The pandemic and resultant unemployment are making people consider health insurance than ever before. Loss of a job comes with the loss of health insurance too if you got it through the employer in the first place. Fortunately, you can keep yourself safe from unexpected medical bills if you join a medical cost sharing program. This plan comes with significant benefits compared to regular health insurance.
Image credit: ourprimarydoc.com
How does medical cost sharing work
This program is a group of people who come together to share medical expenses. The inspiration for this is in the Book of Acts where everyone in the early church comes together to share each other’s burdens. A medical cost sharing program is registered as a 501(c) (3) nonprofit organization. Every member has to pay a monthly share just like paying a regular insurance premium.
This money is pooled together for covering costs for every member. There is a central organization for funds in some programs although others require members to send payments directly to another member who badly needs financial assistance. Just like deductibles, members have to pay an out-of-pocket amount before the program can begin to cover their expenses.
Medical cost sharing vs. regular insurance
You have to understand that a medical cost sharing program is not the same as health insurance. Although the program offers similar benefits like insurance, it doesn’t comply with similar regulations. Funds in a cost sharing plan are not guaranteed unlike in medical insurance. Additionally, members have a limit for sharing yet insurance has no limit. Another reason to consider health insurance sharing plans in Orlando is not being taxed deductible.
A cost sharing program covers pre-existing programs, has a waiting period before coverage applies. However, the program doesn’t usually cover everything as covered by regular health insurance.
Cost sharing programs are usually inspired by the Christian faith and might require members to belong to particular beliefs and to avoid certain habits. The plan doesn’t cover medical expenses resulting from acts such as illegitimate pregnancy or drunk-driving accidents. And, the program doesn’t cover particular habits for moral reasons like abortion.
How to tell a medical cost sharing program is for you
Level of cover
Another important consideration when considering medical insurance is the level of cover. Medical cost sharing plans come in handy in difficult situations such as pandemics. For people with ongoing medical conditions or facing costly prescriptions, you have to weigh your options. You have to understand the level of coverage to be sure that it matches your current and potential needs.
Cost analysis
When considering medical insurance, comparing costs is very important. You have to take time to make a price comparison between medical cost sharing plans and regular medical insurance. Make sure to consider things features such as coinsurance, premium, out-of-pocket limits, and deductibles.
There’s a likelihood of joining a cost sharing plan where you’re eligible to enjoy deep discounts compared to the cost of medical insurance providers. However, this is likely to affect the deductibles and coinsurance you’re obliged to.
Current medical conditions
For people with an existing medical condition, it is very important to understand how the plan will handle it. Keep in mind that cost sharing plans handle the current condition. Make sure to check that the program covers your condition. Fortunately, you can check this on the company website or their promotional materials.
Check the morality clause
Willingness to commit to a particular lifestyle that the program requires is not for the fainthearted. You have to mind about the monthly payments you’re likely to be making. Some cost sharing programs require making a statement of faith including abstaining from excessive drinking and tobacco use.
Other programs might request acknowledging that God created you. When evaluating medical cost sharing plans, make sure that their morality clause suits your current lifestyle. Additionally, it should stand behind the program’s statement of faith.
Expectations when you join a medical cost sharing plan
There immense benefits when you join a medical cost sharing program. You will expect less significant health costs from your plan. Additionally, sending your share amount to other members each month is very rewarding spiritually.
Keep in mind that you’ll always get time to pray and encourage them which is very rewarding spiritually. Participation in a medical cost sharing program is the best way to go when your employer doesn’t pay for your health insurance.
Wrapping up
The cost of medical services is rising sporadically. This is taking a toll on people’s pockets especially with the massive unemployment inspired by the pandemic. Fortunately, involving in a medical cost program is a wonderful solution to lowering your medical expenses. Today is a wonderful time to become a member of a medical cost sharing program for you and your whole family.
