Healthcare Sharing(Medishare)-Bogleheads Opinions.

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Topic Author
IndyMachiner
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Joined: Sat May 30, 2020 2:09 pm

Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by IndyMachiner »

I currently work at a place making decent money, but they do not offer proper health insurance. Even being young and healthy, I am getting quotes from Medishare that is cheap enough to justify not relying on paying out of pocket for my own traditional health insurance. My main concern is the fact that these healthshare ministries are not regulated in the same way the traditional insurance industry is. There is no appeals process provided if they choose to not cover a medical expense they are “required” too according to your plan.
How does the savings account work?
Do I negotiate my own prices with doctors? Does Medishare have people that can help if needed? Also do have negotiations worked out with the ppo doctors and hospitals relating to cost? Just like acting as insurance company.
-if I don’t like my doctor or chosen hospital how hard it is to change those choices?
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MP123
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by MP123 »

You're right to be concerned about health sharing ministries. As you point out there is no legally enforceable contract or appeals process to protect you. There may also be significant restrictions on what they will cover, waiting periods, pre-existing conditions, and so on.

I'm not sure what savings account you are referring to above but a HSM would not qualify for a Health Savings Account (HSA).

HSMs might be better than nothing, but they're not a substitute for real insurance, that's why they tend to be much cheaper.

Have you checked your state's ACA exchange? Open enrollment is through December 15th.
Mike Scott
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by Mike Scott »

There are many previous threads on this. It seems to work for some people but it is not insurance nor regulated like insurance and you need to understand what you are buying into. I'm not a fan but apparently some people are.
Lee_WSP
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Location: Arizona

Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by Lee_WSP »

If your state offers them, I'd personally go with a short term plan over ministry. I'd go ACA over short if affordable.
Topic Author
IndyMachiner
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Joined: Sat May 30, 2020 2:09 pm

Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by IndyMachiner »

MP123 wrote: Fri Nov 20, 2020 10:26 pm You're right to be concerned about health sharing ministries. As you point out there is no legally enforceable contract or appeals process to protect you. There may also be significant restrictions on what they will cover, waiting periods, pre-existing conditions, and so on.

I'm not sure what savings account you are referring to above but a HSM would not qualify for a Health Savings Account (HSA).

HSMs might be better than nothing, but they're not a substitute for real insurance, that's why they tend to be much cheaper.

Have you checked your state's ACA exchange? Open enrollment is through December 15th.
Yes I have checked my state’s ACA exchange that is what I am currently using for insurance. The cost becoming atrocious for even a healthy individual.

Medishare will setup a “sharing” account for the primary user on the account. I was curious to see how that worked.

I do acknowledge there are a few past conversations about Medishare or sharing ministries on here, but with the recent times there are more people moving to these kind of alternatives. I would like from hear from people that have had some experience using this kind of product.
fortunefavored
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by fortunefavored »

I've followed those threads for years - generally people are happy with these plans until they are not.

If you treat insurance as primarily there for catastrophic scenarios (obscure cancer and multi-millions of dollars of care) - your only real choice is one of the ACA plans.

If you look at it as "I want something to cover a broken arm" - then alternative plans can make sense.. knowing that in the catastrophic scenario you may not be as covered as you think you are.

It really comes down to your philosophy around why you have health coverage.
FrankLUSMC
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by FrankLUSMC »

The wife and I have completed one year under CHM (Christian Healthshare Ministries). It has kept us informed via monthly newsletters. Our monthly cost is 340 total and a quarterly add on called "Brothers Keeper" which is variable but usually around 100. It will pay per claim anything above 500 which we have not had this year. I went to dermatologist and had a few skin pre-cancers removed and cost less than when I had it done with insurance last year.
You get self-pay discounts at clinics and pharmacies in my area.

I have 1 more year to get to Medicare, wife has 2 more years until Medicare. We are pretty healthy and are not on expensive medications.
We are pleased with it. I feel that this is how insurance should be for the general public.
Topic Author
IndyMachiner
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by IndyMachiner »

FrankLUSMC wrote: Sat Nov 21, 2020 8:48 am The wife and I have completed one year under CHM (Christian Healthshare Ministries). It has kept us informed via monthly newsletters. Our monthly cost is 340 total and a quarterly add on called "Brothers Keeper" which is variable but usually around 100. It will pay per claim anything above 500 which we have not had this year. I went to dermatologist and had a few skin pre-cancers removed and cost less than when I had it done with insurance last year.
You get self-pay discounts at clinics and pharmacies in my area.

I have 1 more year to get to Medicare, wife has 2 more years until Medicare. We are pretty healthy and are not on expensive medications.
We are pleased with it. I feel that this is how insurance should be for the general public.

Thank you for the honest input. Do you have any informational pages like a wiki page I can get some information from?
tashnewbie
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by tashnewbie »

You say your employer doesn’t have “proper” insurance. Does it provide some kind of health insurance?
ilan1h
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Re: Healthcare Sharing(Medishare)-Bogleheads Opinions.

Post by ilan1h »

My feeling is that they're probably OK for the occasional dermatological issue or even minor injuries, but what about if there is some major, life-threatening issue? If you're diagnosed with a brain tumor and you need neurological consultation, MRIs, neurosurgery etc? I think there's a good chance you could run into trouble. Insurance is precisely for those calamitous events, not for dermatological issues.
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