Health sharing and traditional health insurance have different approaches

Health sharing and traditional health insurance are two different approaches to paying for healthcare costs. Here are some key differences between the two:

How they work: Health sharing is a system where members pool their money together to pay for each other’s medical bills, while traditional health insurance is a system where individuals pay a premium to an insurance company, which then pays for their medical bills. Insurance companies are “profit” driven while health sharing groups and organizations are not profit driven.

Cost: Health sharing programs are generally less expensive than traditional health insurance, in many instances health sharing also have lower out of pocket cost. Health sharing members often have to pay a portion of their medical bills before the sharing community kicks in, whereas traditional health insurance plans have deductibles, copays, and coinsurance.

Coverage: Health sharing programs typically have more limited coverage than traditional health insurance plans. For example, they may not cover certain pre-existing conditions or certain types of medical treatments.

Regulation: Health sharing programs are not subject to the same regulations as traditional health insurance plans. For example, they may not be required to cover certain essential health benefits like mental health or maternity care, however many are also covering these instances.

Networks: Health sharing programs may not have networks of doctors and hospitals like traditional health insurance plans do. This means means that members can see an out-of-network provider of their choice rather than being “forced” to a specific hospital and or network.

Overall, health sharing can be a viable option for those who are looking for a less expensive alternative to traditional health insurance, but it’s important to carefully consider any limitations associated with these programs. Read the fine print is my recommendation. Traditional health insurance, on the other hand, can offer more comprehensive coverage but are much more expensive.