What are the benefits and differences of Christian cost sharing health plans compared to traditional insurance? We have the inside information you have been looking for!
Christian cost sharing plans offer a unique approach to healthcare, centered around the idea of sharing medical costs within a community of like-minded individuals. These plans, often provided by Christian organizations like OneShare Health, are rooted in shared religious beliefs.
In contrast to traditional insurance, where premiums are paid to an insurance company which takes on the individual’s risk, members of Christian cost sharing plans contribute their monthly share to directly meet the medical expense needs of qualifying members.
While not structured as traditional insurance, Christian cost sharing plans serve as a valuable resource for individuals and families to come together and provide support during times of health-related needs. It's essential to understand that these plans operate independently of state insurance regulations, potentially resulting in varying limitations and requirements.
There are several key differences between Christian cost sharing and traditional insurance:
• Christian cost sharing plans are based on a shared belief system and some require members to adhere to certain ethical or religious standards. Traditional insurance does not have such requirements. OneShare Health is a Membership of the Christian Faith but does not impose strict rules on religious behavior like some other HCSMs.
• Christian cost sharing programs typically have unique rules for the sharing of expenses for pre-existing conditions, unlike traditional insurance which is required to offer such coverage. OneShare Health, for example, does provide sharing for pre-existing conditions depending on the specific condition and after a waiting period. Individuals with pre-existing Diabetes can be eligible for cost-sharing for Diabetes after a waiting period. Additionally, members can take advantage of Membership Discount programs like RX Valet to access discounted medication conveniently delivered to their door.
• Christian cost sharing plans offer the benefit of much lower monthly costs compared to traditional insurance premiums. Members are still responsible for a certain amount of out-of-pocket expenses before cost sharing takes effect. In Christian Health Programs, these are referred to as ISAs, or Individual Sharing Amounts, while in Traditional Insurance, they are known as deductibles.
• Christian Medical Sharing Programs are not insurance, with Members’ contributions used to share in the medical expenses of other Members. While with traditional insurance, the company takes on the individual’s risk of loss, promising to pay from its own funds any medical expenses that arise.
It's important to carefully consider these differences and evaluate which type of plan aligns best with your personal beliefs, healthcare needs, and financial situation.
So why should you join a Christian Health Care Sharing Program?
• Lower monthly costs: Christian cost sharing plans often have lower monthly costs compared to traditional insurance premiums, making them more affordable for individuals and families.
• Community support: By participating in a Christian cost sharing plan, you become part of a community that supports and shares the burden of healthcare costs. This can provide a sense of belonging and support during challenging times.
• Ethical alignment: If you have specific ethical or religious beliefs that align with the principles of a Christian cost sharing plan, it can be a way to ensure your healthcare choices are in line with your values.
• Flexibility: Christian cost sharing plans may offer more flexibility in terms of provider choice and medical decision-making compared to traditional insurance plans that have stricter networks and guidelines.
• Additional Health Care: Christian cost sharing can be a powerful addition to your traditional insurance to provide greater options at a lesser cost where traditional insurance may be limited. Many individuals and families choose to supplement their existing health insurance with a medical cost sharing program.
Considering Health Care Sharing as a viable option for your needs? OneShare Health stands out as a compassionate ministry that prioritizes its members, having provided support for over $200 million in medical expenses shared. Offering a range of excellent options and tiers without imposing strict requirements, OneShare Health is the ideal choice for those seeking flexibility in short or long-term programs at an affordable cost. With added benefits like Telemedicine, Virtual Primary Care, Mental Health, Virtual Vet, Prescription Discounts, and more, OneShare Health goes above and beyond for its members. Reach out to the OneShare Health team today for a personalized quote tailored to you and your family's needs.