FAQ's
Health Insurance vs. Health Share Plans
Health insurance is a regulated product that provides comprehensive coverage for a wide range of medical services and meets government requirements. Health share plans are faith-based, nonprofit programs that allow members to share medical costs, often at a lower cost, but are not considered insurance and do not meet government mandates.
Health share plans pool funds from members to cover medical expenses. Members pay a monthly share, and when someone has a medical need, they submit a request for payment. Approved requests are paid from the pooled funds, and members may need to pay out-of-pocket initially and get reimbursed later.
Health share plans typically cover basic and catastrophic health care needs. Some plans may include dental, vision, telehealth, and disability sharing options, but coverage varies widely between plans.
Yes, health share plans can have restrictions on preexisting conditions and may deny coverage for certain medical services that conflict with the organization's faith-based principles.
Yes, but it’s important to understand that health share plans do not count as minimum essential coverage under the ACA, which means they may not satisfy certain legal requirements for health coverage
Yes, but it’s important to understand that health share plans do not count as minimum essential coverage under the ACA, which means they may not satisfy certain legal requirements for health coverage
Traditional health insurance provides comprehensive coverage, including preventive care, emergency services, and treatments for chronic conditions. It also offers regulatory protections and guarantees coverage for preexisting conditions.
Yes, some people use health share plans as a supplement to traditional health insurance to help cover additional costs or services that insurance may not fully cover.
Yes, you can switch, but keep in mind that you may need to wait for an open enrollment period to sign up for traditional health insurance unless you qualify for a special enrollment period.
Health share plans pool member contributions to cover large, unexpected medical expenses, but the coverage depends on the plan's rules and available funds.
Most health share plans will continue to cover you, but some may have limitations or additional fees for chronic conditions. Traditional health insurance covers chronic conditions without additional restrictions.
While most health share plans are faith-based and may require a statement of faith, some are more inclusive and may accept members from various faith backgrounds or those who agree to certain ethical guidelines.