Health Share Plans
Faith-Based Health Insurance Solutions
What is it?
A health share plan is a faith-based plan that offers an alternate option to traditional insurance. These plans do not use traditional insurance terminology like deductible, coinsurance, copay, etc. They use their own terminology as a “loophole” to offer coverage that differs from the Marketplace.
How does it work?
Health Share plans offer coverage just like a normal insurance plan. (You just can’t call them insurance.) They do have limitations though. For example, many health share organizations will exclude pre-existing conditions for a period of time upon starting the plan. They may also exclude certain conditions like cancer for a set amount of time as well.
Why purchase Health Share coverage over a Marketplace plan?
Health Share plans can be significantly cheaper than going through the marketplace. Especially if you’re not eligible for subsidies on the marketplace.
- Affordability! These plans can be huge cost savers compared to other types of insurance.
- Additional Benefits – It’s easy to add on additional coverages that work in tandem with your coverage. Like, accident coverage, hospital coverage, etc.
- Underwriting- They may exclude any pre-existing conditions you may have for a specified period of time.
- Limits – Health Share plans place limits on how much they’ll cover you throughout your lifetime.
- Limitation of Benefits – They may not be as comprehensive as normal health insurance plans.
Frequently Asked Questions
There are no limitations! You can enroll on a health share plan year-round.
No, but they may cover it after a specified amount of time after enrollment.
No, the individual mandate has been lowered to zero dollars starting in 2019.