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

As a Christian, it’s complicated to find the best value healthcare option for your family that also aligns with your beliefs. Not to mention, the healthcare marketplace puts pressure on people to make quick (and expensive) decisions that can have lasting effects on their health, their finances, and even their emotional wellness.

It’s easy to think that traditional health insurance is the only way to guard against unexpected, expensive medical bills. But what if there was another way, that served you better, was more cost-effective, and actually aligned with your Christian beliefs? What if there was a viable healthcare cost alternative?

Healthcare options during open enrollment

The first thing to do when looking for healthcare programs is to know what you need to support your lifestyle and family. Here are a few questions to ask yourself and get you 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 solutions to decide what option is best for you and your family.

Alternatives to health insurance

With the average cost of health insurance skyrocketing each year, it’s a great time to investigate alternatives.

Catastrophic health insurance

One option for healthcare is catastrophic health insurance. Because these insurance plans only cover extreme medical bills, they have low monthly premiums. These medical plans don’t help with doctor visits, preventative healthcare, or other medical situations. They are there only for worst case scenarios.

Medical cost sharing

Medical cost sharing, which is another term 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?

Reduce the cost of healthcare

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 that you have a healthcare cost solution that works for your family and prevents the unnecessary burden of paying for medical bills.

Shopping around for different healthcare options is a great way to reduce your healthcare costs. Look for ways that each organization empowers you to keep dollars in your pocket.

• Do they offer virtual care or telemedicine?
• Do they provide ways to reduce out-of-pocket costs for members?
• What solutions do they offer to reduce medical bill costs for their members?