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One of the key differences between health sharing and traditional health insurance is the way healthcare costs are shared.
In a health sharing plan, members contribute a monthly share amount, which is used to cover the medical expenses of other members. This shared responsibility model can result in lower costs for members who do not require frequent healthcare services. However, it is important to note that health sharing plans are not insurance and do not guarantee coverage for all medical expenses.
Health sharing plans do not qualify for premium subsidies under the Affordable Care Act.
This means that if you switch to a health sharing plan, you may lose the financial assistance provided by the ACA.
Be sure to take any subsidies into account when considering switching to a health sharing plan.
Savings can vary depending on factors such as the size of your family, overall health condition, whether you receive an Obamacare subsidy due to your income, and how much healthcare you and your family consume.
Families who don’t receive an Affordable Care Act subsidy save the most: Health share plans routinely save around 40 to 50% compared to the cost of a traditional ACA-qualified health insurance policy purchased via the Marketplace.
The cost savings are so great that many families who receive a subsidy can still save money by switching to a health sharing plan.
Note: While health sharing plans generally have lower monthly costs, they may also come with certain limitations, such as restrictions on pre-existing conditions, surgeries for new members, or specific types of treatments.
For this reason, health sharing plans may not be a great match for people with pre-existing conditions.
Healthshare plans vary. It is important to review the details of each health sharing plan to understand the potential savings that can be achieved.
