Health insurance vs health cost sharing: How to choose the best option for you

Medical bills are the number one reason for personal bankruptcy in the United States, and these costs keep rising, outpacing regular inflation. That’s why it’s so important to have a healthcare cost solution that works for you and your family and prevents the unnecessary burden of paying for medical bills.

When it comes to healthcare, traditional insurance isn’t your only option. As a Christian, you want to find the best value healthcare option for your family that also aligns with your beliefs. There are viable healthcare cost alternatives that allow you to do just that.

Finding the right healthcare option

The first thing to do when looking for healthcare programs is to know what you need to support your family and lifestyle. Here are a few questions to ask yourself to get you going in the right direction:

• How many people in your family need healthcare?
• Are there any special needs, such as maintenance prescriptions or pre-existing conditions?
• What amount—and quality—of support do you want?
• What is their provider network? Do they have a restrictive network, or will you have the flexibility to see any provider you need?
• What are you willing to pay out of pocket?
• How does it align with your Christian faith?

Once you know what you’re looking for, you can compare the different healthcare options to decide which one is best for you and your family.

Health sharing or medical cost sharing

Health sharing and medical cost sharing, which are other terms for health cost sharing, is not insurance. Instead, these organizations bring together people of the same faith and beliefs to help pay for each other’s medical bills. Often, because they’re nonprofit, they’re able to keep the monthly contributions low while empowering members to make better healthcare decisions.

To make sure the organization is credible, look for ways they demonstrate accountability:

• Do they have independent audits?
• Are they accredited by an independent, well-known organization?
• Are you able to see their financials?
• Are they clear on what is eligible or ineligible for sharing?

Health share vs insurance

Under the Affordable Care Act (ACA), health shares are a viable option to pay for medical bills. But how do you know if it’s the right option for you?

When comparing a health share to insurance, there’s several major differences. Most notable is the cost difference, the faith aspect, and the provider network.

A health share or health cost sharing ministry is a good option for people who:

• want a faith-based option for their medical bill costs
• want freedom and flexibility to choose the providers who work best for them
• want their financial contributions to support other Christian families and ministries
• want a healthcare solution that can support them during any stage of life

Traditional insurance is a good option for people who:

• want a provider network
• don’t want faith involved with their healthcare
• have expensive maintenance prescriptions
• have an active pre-existing condition

The Christian Healthcare Ministries difference

Christian Healthcare Ministries(CHM) is the longest-serving biblical option for taking care of your medical costs.

With over 40 years of experience, our CHM family is ready to support you financially and spiritually during an illness, injury, or other eligible healthcare bills. CHM’s biblical stewardship principles make the most of members’ monthly contributions. Solutions such as our Maternity Care Solution, Advantage Care Solution, Virtual Care Solution, and Refer-a-Friendhelp lower members’ out-of-pocket costs, making it easier for you to stick to your budget. With CHM, you have the flexibility to choose your healthcare provider, make your own healthcare decisions, and take CHM with you where you go.

Affordable healthcare is possible for you and fellow believers. Our biblical community will enable you to save on healthcare—and gain new healthcare freedom. Learn more by visiting here.