Why Health Share Plans?
Half the cost. Great benefits. Enroll any time. And, avoid the Obamacare penalty.
If you are dissatisfied with your health care options, then you are not alone. Since the institution of the Affordable Care Act (ACA), otherwise known as Obamacare, rates are rising and plan options are decreasing.
Health insurance enrollment is limited to a 90 day (or less) Open Enrollment Period. So, if you missed the enrollment window, then you’re out of luck.
With high costs, the penalty still in place and few options, many are feeling trapped.
Rates Have Skyrocketed for Standard Health Insurance
For 2018, the national average rate increase is 17.54%. It was 44.7% in Florida and 54.2% in Georgia.
Lower income individuals have saved a lot of money due to the Affordable Care Act, but the middle class has been hit hard by every increasing rates.
And, healthy individuals are footing the bill for those who have chosen riskier lifestyle choices. According to Forbes, 6% of enrollees account for 80% of the claims paid.
However, Health Share Plans like Aliera Health Care offer a way for health-minded people to get coverage together and save a lot of money on their monthly premiums.
For a middle-of-the-road Health Share Plan which includes preventative care, physician visits, and hospitalization coverage, a 58 year-old male could pay as little as $219/month. For catastrophic coverage, the same 58 year-old male could pay as little as $130.44/month.
Healthy Young People Still Aren’t Getting Insurance Coverage
According to CNBC, only 30% of eligible “invincibles” (ages 18-34) are actually purchasing health insurance coverage. Of the 70% who remain uninsured, their top reason for not buying medical insurance is the cost. So, they choose just to pay the penalty, which saves them a considerable amount of money.
However, they are taking on a big risk. 60% of bankruptcies across the US are related to unaffordable healthcare bills. Surprisingly, 75% of these people had health insurance when they got sick, but the coverage just wasn’t good enough for them to be able to pay their medical bills.
On a Health Share Plan, someone in their twenties could get middle-of-the-road coverage for around $142/month and a major medical plan for around $104/month. Comparable Bronze and Silver ACA plans would cost around twice that much.
Health Insurance Plan Options are Limited
Many are dissatisfied with their health care options. 40% of counties in the USA (1,200 counties) only have 1 option on the insurance exchange. And, 47 counties have zero options.
Also, PPO’s are disappearing. Blue Shield of California has decreased their PPO coverage. Anthem Blue Cross has dropped their PPO coverage on individual plans, opting for EPO coverage which includes no out-of-network benefits. In some areas, Health Net offers only EPO coverage as well.
Even if you get PPO coverage, you can only use it in the state where you live (unless it’s an emergency). However, the Health Share Plans include PPO coverage through some of the largest PPO networks in the country including PHCS. And, you can use your coverage when you go out-of-state.
To find out about the drawbacks of Health Share Plans, click here.