The quick answer is YES!!! In case you hadn’t already heard, ColoHealth is now offering partially self-directed healthcare plans that combine healthcare sharing plans with a Health Savings Account (HSA) through MPowering Benefits.

In these plans, the autonomy and free choice in health care sharing plans are combined with the savings of HSAs. That’s practically double the savings!!!

What is a health care sharing plan?

Great question! By now, you’ve probably heard of health care sharing plans. They’ve been around for the last thirty years, but they’ve been gaining popularity lately due to affordability, great choices, and quality plans. Members tend to pay half the cost of a traditional unsubsidized insurance plan and are offered a wider choice of providers.

Health care sharing plans are not health insurance, and they don’t function like traditional insurance. Instead, health care sharing plans facilitate the sharing of qualifying medical expenses between members. Then, those medical expenses are paid out of a collective pot.

How does an HSA work?

An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. The money in your account grows tax-deferred if not used, just like an IRA. It can be kept in a savings account or invested in stocks, mutual funds, and other assets.

MPowering Benefits combines the best of both worlds.

This program is an association plan, with an HSA-qualified self-funded MEC (Minimum Essential Coverage) plan that covers preventive benefits. That is then complemented with a Health Sharing plan that pays when bills get higher.

This great alternative not only provides more options in providers but also helps keep the overall cost of medical care down for its members. These plans are not for everyone, though. Members are more health conscious, don’t smoke, and regularly exercise. This consciousness helps keep costs low.

Monthly contributions (similar to a premium) start as low as $190 a month! This number varies depending on age, number of insured (individual or family), and the initial unshared amount (IUA) (similar to a deductible). IUA range from $500 up to $5,000, and once that number is met, medical fees are shared 100%, with the exception of preventative care.

Signing up and using your benefits are simple.

Merely sign up for the plan that best suits your needs, and once you’re approved, pick the level of coverage you would like. You pay your monthly fee, and when you have a medical expense, your provider will bill MPowering Benefits. You’ll then receive an explanation of the sharing for that cost, including any amount you’re responsible for as a co-pay.

For preventive benefits or non-emergency hospital admission, you’ll want to contact MPowering Benefits prior to treatment.

MPowering Benefits is a great option!

If you’re single or have a family, MPowering Benefits has a plan to suit your health care needs. Talk to your Personal Benefits Consultant to learn more or to sign up for a plan.