With medical premiums consistently rising, many people are looking for alternatives to traditional health insurance plans.
In the past several decades, health-sharing plans have become more popular within the United States. One popular health-sharing program is Medi-Share.
While Medi-Share is a relatively well-known name, if you’re like most people, you probably don’t know much about it. If you are looking for an alternative to traditional health insurance, Medi-Share may be a great option for you and your family to consider.
What Is Medi-Share in 2020?
Medi-Share was created as a faith-based non-profit in 1993. The creators of Medi-Share envisioned a place where people without insurance could share the costs of one another’s medical bills, mimicking similar faith-related ideals.
Today, Medi-Share is the second largest health care sharing system in the United States with over 300,000 participating members.
What Do I Need To Know About Medi-Share?
While you may have heard of Medi-Share, you might not understand how it works.
Every month, Medi-Share members contribute a fixed dollar amount to their own savings account.
When a fellow Medi-Share member incurs medical expenses, that person submits a request for the amount needed to cover their bill.
If their bill is approved by a committee vote the request is paid directly to the healthcare provider, using funds from other members’ savings accounts.
In this way, Medi-Share members literally share one another’s medical bills.
Instead of deductibles, Medi-Share uses something called an Annual Household Portion (AHP). The AHP is similar to a deductible but not identical.
The Annual Household Portion is the dollar amount an individual pays toward their medical bills during a 12-month period before their bills are processed for sharing.
Once you have met your AHP for the year, all medical bills for your family will be processed for sharing.
Health sharing programs like Medi-Share are not considered insurance; however, Medi-Share is recognized by the Department of Health and Human Services as health “coverage” and is considered a legal alternative to health insurance.
Amounts that families or individuals pay for Medi-Share range from $500 to $10,000, depending on income and household size. There are different programs to fit every person’s need—most likely, you’ll be able to find a plan that works for you.
What Are The Benefits Of Medi-Share?
So, what makes Medi-Share a good alternative to a traditional health insurance plan?
The biggest advantage of Medi-Share is its affordability. There is a program for families of all incomes. Unlike health insurance, there is no monthly premium for Medi-Share. Rather, members pay a monthly “share” fee.
You can choose what programs and fees work best for your family based on income and household size. With a variety of payment options, households of all sizes will likely be able to find a payment plan that fits their needs.
Unlike some insurance plans, Medi-Share does not impose annual or lifetime limits.
Additionally, a lot of major medical plans exclude potential members based on health conditions. Not Medi-Share.
Your membership with Medi-Share cannot be terminated for developing a medical condition or for any pre-existing conditions. https://www.peoplekeep.com/blog/the-pros-and-cons-of-medi-share
Keep in mind, Medi-Share will not pay for any pre-existing conditions for the first 36 months of membership. However, you will not be excluded based on your health.
Again, Medi-Share is very different from traditional insurance plans in this regard. Medi-Share doesn’t have specific open enrollment periods—you are free to join Medi-Share anytime you want throughout the year.
Interested In Learning More About Medi-Share?
Keep in mind if you’re considering new health care options, Medi-Share is not insurance—it is an alternative to covering the costs of medical expenses.
If you are looking for alternatives to traditional health insurance, Medi-share might be the best option for you.
If you’re looking for advice on joining a health-sharing plan, sitting down with an insurance agent is a good first step. Agent Michael Suhany in the Kosciusko County area can help you navigate the ins-and-outs of Medi-Share and determine if this plan is right for your family. Set up a time to talk with Michael today.