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Testimonial: Quick Version: We save a lot of money and still have that safety net if something big happens.
Whether you choose Health Insurance or a Health Share, the goal is the same: Members want help paying large medical bills that you wouldn’t be able to handle on your own (without financial ruin). In their own way, both Health Insurance and Health Share plans accomplish this goal for their members.
Health Insurance is that safety net that we’ve all been told is something that we absolutely need. You know, just in case something really big happens. But after a few life events, I started to realize just how much I was actually paying medical emergencies, even after paying thousands of dollars every year towards our monthly premiums.
For example, we were paying $850 a month for Health Insurance through my husband’s work. The company was paying for the other half of our insurance costs, as an employee benefit.
In one year, one of our kids fractured their arm and the other needed an out-patient surgery. In addition to paying $850 a month ($10,200 in monthly premiums that year), we also paid an extra $6,000 between co-pays and coinsurance. We paid a total of $16,200 for just two incidents in one year. Ouch.
When my husband had an opportunity to start working for himself, to keep the same Health Insurance would cost us $1,700 a month (no more employee benefits).
We thankfully found that there is a better and much more affordable way to pay for our expensive healthcare costs. Instead of paying $1,700 a month for Health Insurance, we now pay just $570 a month for our Health Share membership. We save $1,130 a month, which means we save $13,560 a year on my family’s healthcare costs.
A Health Share is a non-profit organization where members have a common goal of sharing in one another’s medical expenses. A Health Share provides an organized way of making this happen.
While most Health Shares today have a religious component (also known as a Health Share Ministry), there are also Health Shares that do not require a religious affiliation to join them. The one I joined and recommend is actually a secular Health Share, so there are no religious requirements needed to join them.
As a member of a Health Share, you would pay, or contribute, a set amount of money each month to your Health Share community.
When the member has a larger and unexpected medical need, the member would first need to pay a set amount, which is the member’s responsibility before the Health Share community pays any medical bills. This is similar to a deductible that you’d have with a Health Insurance plan.
Once the member has paid their responsibility, the Health Share would “share” in all eligible medical expenses.
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