Health Sharing Plans
If you’ve been searching for a new healthcare plan, then you may have heard about health sharing memberships or health sharing ministries. These have quickly become popular alternatives to traditional health insurance in the United States. There are over 1.5 million Americans currently enrolled in a health share. If you’re looking for a change, then this could be the right choice for you.
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Health Sharing Ministries 101
What is a Health Sharing Ministry?
Health Sharing Ministries (or Cost Sharing Ministries, as they are sometimes called) are organizations that allow people of faith to operate their own healthcare option. It works very similarly to insurance:
- Members of the ministry make a monthly contribution to the ministry
- The monthly contributions are put into a shared fund pool
- When a member of the ministry is sick or injured, they can pull from the pool to help cover their medical costs
That all sounds very similar to a health insurance plan, and it is. However, there are some key differences between health shares and health insurance.
Useful Plan Information for Health Sharing Plans
Most HSMs either utilize an Open Access network or they utilize the Multiplan PHCS network
- Multiplan PHCS is one of the largest PPO networks with over 1 millions medical providers nationwide.
- Open Access means you have the freedom to go see any provider that you would like.
- Typically by having a PPO or Open Access network you will receive between a 30-40% discount
On average most HSM plans on average increase by around $10 a month on average. Typically for insurance plans, they increase by about 10% each year on average for the monthly premium.
How Health Sharing Ministries Work
Health shares work similarly to health insurance. However, there are some differences in terminology and operation that you need to know about before signing up for one of these plans!
First, you will apply to join a health sharing ministry, and they will have you affirm your moral and/or religious beliefs. After that, you start to pay monthly contributions to help out other members. When you get hurt, you can go to a doctor or medical facility of choice. All of your upfront bills will be paid. Your health sharing ministry then reimburses you for your shareable amount.
Pre-Existing Conditions with Health Sharing Ministries
What is a pre-existing condition?
This is a health problem, like asthma, diabetes, or cancer, you had before you started your health coverage.
Benefits to Health Sharing Ministries
Health Shares Offer:
- Lower monthly costs than comparable health insurance plans
- Lower unshareable amounts than comparable deductibles
- Plans that can be used nationwide
- Year-round enrollments
- Help in sharing of your medical bills
- Access to free services including telemedicine, prescription, dental, and vision discount services
Health Sharing vs. Health Insurance
Similarities
Differences
There are a lot of similarities between health sharing ministries and health insurance, but there are also important differences. It’s important to consider all of the following when choosing between health shares and health insurance:
- Health sharing ministries are religious organizations and require their members to understand and agree to certain religious beliefs
- Ministries typically have lower pre-subsidy costs than comparable ACA/Obamacare plans because they are based around household income.
- Health sharing ministries offer Nationwide PPO networks versus local HMO/EPO networks through Obamacare.
- Health sharing ministries are available to enroll 365 days a year with no qualifying event needed.
- Health sharing ministries are auto-renewable. So there is no need to renew your plan each year.
- Health sharing ministry membership fees are not tax deductible
- You can enroll in Health Sharing Ministries at ANY TIME – You do not have to wait for Open Enrollment or a Special Enrollment Period.
Are Health Sharing Ministries Right for Me?
Health sharing ministries are the best options available for a lot of people. For some people, health sharing gives them the ability to protect the health of their fellow believers. For others, the ministries represent the best option to sign up for healthcare outside of the Open Enrollment period for the Affordable Care Act.
For people that make just enough money that they do not qualify for ACA insurance subsidies, health sharing ministries are the cheapest option available. Health sharing ministries are not for everybody, but for many people, they are the best option out there. Contact the brokers at Apollo Insurance Group for help finding a health share ministry, free of charge.
Working with a Health Insurance Broker
Many people are under the impression that they have to work with a health insurance company directly in order to get coverage. However, that’s not the case! There are health insurance brokers who work with multiple companies and can help you find the best plan for your needs. Here’s what you need to know about working with a health insurance broker.
What is a health insurance broker?
A health insurance broker is an individual or company that acts as an intermediary between you and health insurance companies. They are required by law to have a license in order to operate, and they must follow certain rules and regulations set forth by the state in which they do business. Health insurance brokers are able to offer plans from multiple companies, which gives you more options to choose from.
What are the benefits of working with a health insurance broker?
There are several benefits of working with a health insurance broker, including:
– You’ll have more plan options to choose from.
– You can receive objective advice and guidance.
– They can help you understand your coverage options.
– They can negotiate on your behalf.
– They can help you file claims.
– They’re typically familiar with multiple carriers, so they can provide insights into how different companies operate.
– Some brokers may offer additional services, such as human resources support or benefit administration.
– You may be able to save time and money by working with a broker.
– In some cases, brokers may even be able to get you discounts on your premiums!
When it comes to shopping for health insurance, working with a broker is a great option. Brokers can offer objective advice and guidance, help you understand your coverage options, and even negotiate on your behalf. Plus, they’re typically familiar with multiple carriers, so they can provide valuable insights into how different companies operate. If you’re looking for someone to help you navigate the world of health insurance, consider working with a broker today!
What carriers are Apollo licensed with for health sharing plans?
Apollo is licensed with OneShare, Netwell, and Universal Healthshare.
What states are Apollo licensed in with health sharing plans?
Apollo is licensed in all 50 states. This allows us to sell health sharing plans nationwide.These plans are a great alternative to traditional health insurance.
FAQ with Health Sharing Ministries
Are health shares the same thing as health insurance?
No, they are an alternative to regular insurance plans that offer individuals similar type medical coverage to health insurance.
Do health share programs accept everyone?
Some programs do and some programs don’t accept everyone. The only reason they would not accept is because of a pre-existing condition. This is something that cannot be helped and is out of their control.
When can I enroll?
You can enroll in our program at any time throughout the year. There is no need to wait for a specific enrollment period. Health sharing plans are different in which you also don’t need a qualifying life event either.
Apollo Will Find the Right Plan for You
Apollo Insurance Group is a health insurance brokerage located in Lee’s Summit, Missouri and Chicago, Illinois. We have been around since 2010, and our mission is to positively impact people’s lives. We do this by fighting to find the best option for our clients, create relationships with our employees, and give back to our communities. Apollo also specializes in Medicare, life insurance, dental, and vision plans. We have agents that are experts on health insurance and are ready to help you find the right plan or answer any questions you have. Fill out our contact form to get in touch with an agent for a free consultation.
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