Health Care Sharing Plan
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The moment the Affordable Care Act (ACA) of 2010 was signed into law, massive changes took place to health insurance and medical care. Suddenly, every legal age adult in the U.S. had to carry health insurance or face tax penalties.
While insurance rates are skyrocketing, health conscious people have the ability to take charge of their healthcare and their insurance rates. Through a shared platform, we provide clients the chance to reduce costs while remaining in full compliance with ACA requirements and regulations.
How This Plan Will Lower Your Costs
Take Charge of Your Health
Your health sharing plan will pay for larger expenses. Your MEC (Minimum Essential Coverage) will cover your preventive care. You choose your doctor.
Healthshare + HSA Combined = Savings!
This is a special type of plan since it’s a healthshare combined with a health savings account (HSA). 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.
Avoid Tax Penalty
Aside from the tax savings, you’ll also avoid paying any tax penalties since being a member of a healthshare plan qualifies you for an exemption.
This great alternative not only provides more options in providers (doctors, specialists, etc.) but also helps keep the overall cost of medical care down for its members.
Understanding the Basics of Partially Self-Directed Healthcare Plans
There are various options of self-directed healthcare plans. Essentially, the basics are simple enough: you apply and, if approved, choose the level of coverage you want (individually or family). You pay a monthly rate and then when you have a medically-related expense, the provider will submit that bill through MPowering Benefits for payment.
In order for this type of system to function, its members need to be health-minded individuals and agree to certain conditions. This helps to keep monthly costs down and why it becomes a far more affordable option than choosing a traditional health insurance company.
Partially self-directed healthshare plans are popular because of their affordability. Just like other healthshare programs, these HSA-eligible healthshare plans do not have premiums but rather contribution amounts. Typically, these amounts are half or less than the cost of an unsubsidized health insurance policy.
The monthly contribution can start for as low as $190. These rates vary depending on your age, number of members in the plan, as well as the initial unshared amount (IUA). The IUA is the amount you pay prior to your medical bills being shared by the community at 100%. IUA starts from $500 up to $5,000.
Who is Eligible for Partially Self-Directed Healthcare Plans?
It’s not available to everyone, though, only those who are conscientious about their health, don’t smoke, avoid risky behaviors, and overall take care of themselves.
The health sharing organization we work with maintains solid expectations and standards for its members, which helps to ensure it’s available to those like-minded individuals.
What if You Do Have Some Health Issues … but Stay Active?
The majority of people who sign up will be accepted. However, certain conditions disqualify an individual from participating in partially self-directed healthcare plans.
In many cases, most people who are active, don’t smoke, and are and have been focused on a healthy lifestyle are accepted into these plans.
So, How Does This Work?
So, How Does This Work?
As a member, you’ll receive a monthly invoice. When a medical need arises, except preventive care, you can select the provider or facility of your choice.
Unlike other insurance plans, partially self-directed healthcare plans have no network. All you have to do is inform the provider you are self-paying patient with a backup plan and as such would like their best cash price. By doing so, you’ll be privy to discounts only offered to patients paying in cash.
This helps ensure you won’t be saddled with unexpected expenses (you’ll know what’s been pre-approved or not). You’ll be responsible for contacting MPowering Benefits for any emergency visits or hospital admissions.
The provider will then submit the claim to the company and you’ll receive an explanation of the sharing of that cost, including any amount you’re responsible for as a co-pay.
When other members require healthcare, you’ll receive a monthly contribution report and are welcome to contribute more than your monthly amount if you are so inclined to help other members with their expenses.
Partially self-directed healthcare plans are becoming more popular as the cost of health insurance rises. Going with an HSA-healthshare plan could be the best move for you and your family’s health and well-being.
To see what plans are available for you right now, call one of our Personal Benefits Managers at 800-913-6381.
COLORADO HEALTH INSURANCE INFORMATION
- Plans approved and authorized under the Affordable Care Act
- Covers Pre-Existing conditions
- Low cost subsidized plans available to those earning
< 400% of the federal poverty level
- Unlimited lifetime benefits
- Available during open enrollment (November 1 – January 15), or if you qualify for a Special Enrollment Period
COLORADO HEALTH COST-SHARING INFORMATION
- Not health insurance, but a way for like-minded individuals to share medical expenses
- Waiting periods on pre-existing conditions
- May exclude sharing for certain conditions or activities
- Enroll any time
- Much lower monthly cost than unsubsidized health insurance