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Health Share Plans

Health care sharing plans are not the same as health insurance policies. Unlike health insurance policies, they do not fall under state and federal regulations that govern typical health plans. With health share plans, you pay into an escrow account that can be drafted to pay for qualifying health care services.

What Is A Health-Share Plan?

Health-share plans are privately managed cooperatives that members use to pay a portion of each other’s medical costs. Oftentimes these plans are faith-based, but there are some plans that have no religious affiliation. The administrators of health-share plans can develop their own methods for distributing the money paid into the plan and there are rules that apply to people who file claims.

How Do Health-Share Plans Work?

Some health-share plans are somewhat lax in their conduct, with members paying money directly to each other to pay for medical bills. Many of them don’t cover wellness visits and preventive health care, so you will need to pay for those services out-of-pocket or using another form of health care coverage. Likewise, health-share plans don’t have many legal protections in place, meaning your choice of health-share company will greatly impact the quality of your coverage.

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Pre-existing Conditions With Health-Share Plans

If you have pre-existing conditions, you may struggle to qualify for a health-share plan, as these plans are not required to accept customers with pre-existing conditions. Health-share plan administrators are also free to charge higher premium payments to individuals with pre-existing conditions. Whether you should participate in a health-share plan depends on your own unique financial circumstances, so speak with an insurance agent to determine if traditional health insurance options, like Medicare, are a better option for you.

Learn More About Health-Share Plans

If you are curious about health-share plans, the agents at R&R Insurance Solutions can help you learn more about them. Call us at 888-828-4060 for a free consultation.