By Leo Cora
Medical cost-sharing is an alternative to health insurance but operates almost differently from health insurance. The ACA is a government organization that aims at ensuring all American citizens are insured. Also, they penalize people who do not have health insurance. However, the monthly remits and costs are too high for most individuals, and thus, most will opt for health insurance alternatives such as medical cost-sharing. Medical cost-sharing is a non-governmental or charitable organization that has a group of members. In medical cost-sharing, the members of the group contribute a certain amount of money each month. Medical sharing group members decide what medical needs they help pay for. This is unlike ACA, where they have some compulsory options covered in their insurances that one may not require due to different reasons.
Most people will opt for medical sharing alternatives due to different costs. For instance, one may choose it due to lower costs. Health insurance monthly remits are too high; therefore, one may consider an alternative with lower costs, such as the medical cost-sharing alternative.
Secondly, medical cost-sharing will help you pay higher bills. Compared to health insurance, these cost-sharing organizations will help you pay higher bills, unlike health insurances that limit the bills and medication they give to their beneficiaries. Further, they do not include deductibles or premiums.
Third, people with religious restrictions to some medical services may be more willing to join a health insurance alternative. For instance, some religions are opposed to specific methods of birth control. Therefore, members of such religions may feel more attracted to a medical plan that does not cover the restricted medical services. That is why medical cost-sharing groups are created mainly by people with the same beliefs and values to share for their medical bills.
Finally, the members of a medical cost-sharing group will offer emotional-spiritual support during an illness. Unlike health insurance companies, medical cost-sharing groups will treat each other like family. Thus, you will receive both financial and emotional support from them.
Medical cost alternatives have several advantages. These may include
- Discounts
Medical cost-sharing gives you cash; hence you have a chance to negotiate for lower costs. Also, when one is paying in cash, they may get the benefit of getting a discount. Compared to if they are ay using insurance cards where medical facilities take advantage of the cards.
- No network
There is no such thing as a “network,” it does not restrict individuals to certain healthcare providers in medical cost-sharing. If you’re a member of a healthcare sharing ministry, you have the freedom to select where you obtain your medical treatment.
- It is not limited to location.
In medical cost-sharing, members may not be confined to their state, or even nation, as they are with many health insurance plans because they have the freedom to select where they obtain their medical services. Each ministry will be free to set its payment conditions.
In conclusion, medical cost-sharing is an effective alternative to paying medical bills. It has several advantages over health insurance plans hence the popularity.
