Instead of premiums, members pay a monthly contribution that goes into a collective account. That money is then used to pay members’ qualifying medical expenses.

In some programs, members know who their money is going to. They have the option to contribute more, if they like, to the individual in need.

These optional additional payments help contribute to a sense of community and generosity among sharing members.

Monthly contributions for healthshare programs are significantly lower than traditional insurance for several reasons:

1.) They have a healthier membership base. 

Traditional insurance companies have to take all comers. As long as they sign up during the two-month annual open enrollment period, or when they otherwise are entitled to a special enrollment period, traditional insurance carriers are not allowed to discriminate against people with pre-existing conditions.

They also must pay for care for pre-existing conditions from the first day of enrollment.

Healthshare memberships, in contrast, are allowed to limit enrollment and sharing benefits due to pre-existing conditions.

Most healthshare plans will admit new members with pre-existing conditions, but impose waiting periods before costs to treat these conditions become fully shareable under their plans.

This practice results in a much healthier risk pool within the healthshare plan. It also results in much lower overall costs.

2.) They have a more responsible membership base.

To join a healthshare plan, members must agree to adhere to the plan’s statement of ethics, principles, or beliefs.

Generally, plan members agree to live healthy lifestyles. This means they agree to abstain from illegal drug use, excessive alcohol consumption, maintain healthy weight levels, and more.

Healthshare plans frequently exclude benefits for drug abuse treatment or alcoholism.

This is a feature, not a bug, for many healthshare plan members. Because members who already know they don’t have a drinking or illegal drug problem, and are not likely to develop one, aren’t forced by the Affordable Care Act to pay for benefits they don’t need.

This also helps keep costs down compared to those of traditional health insurance policies. Unless the taxpayer steps in with a subsidy, traditional health insurance, which must cover these items by law, under the Affordable Care Act, is not competitive for people who are generally in good health.

Who Should Consider a Healthshare Plan in Colorado? 

Healthsharing may be a great solution for you if:

• You are in generally good health with no significant pre-existing conditions, or if you are able to pay for these costs out of pocket during the waiting period, which is typically 24 to 36 months; 
• You don’t qualify for a significant subsidy under the Affordable Care Act. Healthsharing will typically save you 40% to 50% off the monthly cost of an ACA-qualified health insurance policy on the exchanges. 
• You want to be able to choose your own doctors, clinics, hospitals, and other care providers, and not be limited by the narrow network restrictions of HMOs and PPOs.
• You want to be part of a community of like-minded people who share your values, and that shares each others’ medical expenses.   
• It’s outside of open enrollment, you don’t qualify for a special enrollment period, and you need to get some protection in place against high unexpected medical costs. 

Conversely, healthsharing may not be a great match for you, and a traditional health insurance plan may be better for you if:

• You have pre-existing conditions and you need them covered right away, and can’t afford to take a chance through a 24+ month waiting period. 
• You expect to need surgery in the next year or two. Some healthshare plans impose a surgery waiting period.
• You’re a single woman, or already pregnant, and you want maternity benefits. Many healthshare plans that offer maternity benefits require the plan member to be married to receive them. However, non-maternity costs that are otherwise qualified will still be shareable.
• You would qualify for a significant subsidy for an ACA-qualified plan available via the Colorado Connect for Health website. 

Need to find out exactly what subsidy you might qualify for for a Colorado Marketplace health insurance plan? ColoHealth is here to help! Just contact us today, and make an appointment to speak with an experienced Personal Benefits Manager licensed specifically in Colorado. 

Or, you can simply run a quote. If you add information about your income, you’ll be able to see how much your premium is after the subsidized amount is subtracted.

Your Personal Benefits Manager can help analyze your situation, estimate the potential ACA subsidy you may qualify for based on your earnings and your family size, and help you decide whether health sharing or traditional health insurance may be the best option for you.

Then, your PBM can help you explore the different healthshare or health insurance plans available to you in Colorado, and make sure you’re in the very best plan or combination of plans for your individual situation. 

Why Haven’t I Heard Much About Colorado Healthshare Plans Before?

The insurance industry is among the biggest lobbyists in Washington and in Denver alike. They are massive contributors to political campaigns of both parties. They are also massive advertisers in TV, radio, and print.

Big Insurance doesn’t want people to know about healthsharing. And media companies tend not to rock the boat with their key advertisers by publishing news and analysis content that puts a more affordable alternative to health insurance in a favorable light.

Additionally, only a few health insurance brokers, including ColoHealth, are willing to talk to Colorado residents about all their healthcare options, including healthsharing.

Because healthshare plans have a much lower overall monthly costs compared to health insurance, they also generate lower commissions for agents and brokers compared to traditional health insurance plans.

At Impact Health Sharing , we do great by doing good.

We always do what’s best for the customer, whether it’s a lower-cost traditional health insurance plan, a healthshare plan, or other solution.