Medical cost-sharing plans are becoming quite popular than before. Undoubtedly, there is so much buzz surrounding this concept. Insurance companies do not run these plans. Primarily, non-profit organizations run these plans for the benefit of the people.
You can find the best medical cost sharing plans online if you take some time to search and research.
Understanding the Concept
You must understand the concept before taking the following steps. As indicated above, insurance companies do not run these plans. NGOs or other private organizations run these plans. People can be members of this plan by paying a set amount of money monthly into this group fund.
If a member gets sick and gets admitted into the hospital, the member need not worry. The company will pay some or all of the medical bill amount. There are a set of guidelines that members will receive when they become part of this grouping sharing plan, and it will indicate how much the company will pay when the members join the hospital.
In most scenarios, the member has to spend a certain amount towards the hospital bill before this plan kicks in to pay the rest. This particular amount that the member has to pay is known as the annual household portion or personal responsibility. It works just like the deductible in health insurance.
The Cost Factor
One of the key reasons many people prefer going for medical cost sharing plans online is that it is cheaper than the monthly amount they need to pay insurance companies. To reduce the costs associated with medical expenses, some of these plans recommend that members visit a healthcare service provider offering discounted prices.
Some plans allow members to choose which doctor they want to see. But, they might also set a threshold amount that they will pay, which will be fair and reasonable but will usually be less than the doctor’s actual fee.
People with similar beliefs link some of these plans to churches or other communities. These groups, however, do not have any legal responsibility or contracts in place. Interestingly, almost 1.5 million Americans are now associated with religion-based medical-cost-sharing groups.
Is it Better Than Medical Insurance?
Now, the golden question arises. Is it better to pick a medical sharing plan rather than getting medical insurance? Now, this is the question many people are struggling with these days. One thing that attracts people to these plans is the monthly payment towards the medical sharing plans.
The monthly amount can be as low as $100 for a single person for some of these plans. However, the more a person pays, the better support they will get from these plans. One of the reasons these plans come for a lower price is because the members or the plans pay the healthcare service providers directly.
Interestingly, these plans pay much more than what regular healthcare insurance pays. For example, they also cover costs associated with funeral and adoption. One of the reasons many members love to be part of this group is because they are associated with like-minded people. In some cases, members also pray for their fellow members when they are sick. These things make it unique. Of course, this depends on where you are getting the plan.
While it might lack standard health insurance safeguards, it is best for many people who cannot afford regular health insurance. On top of it, some of these plans do not have open enrollment periods, which means members can join them anytime they want.
Things That One Must Check
While joining one of these plans is quite lucrative, you must check the rules and guidelines before taking further steps. You must also check what diseases and ailments these plans cover before taking things further. You also need to understand that since these are not insurance plans, they do not have to follow ACA or Affordable Care Act.
Some plans may not cover pre-existing conditions, and some groups may not allow their members to take advantage of the benefits associated with the plan immediately. Hence, one must check all the aspects before taking things to the next level.
You need to check some things to ensure that they are available before paying for the plan. One of the things that you must check is the customer support they will provide. Some companies have a dedicated customer service team to assist you with any questions or queries that you might have. It would be best if you had someone to clarify the questions or direct you to the right resources.
Lastly, get quotes from two or three companies and pick one that provides the best rate. Take time to check the medical cost sharing plans online. If you take care of this aspect, you will soon find a firm providing the service at an affordable rate. You can then pick a service that is cheap and affordable.
