Save Money with Healthcare Sharing: Understanding How It Works

Healthcare costs can be overwhelming, and many people are constantly searching for ways to save on medical expenses without sacrificing quality care. One option that is growing in popularity is healthcare sharing. This alternative to health insurance allows individuals and families to save money while still receiving the medical support they need. But how does healthcare sharing work, and how can you take full advantage of it to cut costs? Let’s dive in!

What is Healthcare Sharing?

Healthcare sharing is a unique model where individuals come together to share medical expenses within a defined community. Unlike health insurance, healthcare sharing is not an insurance policy but rather an agreement between members to help share each other’s medical bills. Participants contribute monthly "shares" (a set amount of money) to a shared fund, which is then used to pay for eligible healthcare expenses when a member needs medical care.

This model operates through health-sharing ministries or organizations that facilitate the process, ensuring that members’ contributions are allocated appropriately. Members typically agree to follow certain guidelines regarding lifestyle choices, healthcare providers, and treatments, but in return, they benefit from significantly lower monthly contributions compared to health insurance premiums.

How Healthcare Sharing Saves You Money

1. Lower Monthly Costs
   One of the most significant benefits of healthcare sharing is the lower cost compared to health insurance premiums. Because healthcare sharing programs do not operate as insurance and are not subject to the same regulations, administrative costs are typically much lower. As a result, participants pay a fraction of what they would for health insurance.

2. Flexible and Customized Health programs offer flexibility that allows you to tailor the type of health program to fit your needs. Depending on the organization, you can choose from different levels of sharing, with some options sharing only basic medical needs, while others may offer more comprehensive options. This flexibility means you can select a program that aligns with your health requirements and budget, providing cost savings while still ensuring adequate care.

3. Cost Transparency
   In healthcare sharing, costs are more transparent compared to insurance, where patients may face surprise medical bills after treatment. When you use a healthcare sharing program, you often know upfront what will be shared and how much you’ll need to contribute. This makes it easier to plan and avoid unexpected out-of-pocket costs.

4. Limited Eligibility for High-Cost Services Healthcare sharing programs typically exclude certain high-cost services or focus on preventive and essential care. This limits the need to include things like cosmetic procedures or expensive treatments not directly related to health maintenance, which keeps costs lower. By participating in an option that excludes non-essential services, you’re saving money on unnecessary costs.

5. Personal Responsibility and Preventive Care Healthcare sharing encourages members to take more responsibility for their health and wellness. Many programs incentivize healthy lifestyle choices, such as maintaining a healthy weight, engaging in regular exercise, and avoiding risky behaviors. By keeping healthcare costs lower and encouraging preventive care, you not only improve your health but also avoid expensive treatments down the line, saving you money over time.

How to Take Advantage of Healthcare Sharing to Save Money

To truly benefit from healthcare sharing, it’s essential to understand how it works and how to use it effectively. before the end of the year. Here are some tips to maximize your savings:

• Do Your Research: Not all healthcare sharing programs are the same. Take the time to compare different organizations, sharing levels, and guidelines. Some programs may be more comprehensive than others, so choose one that aligns with your health needs and budget.

• Follow the Guidelines: Healthcare sharing programs often have specific requirements, such as lifestyle guidelines or treatment preferences. Following these rules not only ensures that your medical expenses are eligible for sharing but also helps you avoid unnecessary medical costs.

• Be Prepared for Certain Out-of-Pocket Costs: While healthcare sharing significantly lowers your costs, it’s important to remember that you may still need to pay for some healthcare expenses out of pocket, depending on your program. Be prepared for co-shares or non-eligible services and factor these into your budgeting.

• Utilize Preventive Care: Some healthcare sharing programs offer preventive care services at discounted rates or as part of their membership. Taking advantage of these services can help you catch potential health issues early, preventing more expensive treatments later. Impact offers a wide range of options found here.

• Consult with Your Provider: Before seeking medical care, always check with your healthcare sharing organization to ensure that the provider and treatment are eligible for sharing. Some programs may have restrictions on which providers or treatments are eligible, so being informed helps you avoid unexpected costs.

SIMPLE & AFFORDABLE HEALTH CARE

Members are saving thousands when they switch to Impact. Programs start as low as $73 for individuals and $378 for families. We have designed four pricing options for individuals and families, as well as special pricing for seniors. Members experience a comprehensive medical experience and access to preventative care, mental health care, prescription discounts, and prescription drugs with urgent care telemedicine available 24/7. Members see any doctor of choice nationwide. No network fees, no network limitations. This means more choices and lower costs to you. Since Impact participates with any provider, you can see your doctor and specialists.

Impact is open to anyone who is interested in sharing and saving on their health care. Impact puts the power, the freedom, and the control in paying for health care back into your hands. Choosing your health care is a big decision. It is important to consider multiple options, but we think you will find Impact wins! Use this Decision Guide to help you navigate through your decision.

And, Impact is open for enrollment year-round. Open enrollment restrictions don't apply to healthcare sharing.  The cost reduction compared to other options makes Impact Health Sharing a great option in the long run regardless of household income.

Is Healthcare Sharing Right for You?

While healthcare sharing can be a great way to save money, it may not be the right choice for everyone living in the United States. It works best for individuals or families who are generally healthy, prefer a more holistic approach to healthcare, and are comfortable with the idea of sharing expenses within a community rather than relying on an insurance health plan.

It’s essential to carefully consider your healthcare needs, financial situation, and preferences before switching. If you’re someone who rarely needs medical care and is looking for a more affordable alternative to insurance, healthcare sharing could be a great option.

Conclusion

Healthcare sharing is an innovative way to save money on medical expenses, especially for those looking to avoid the high premiums associated with health insurance. By understanding how healthcare sharing works and making the most of the benefits it offers, you can significantly reduce your cost of healthcare while still receiving the care you need. Whether you're looking for a more flexible, affordable option or want to take a more active role in managing your healthcare costs, healthcare sharing might be the solution you’ve been searching for.