Medical Cost Sharing
A Different Approach to Paying Medical Expenses
Medical cost sharing is not health insurance. Instead, it is an agreement among members to voluntarily share eligible medical expenses with one another. Members contribute a monthly amount, and those funds are used to help other members with qualifying medical needs.
For many healthy individuals and families, cost sharing can provide substantial monthly savings while still offering protection against larger medical expenses. However, it is important to understand how these programs work before deciding if one is right for you.
How Medical Cost Sharing Works
- 1
You become a member of a medical sharing organization.
- 2
Make your monthly voluntary member contribution.
- 3
If you have a qualifying medical expense, submit your bills according to the program's guidelines.
- 4
If the expense is eligible, other members may help share the cost.
- 5
Continue participating by helping share future eligible medical expenses for others.
Advantages
- Monthly costs are often significantly lower than traditional health insurance.
- Many programs allow you to choose your own healthcare providers.
- Some programs include telemedicine, provider discounts, or wellness resources.
- Members become part of a community that helps one another with eligible medical expenses.
Important Differences
- Medical cost sharing is not insurance, so there is no guarantee of payment.
- Every organization has its own membership guidelines.
- Some medical conditions or treatments may not be eligible for sharing.
- Pre-existing conditions may have limitations.
- There is no guarantee every medical expense will be shared since there are lifestyle guidelines. This is something Glen suggests discussing one-on-one to explain.
- These organizations generally are not regulated in the same way as health insurance companies.
Is Medical Cost Sharing Right for You?
Medical cost sharing can be an excellent solution for some people, but it is not the right fit for everyone. The best choice depends on your health, your budget, your tolerance for risk, your medical history, and your long-term goals.
Before You Join Any Program...
Every medical sharing organization has different guidelines, eligibility requirements, and sharing rules. Before enrolling, it is important to understand exactly what is and is not covered.
Rather than recommending a program online, Glen prefers to visit with you first. Together you can review your health, budget, and goals to determine whether medical cost sharing or another option is the best fit for your situation.
Let's take 15 minutes to make sure that this type of program is right for you. They can save you hundreds of dollars per month, but only if you understand how they work.