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A Health Share plan is similar, yet different, to traditional Health Insurance.
How a Health Share Plan Works
As a member of a Health Share, you would pay, or contribute, a set amount of money each month to your Health Share community.
When the member has a larger and unexpected medical need, the member would first need to pay a set amount, which is the member’s responsibility before the Health Share community pays any medical bills. This is similar to a deductible that you’d have with a Health Insurance plan.
Once the member has paid their responsibility, the Health Share would “share” in all eligible medical expenses.
How a Health Share is different from Health Insurance
Here are some of the ways a Health Share is different than Health Insurance:
- A Health Share is a nonprofit organization.
- A Health Share has open enrollment all year long.
- Health Shares are month-to-month and can be cancelled at any time.
- Health Share Plans are not required to share in Minimum Essential Coverage benefits, like Health Insurance plans. Depending on which state you live in, you may need to have MEC Insurance in addition to your Health Share membership.
- Health Share plans are typically designed for larger unexpected medical needs and is also a big reason why Health Share plans are much more affordable.
- Health Share organizations decide what medical expenses are shared with the community, and how the medical bills are paid.
- Each Health Share chooses who can join their community, based on similar beliefs or ideologies.
- With a Health Share, there are usually restrictions or waiting periods for pre-existing conditions.
- Health Share plans typically do not have network restrictions.
Benefits of Joining a Health Share
Save Money: One of the biggest benefits to joining a Health Share is the amount of money you save. in fact, most people save up to 30-60% on their healthcare costs when they join a Health Share.
For example, the Health Insurance that I got through my work cost my family $850.00 a month. My employer was paying for the other $850.00 a month. So when I left my job, it would cost me $1,700.00 a month if I wanted to keep my same Health Insurance plan. That is a lot of money each month for someone who is healthy and rarely visits the doctor.
Now that I have joined a Health Share, my monthly costs are just $570.00 a month. I still have preventative sharing available and a safety net for if or when larger and unexpected medical bills come our way.
No Network Restrictions: Another benefit of joining a Health Share that you typically do not have any network restrictions to worry about. You get to go to the right doctor or healthcare facility that works best for you.
No Contracts: You can join a Health Share year-round and can cancel at anytime.
Ideal Candidates for Joining a Health Share
A Health Share is perfect for those that meet the following criteria:
- Under 65 years old
- Lives a healthy lifestyle and generally a healthy person
- Believes in the concept of sharing in one another’s medical burdens
- Wants to save money on their healthcare costs
- Wants help available to them in case of larger unexpected medical bills
- Needs flexibility to join or cancel at any time
- Wants to have the freedom to choose which medical professional they can see (without network restrictions)
Which Health Share Should I Join?
There are a lot of great options to choose from, which is great, but it can also get overwhelming! I wrote an article on the Best Health Share Plans. In this post, I narrow it all down and let you know which health share plans I recommend based on price and overall value.
You can also check out my Health Share reviews to learn more.
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