Main Differences Between Health Share Ministries and Health Insurance

The main idea behind the ACA (Affordable Care Act) was to benefit patients who had pre-existing ailments to access insurance coverage for healthcare. The act was helpful but to a certain level only.

The main drawback to the act was high premiums and high deductibles which meant the patients incurred a high amount of out-of-pocket expenses that could not be covered. These drawbacks meant families had to either dig deeper into their budgets to cover the extra medical care costs or look for an alternative.

Health share ministries are affordable

According to recent surveys, the premium on health insurance for 2021 is expected to increase by 5.3 percent for employers. In 2019, the premiums per household of four people were estimated to be about $20,500 per annum.

If you add five percent to that cost, you get $21,500 per annum and the premiums went further up during renewals and signups for 2021. For an ordinary family, the high premium costs can be out of reach.

E-health reports that out of pocket expenditure per individual was estimated at $8,500 in 2020. If you add that amount to the premiums, the amount is beyond reach to many ordinary families. The situation is different for health share ministries. If you learn all about Health Share Programs, you will discover members contribute according to their ability.

In most cases, the members save up to fifty percent which makes health sharing ministries greatly affordable to the majority of citizens.

Members can choose from several medical professionals

Healthcare insurance companies only allow their members to visit specific doctors or healthcare centers to lower the cost of claims. Beyond limiting you on which doctors you can visit, they also limit which medicines you can obtain through the insurance cover. That gives you very limited choices when you need to visit a specialist.

For health share ministry members, the member is free to visit any specialist of their choice as long as they stay within the provisions of their program. If the member requires specialized medication, the programs do not limit them on what drugs can be prescribed to them. The health share ministries desire to see their members healed and return to normal life and be able to help other members.

Health share ministries are not for profit

Health insurance companies exist for profits and they can only survive if they continually record profits. As a result, their premiums are designed in a way that a considerable amount of money is included as profit for the insurance company. If they fail and record losses over several years, the insurance company has no option but to close business.

Health share ministries are non-profit entities and all the contributions received from the members are consolidated into one pool. The single aim of the health share ministries is for their members to receive help when the need for medical care arises.

This organizational aim for health share ministries helps to keep medical care costs for the members as low as possible and thus, it becomes affordable and accessible to all members. Health share ministries are not under ACA.

Under ACA, all health insurance companies are mandated to provide coverage to every member despite their pre-existing conditions or their current health condition. The conditions do not apply to health share ministries and eligibility of members is guided by the criteria each ministry sets.

Some of the criteria outlined are based on the lifestyles of the members. If a member is not keen to stay away from products that trigger some critical ailments like tobacco, alcohol, and hard drugs, they cannot be allowed to join health share ministries.

Filed under: Life

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