Health insurance is the only way to cover huge medical bills, and with the fate of Obamacare cost-sharing reduction payments hanging in the balance, it’s important to know what the tradeoff is between health insurance and a Healthshare program.
A Healthshare program may be something to look into if you’re frustrated with the current state of health insurance. A Healthshare is groups of people who are joined together to share medical bills in a mutually beneficial way. The organizations offer a health care cost sharing arrangement among individuals of similar and sincerely held beliefs.
How is a HealthShare Different from Health Insurance?
A HealthShare is like a traditional health insurance plan, but there are some notable differences, which include the following:
- Exempts you from paying the fine for not having an ACA-compliant health insurance plan.
- Is not required to pay free preventive care.
- May choose not to cover medical procedures the group finds morally objectionable.
- Can impose lifetime limits on coverage, unlike ACA-compliant plans.
- Prescription drug coverage, maternity care, and coverage for pre-existing conditions can vary.
- There are no enrollment periods, so you can sign up whenever you want.
Before you decide to ditch your health insurance and join a Healthshare, make sure you understand the differences and what you’ll lose and gain by making the switch.
If you bought on Connect4Colorado last year, on November 1, go back, look at quotes, and if you want to switch plans, you can do so online. Your PBC will remain your agent of record and will be able to help you. If you do not receive a subsidy and want to avoid the Colorado exchange, you can simply run a quick quote for traditional ACA-plans and healthshare programs on ColoHealth.com.