What Is A Cost-Sharing Plan?

Cost-sharing healthcare plans, also referred to as health-shares, are a form of cooperative. They are commonly faith-based and tied to a certain religious ministry.  Each member of the health-share ministry agrees to cover a certain amount of each other’s medical costs in order to lower all of their out of pocket costs.  The general premise of a health-share plan is a lot like insurance, although it is important to note that they are not traditional health insurance.  Unlike a traditional health insurance company, cost-sharing plans do not guarantee coverage, and the assistance they provide depends heavily on whether the member’s medical needs fall within the tenants of the faith. Cost sharing programs are not regulated by any governmental agency. 

Cost Sharing Plans Can Be A Competitive Option During Open Enrollment Period. 

During Open Enrollment for traditional healthcare, you may feel the options available to you and your family.  The good news is, you have options.  Cost-sharing plans are best for individuals and families who cannot afford traditional health insurance.  They are a great, low-cost medical care option for those who need health coverage, but are not in a place to spend extra money on an ASA insurance plan.

Health-shares are ideal for healthy individuals with low healthcare needs.  It is important that each individual decides on their own priorities, but people who live an active, healthy lifestyle with little to no regular medical needs might find a plan like this appealing.

Cost-sharing plans are good for people who want to share their expenses with likeminded people.  Cost-sharing plans are a way to build community while keeping health coverage costs low.  Health-shares bring faith into healthcare, so if faith and community are high on your priority list, a cost-sharing plan may be right for you. 

The Takeaway

As the costs of traditional healthcare insurance continue to rise, many are desperately searching for more affordable ways to cover the costs of their medical bills.  For those of the Christian faith, cost-sharing plans within their ministries can be a viable option.  But what are the types of Christian cost-sharing plans?  And what are the pros and cons of using one?  Here we will discover the differences, the similarities, and whether this type of medical cost sharing option is right for you.