So, What Are Healthshare Plans?
Healthshare plans, also referred to as healthcare sharing plans, or faith-based plans, are designed to essentially perform the same important service a health insurance plan provides - financial protection from unexpected medical costs.
Note that eventhough these plans function in a manner that is similar to health insurance, a healthshare plan is not an insurance plan. This distinction makes
it possible for healthshare plans to be structured in a manner that can be quite different than a typical health insurance plan.
The Relationship Between Healthshare Plans And Healthcare Providers
Surprisingly, many healthcare providers have embraced healthshare plans as a viable partner. The reason is simple. It saves them money.
Some physicians have noted that there are far less overhead costs when working with a patient covered by a healthshare plan, as opposed to an insurance policy. Physicans often avoid mounds of insurance paperwork
when working with a healthshare company.
Additionally, healthshare plan companies offer fewer headaches for healthcare providers because in many cases,they don't require providers to be part of a specific network.
Benefits of HealthShare Plans
Lower Monthly Payments
Let's start with the obvious. Because healthshare plan companies usually pay much quicker than insurance companies, they are able to negotiate lower costs for their medical needs. For this reason, the average monthly payment you would be expected to pay under a healthshare plan is likely to be substantially less than a benefits comparable insurance plan. This means that you don't have to worry about breaking the bank to pay for your family's insurance. This is especially true if you have four or more members in your family.
Lower Deductibles
Because healthshare plans technically don't have deductibles, you actually won't be paying a deductible at all. Instead, you will be paying a similar fee, called an "annual portion", or "Member Shared Responsibility Amount". The amount is the medical costs a member must bear before plan benefits kick in. This amount tends to be lower than the deductibles within a comparable traditional insurance plan.
No Enrollment Period
One reason why many families opt for healthshare plans is because they offer any-time enrollment. This means that you don't need to wait for an open enrollment period to gain health insurance. Instead, individuals can simply sign up for the plan they wish and begin their coverage.
Most importantly, members of healthshare plans receive quicker access to healthcare. This option has proved attractive to thousands of families across the United States who are looking for a quick and effective way to cover their healthcare.
Many consumers like knowing that they will never have to worry about missing an open enrollment period. The convenience of simply choosing a plan and going with it, has helped grow healthshare plans into the phenomena they are today.
Other articles: Is Short-Term Health Insurance Right For You?
Finding Short-Term Health Insurance.
So, What Is Faith-Based Health Insurance?
Resources
We are pleased to assist and will respond promptly.