith-based - meaning the core concepts are based upon religious beliefs.  What most are unaware of however, is that 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 the Pennsylvania region will be used to pay for medical costs that arise within the very same Pennsylvania region.

Healthcare sharing 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 Pennsylvania, the workings of healthcare sharing 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 amount 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.

Good to know:  Do the math.  When shopping for health insurance, most people focus on the monthly premiums, but you also need to take a close look at deductibles.  For example, if you have a choice between a lower silver plan premium of $345 a month for a plan with a $5,500 deductible, and a higher gold plan premium at $465 a month with a $1,750 deductible, you may be better off with the second plan if you anticipate needing more than $1,500 in medical care.  With the second plan, your total annual cost for the premium and deductible comes to $7,330, a $2,310 savings over the lower premium plan.

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 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 healthcare sharing plans.

Disadvantages

One big advantage of an ACA backed plan is you cannot be declined ACA coverage due to a health issue.  Health care sharing companies can choose to decline coverage to any individual due to medical issues or history.  Also, certain ACA plan benefits are mandated by law.  Some benefits, like maternity, for example, may be very important to you.  Your faith-based plan may not offer it.

For more information on Faith-Based / health care sharing ministries, please contact us directly.

Good to know:  Shop Generic Drugs.  If you're looking to reduce your medical bills and reduce out of control medical spending, you can start by shopping generically.  Consumers tend to think of generic options as less effective or even as harmful.  This is not the case, however, when it comes to generic prescription drugs.  Though these alternatives may not be as flashy as the name-brand drugs advertised on commercials, they treat patient illnesses just as effectively for only a fraction of the cost.  You can increase your drug savings even more by shopping in preferred pharmacies or online at vendors such as GoodRx.  These options allow you access to a wide range of generic and name brand drugs at lower costs.  Preferred pharmacies take the extra step of reducing dispensing fees, saving you even more money on your next drug purchase.  For this reason, it's worth seeing if a preferred pharmacy network is included in your healthcare plan.  If not, you may want to review your options and see if adding such a plan would benefit you.



Other articles:
Explaining the Growth of HealthCare Sharing Plans.
5 Strategies For Reducing Medical Bills.
Resources



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