What is a Faith-based plan and how do they work? Our focus is on guaranteed insurance products. However, some customers may find that a health-share membership is a good option for them. So, I can help you find the right health share program for your needs. In addition, we will also provide recommendations for covering the gaps in coverage that are often found in these products. I have also included rates and information on some of the most popular Medical Sharing programs currently available. We do try to keep this page updated with current rates. However, I can't guarantee that the rates shown on this page are always the most current. So if you determine a health-share plan is best for you we will obtain the most recent rates and member guidelines for your area.
Pool of Funds
Faith ministry plans or Christian ministry plans are for people who believe in the ministries statement of standards and pool together to pay fellow members medical bills. One popular plan that we offer seeks like-minded members who contribute monthly donations. Next, when a member has a claim the ministry pays out of the plans escrow account. Most importantly, it's important to note that while many faith plans have been around for many years, they are not insurance and therefore are not regulated like insurance companies.Increasing Popularity
The plans have become increasingly popular in the last few years. Primarily due to Indiana health insurance plans having sharp price increases and more and more carriers leaving the states they operate in. Ministry plans have plan options similar to Indiana health insurance options but they are not health insurance. First, what they are is a plan where like-minded members pull their funds together to help those in need of medical care. Second, most plans have MRA's or Member Responsibility Amounts which are equivalent to a health insurance plan deductible. an amount that the member must pay before the plan starts to pay. Third, many of the plans also have co-pays for doctor visits, which allows the customer to just pay a flat amount, like $30 to visit the doctor. Moreover, another advantage of using a faith ministry plan is that they will negotiate your medical bills for you. In addition, this occurs even if you haven't yet met your MRA for the year. As a result, this means that you can expect to pay less for medical services from the start of the year before you've even met any MRA.
Multiplan is a network of doctors that smaller insurers and ministry plans often use. One advantage to a smaller insurer using Multiplan is that they are able to benefit from large network repricing and negotiated rates. As a result they don't have to negotiate with thousands of individual doctors on their own. Contrary to some beliefs, Multiplan is not an insurance company and does not offer health plans. Multiplan is the network used by our most popular faith ministry. Their network of doctors can be found here.
Want more information on health sharing plans / Medishare providers / Faith health care sharing ministry plans? Check out our health-share post in the resources center. Not sure if a health sharing ministry is right for you? Try Virtual Agent to learn about the right type of coverage for you.
The Silver Select options are for those that want an affordable lower MRA option. Also, for those that don't mind paying cash for routine things like primary office visits. So Silver Select is likely the best value not only in Alabama and Indiana, but nationwide. Plans are available in most states and plan members have access to a nationwide network of doctors through the Multi-plan network.
The Coverage-$2750 Annual MRA
There has been a huge increase in health insurance premiums since 2017. As rates increase, healthy people tend to leave the traditional insurance market. This leaves a higher percentage of costly unhealthy individuals. This causes rates to increase even more and the cycle continues.
A health-share plan may not be a traditional health insurance plan, but it has several beneficial features. First, healthshares are cost-effective. By switching to healthshares from traditional health insurance, you can save a lot over time. The cost-effective nature of these plans is unarguably its best feature. The fact that healthshares cost a lot less than health insurance makes them particularly appealing to persons that rarely visit the hospital or need healthcare services.
Finding the Right One
Instead of giving out a lot of money as premiums, which will most likely not be returned, a healthy person can switch to healthshares and pay significantly-less monthly. The key to using healthshares as an alternative to regular health insurance is finding the right one. If you are looking to save money on health insurance and have ties with an organization that offers healthshares, these plans are worth considering. Especially if you hardly use medical services.
How do Healthshares Work?
Several organizations offer health sharing programs. They work according to guidelines established by the organization providing them. The general features of health-share plans include members paying a certain amount monthly and having their medical expenses covered. If you benefit from a health-share plan, you can file claims and have bills covered with money from the common purse.
Not Your Grandfathers Health Insurance
Healthshares are not similar entities as health insurance. Thus, they tend to more flexible. For example, there are no required networks of doctors associated with most of these plans. You can seek medical services anywhere, as long as they accept the established guidelines. Being tired of sticking to in-network service providers is another good reason for opting for a healthshare plan.
No Enrollment Periods
You can sign up for a healthshare plan whenever you decide. There are no enrollment periods for most of these plans. You simply need to follow the guidelines established by the organization. The lack of enrollment periods is another indication of the flexibility of the plans. A variety of healthshares are available. The features of certain plans make them more beneficial than others. You should choose a plan with features and guidelines that are most appropriate for your situation. The guidance of an agent familiar with these plans will prove useful when comparing your options.
Reach out and receive professional guidance on choosing the best healthshare. Call 317-296-8881 or click the link below to set an appointment now with a local agent.