Health Share Horror… BEWARE!
5 Issues with Health Share Plans You Must Know Before Enrolling
Health share plans, also known as healthcare-sharing ministries, are an alternative to traditional health insurance. These plans involve a group of individuals who share medical costs amongst themselves. While these plans may seem appealing due to their lower cost and potential for customization, there are several issues with health share plans that consumers should be aware of before enrolling.
Not Regulated: by the Government Unlike traditional health insurance, health share plans are not regulated by the government. This means that there are no guarantees of coverage, and the plans are not required to meet any minimum standards for benefits or financial stability. This lack of regulation can lead to confusion and uncertainty for consumers, as well as potential financial risk if the plan is unable to cover unexpected medical expenses.
Limited Coverage: Health share plans may have limited coverage for certain medical services, such as preventive care, mental health, and pre-existing conditions. Some plans may also have restrictions on certain procedures or treatments, which could result in higher out-of-pocket costs for the consumer. Additionally, there may be caps on the total amount of medical expenses that the plan will cover, which could leave consumers responsible for a significant portion of their medical bills.
Eligibility Requirements: Health share plans often have eligibility requirements that may exclude certain individuals. For example, some plans may require members to adhere to a certain set of religious beliefs, or to abstain from certain behaviors such as smoking or drinking alcohol. These requirements may limit the number of people who are able to enroll in the plan and may not be inclusive of all individuals.
No Guarantee of Payment: Health share plans operate on a voluntary basis, meaning that there is no guarantee that other members will contribute to the costs of your medical expenses. While most plans have a track record of making payments on eligible medical expenses, there is no legal obligation to do so. This lack of guarantee can leave consumers vulnerable to unexpected medical bills and financial strain.
Limited Consumer: Protection Health share plans are not subject to the same consumer protection laws as traditional health insurance plans. For example, health share plans may not be required to provide a written explanation of benefits or adhere to timely payment requirements. Additionally, there may be limited recourse for consumers who feel that their claims have been improperly denied or delayed.
In conclusion, while health share plans may appear to offer an alternative to traditional health insurance, there are several issues that consumers should consider before enrolling. These plans are not regulated by the government, have limited coverage and eligibility requirements, and may not offer the same consumer protections as traditional health insurance. As with any healthcare decision, it is important to carefully evaluate the pros and cons of health share plans and consult with a trusted healthcare professional before making a decision.
