Is it a Good Alternative to Health Insurance?

-

- Advertisment -

If you’ve ever heard of Medi-Share, you might be intrigued by its promises to cover your health care costs.

Curious? We looked into the details to find out how Medi-Share works — and whether it’s a good option. Here’s our honest, unbiased review of the program.

What Is Medi-Share?

Medi-Share is a health-care sharing ministry made up of members united by their faith.

This program and similar medical-sharing ministries rely on their members to take care of one another through financial contributions, as well as prayer.

The details work much like typical health insurance. Like having a deductible, members choose an amount they’ll contribute as a household before they can submit bills to the community for payment assistance.

A monthly share payment works like a premium, ensuring your eligibility for assistance, should you need it.

There’s no guarantee your medical expenses will be covered through Medi-Share, and there are plenty of exemptions to consider before you apply.

But if you’re particularly religious — and healthy — you may want to consider this alternative to traditional health insurance.

How Much Does Medi-Share Cost?

First, the up-front costs: It costs $50 to apply, and you’ll pay a $120 one-time member fee with your first monthly payment. You’ll pay another one-time fee of $2 to set up your “sharing account.”

As for your monthly payment options, Medi-Share’s system is sort of like choosing a health insurance deductible and monthly premium.

As an example, we calculated costs for a 30-year-old woman in Florida seeking membership for herself only. Share amounts change annually, based on the oldest member of the household.

If she chose a $12,000 annual household portion — the amount of medical bills the member must pay out of pocket before being eligible for sharing — her standard monthly share would be $118.

If she met certain health and fitness requirements, she could qualify for a Healthy Monthly Share, which would lower her cost to $115 per month.

As a Medi-Share member, when you need medical care and visit a Medi-Share provider, you pay $35 for doctor visits and hospitalizations, and $200 for emergency room visits. Telemedicine visits do not cost anything.

You submit the rest of your bills to Private Healthcare Systems (PHCS) for payment consideration.

Christian Care Ministry, which operates Medi-Share, is a 501(c)3, but your payments aren’t tax-deductible.

Do You Need to Be Religious to Use Medi-Share?

Just as Medi-Share embraces the idea of a community of members supporting one another, it also believes in having a membership that embraces Christian lifestyles.

“Medi-Share members and their dollars do not pay for abortions, drug addictions, or any other unbiblical lifestyles,” according to the website.

Medi-Share also assumes that if you’re willing to take care of your Christian community by sharing the burden of medical bills, you’ll do your best to take pretty good care of yourself.

Some health conditions, like heart disease, high cholesterol or diabetes, put applicants in the mandatory Health Partnership Program, which pairs you with a health coach and costs an extra $99 per month.

What if You Have an Ongoing Health Condition?

While Medi-Share might be an appealing option if you’re healthy, anyone who suffers from a chronic health issue is probably better off turning to an ACA health insurance program for coverage.

“The primary purpose of Medi-Share is to help share members’ burdens,” the program explains. “Burdens are those unexpected medical bills you are unable to plan for (ie. broken bones, cancer, etc). Low monthly share amounts enable you to budget for your family’s routine care, which can be planned.” 

Prescription drugs can be eligible for cost-sharing, but only for up to six months for the lifetime of the member.

Behavioral and mental health care are also ineligible for coverage. This includes psychiatric or psychological care, as well as “counseling or care for learning deficiencies or behavioral problems,” such as ADD or autism.

But here’s the big catch: Routine health screenings aren’t eligible for cost-sharing either.

Well-patient care like annual physicals, pap smears and well-child checkups aren’t included. Dental and vision care aren’t eligible, either.

For instance, if your doctor recommends getting a colonoscopy because you’ve reached a certain age, you can’t submit the test for Medi-Share payment. If you have symptoms warranting the same test, the program might grant payment.

So, Is Medi-Share Legit?

Here’s our conclusion: Medi-Share isn’t a scam.

It’s totally legal and there’s a strong membership base to support it and similar programs.

But it’s likely not the most affordable health care option for most people. The ideal candidate for Medi-Share is in excellent health and also has a robust savings account to pay out of pocket for routine medical care.

One risk: Medi-Share and other cost-sharing programs aren’t subject to regulation like typical ACA programs.

So while a typical health insurance benefits booklet might clearly explain what’s covered and guarantee coverage up to a certain amount or percentage, Medi-Share participants might not be able to figure out ahead of time which medical bills will be paid by the program.

While Medi-Share probably isn’t the best financial choice for most people, it does serve as an option for anyone who doesn’t have access to a job-sponsored health insurance plan or who finds individual ACA coverage options prohibitively expensive.




Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. AllStocksNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Owen Mayhttps://allstocksnews.com
Owen May is the editor-in-chief of AllStocksNews. He has a master's in economics and you will find him covering various topics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Latest News

What are The Siting challenges and stakeholders’ involvement?

Environmental Impact Assessment (EIA) Process  The learning objectives for this Post will be to explain the purpose of an EIA or...

KUWTK: Caitlyn Jenner Not Planning To Ask Kanye West For Help As She Pursues Political Career

Caitlyn Jenner is very serious about running for governor of California! Furthermore, her political dreams...

The Keystone XL pipeline is finally dead … except it’s not, and this is the time to really kill it

And while Republicans repeatedly touted the pipeline as a source of jobs, independent studies showed that any positions created...

Bitcoin Prints Bullish Pattern, Why Dips Turn Attractive For BTC

Bitcoin price formed a base above $35,000 and started a fresh increase against the US Dollar. BTC broke the...

Republicans try to ban critical race theory in colleges : politics

Reply*{display:inline-block;vertical-align:middle}.t9oUK2WY0d28lhLAh3N5q{margin-top:-23px}._2KqgQ5WzoQRJqjjoznu22o{display:inline-block;-ms-flex-negative:0;flex-shrink:0;position:relative}._2D7eYuDY6cYGtybECmsxvE{-ms-flex:1 1 auto;flex:1 1 auto;overflow:hidden;text-overflow:ellipsis}._2D7eYuDY6cYGtybECmsxvE:hover{text-decoration:underline}._19bCWnxeTjqzBElWZfIlJb{font-size:16px;font-weight:500;line-height:20px;display:inline-block}._2TC7AdkcuxFIFKRO_VWis8{margin-left:10px;margin-top:30px}._2TC7AdkcuxFIFKRO_VWis8._35WVFxUni5zeFkPk7O4iiB{margin-top:35px}._7kAMkb9SAVF8xJ3L53gcW{display:-ms-flexbox;display:flex;margin-bottom:8px}._7kAMkb9SAVF8xJ3L53gcW>*{-ms-flex:auto;flex:auto}._1LAmcxBaaqShJsi8RNT-Vp{padding:0 2px 0 4px;vertical-align:middle}._3_HlHJ56dAfStT19Jgl1bF,.nEdqRRzLEN43xauwtgTmj{padding-right:4px}._3_HlHJ56dAfStT19Jgl1bF{padding-left:16px}._2QZ7T4uAFMs_N83BZcN-Em{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:18px;display:-ms-flexbox;display:flex;-ms-flex-flow:row nowrap;flex-flow:row nowrap}.icon._19sQCxYe2NApNbYNX5P5-L{margin:-2px 8px 0 0}._3XFx6CfPlg-4Usgxm0gK8R{font-size:16px;font-weight:500;line-height:20px}._34InTQ51PAhJivuc_InKjJ{color:var(--newCommunityTheme-actionIcon)}._29_mu5qI8E1fq6Uq5koje8{font-size:12px;font-weight:500;line-height:16px;display:inline-block;word-break:break-word}._2BY2-wxSbNFYqAy98jWyTC{margin-top:10px}._3sGbDVmLJd_8OV8Kfl7dVv{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:21px;margin-top:8px;word-wrap:break-word}._1qiHDKK74j6hUNxM0p9ZIp{margin-top:12px}.Jy6FIGP1NvWbVjQZN7FHA,._326PJFFRv8chYfOlaEYmGt,._1eMniuqQCoYf3kOpyx83Jj,._1cDoUuVvel5B1n5wa3K507{-ms-flex-pack:center;justify-content:center;margin-top:12px;width:100%}._1eMniuqQCoYf3kOpyx83Jj{margin-bottom:8px}._2_w8DCFR-DCxgxlP1SGNq5{margin-right:4px;vertical-align:middle}._1aS-wQ7rpbcxKT0d5kjrbh{border-radius:4px;display:inline-block;padding:4px}._2cn386lOe1A_DTmBUA-qSM{border-top:1px solid var(--newCommunityTheme-widgetColors-lineColor);margin-top:10px}._2Zdkj7cQEO3zSGHGK2XnZv{display:inline-block}.wzFxUZxKK8HkWiEhs0tyE{font-size:12px;font-weight:700;line-height:16px;color:var(--newCommunityTheme-button);cursor:pointer;text-align:left;margin-top:2px}._3R24jLERJTaoRbM_vYd9v0._3R24jLERJTaoRbM_vYd9v0._3R24jLERJTaoRbM_vYd9v0{display:none}._38lwnrIpIyqxDfAF1iwhcV{background-color:var(--newRedditTheme-line);border:none;height:1px;margin:16px 0}.yobE-ux_T1smVDcFMMKFv{font-size:16px;font-weight:500;line-height:20px}._2DVpJZAGplELzFy4mB0epQ{margin-top:8px}._2DVpJZAGplELzFy4mB0epQ .x1f6lYW8eQcUFu0VIPZzb{color:inherit}._2DVpJZAGplELzFy4mB0epQ...
- Advertisment -