Best Health Sharing Plans in 2021

For the Financial Freedom Workshop, we are going to take a look at reducing health insurance cost in your budget. One way you could reduce costs, is with a Christian Health Sharing Plan. This is when Christians pay toward one another's medical bills.  In our comparison, we will look at:

• Monthly Payment
• Deductibles
• Total Annual Cost

The big question about health care is, "What monthly payment can my budget afford?"  

My comparison includes:

• Christian Healthcare Ministries (Bronze, Silver, Gold)
• Samaritan Ministries (Basic)

because they had the most affordable monthly payment.  We did not include Medi-share because their montly payment was higher, but quotes can vary based on your age. 

Program Comparison

Christian Healthcare Ministries (Bronze)	Christian Healthcare Ministries (Silver)	Christian Healthcare Ministries (Gold)	Samaritan Ministries ​(Basic)
78/mo	118/mo	172/mo	140/mo
1 person (any age)	1 person (any age)	1 person (any age)	1 person (age 45)
$926/yr	$1,415/yr	$2,064/yr	$1,680/yr
$5,000 IUA	$2,500 IUA	$500 IUA	$1,500 IUA
Total:  $1,926	Total: $2,415	Total: $3,064	Total: $2,680
Learn More	Learn More	Leran More	Learn More

Step 1: Compare Monthly Payment

To compare programs, first write down the monthly payment.  You can list them from smallest to greatest. Next, do a little math. Take the monthly payment x 12 months, and you have your annual payment (with no medical incidents). So, this number must fit into the insurance line of your budget.  As you can see on our comparison chart, Christian Healthcare Ministries Bronze has the lowest monthly payment at $78. 

Step 2: Compare Deductibles

Next, compare each program's deductibles. This is your out-of-pocket cost if you have a medical incident which is called the Initial Unsharable Amount (IUA) per incident. In other words, if you have a medical need, you can not submit the bills, unless it is over the IUA amount.  If is is over the IUA, that means the entire bill will be covered (up to their max), but if is is not over the IUA, you pay for the bill. 

Christian Healthcare Ministries' Gold Level has the lowest IUA at $500 and  Samaritan Ministries has the next lowest IUA per incident at $1,500.

What do all these IUA's really mean for your budget?  You will also pay for everyday healthcare costs (primary doctor, annual exam, sick visits, dental, vision, etc.) as they normally do not go over $500, $1,500, $2,500, or $5,000. 

Tip!  Start an automatic savings of $100 or $200 per month to cover your everyday healthcare.  This should be included in your healthcare budget line.

Step 3: Compare Total Annual Cost

Add the annual payment to the everyday healthcare savings (such as $1,000 per year) and you have a pretty good estimate of your total annual cost.  

• Christian Healthcare Ministries Bronze - $1,926 per year (Shareable after $5,000)
• Christian Healthcare Ministries Silver - $2,415 per year (Shareable after $2,500)
• Samaritan Ministries Basic - $2,680 per year (Shareable after $1,500)

Step 4: Make the Choice

Here is an example of how someone might walk through making the choice:

• How much is in my healthcare budget?  $400 per month
• How much will I save, personally, for everyday healthcare?  $100 per month
• How much will husband's health share be?  $172 per month ($500 IUA) CHM Gold
• How much will wife's health share be?  $78 per month ($5,000 IUA)  CHM Bronze
• What is our combined total monthly pay-out?  $350 per month
• Is this within my healthcare budget?  Yes

Questions to Consider*

• Do my spouse and I have any expensive medical needs?  Consider CHM Gold or SM for low IUA.
• Could I get pregnant in the next year?  Consider CHM Gold which covers after the first month.
• Do I have pre-existing conditions?  Carefully read guidelines of all programs for coverage facts.
• Do I have $5,000 in emergency savings?  Consider CHM Bronze for low monthly payment espeically if you are in very good health and can cover an emergency $5,000 or less.

*Please note that this is not financial advice, but just some questions to consider. 

Free or Reduced Insurance

If your household is low-income, you could qualify for Medicaid.  Also, right now you could qualify for insurance subsidy from the govenment (especially if you don't have any) and get health insurance for free or reduced.

What Health Sharing Is!

A Health Sharing program covers expensive medical incidents over a certain amount such as $500, $1,500, $2,500, or $5,000.  Any medical incident that is below the IUA, is not shareable. So, health sharing programs can help with expensive medical needs and catastrophic medical needs.  They are a non-profit organization, not insurance.

What Health Sharing Is Not!

Health sharing is not an everyday health care help.  Anything under $500 (or higher IUA depending on the program) will come out of your health care budget in addition to the monthly payment.  That's why it's important to set-up an automatic savings account for everyday health care needs such as: 

• annual wellness checks
• sick visits
• urgent care sick visits
•  prescriptions
• vision
• dental

Everyday Health Care Insurance Idea

Above, I recommended saving your own money for everyday healthcare.  Why?  Because the money you don't use is still yours.  You haven't paid it out to a company.  Money that isn't used in one year, will grow.  Here is an example of what could happen in your everyday healthcare savings account:

• Year 1 - $500 remains
• Year 2 - $1,000 remains
• Year 3 - $1,500 remains
• Year 10 - $5,000 remains
• Year 20 - $10,000 remains
• Year 50 - $25,000 remains

If you prefer to have everyday health care covered instead of saving your own money, you might consider looking at Side Car Health.  Here's the quote I recieved:

• $135 monthly payment (age 45)
• $0 deductible*
• Pays up to $5,000 per year

Sidecar Health Pro's

• Low monthly payment (with this quote)
• Helps cover cost of everyday healthcare**
• Makes is easier to know  affordable healthcare rates
• Could cover everyday healthcare if you are healthy or have a limited budget
• Encourages you to shop around for the best rate

Sidecar Health Con's

• No catastrophic (with this quote)
• $0 deductilbe doesn't mean you won't pay toward your bill
• You pay a portion of each item on medical bills that is over the national average*
• The monthly payment goes to the company, not your savings account
• You don't always have time to shop around for the best rate
• Maternity is not included

Read their program carefully, as they work differently then insurance and health sharing plans.   
*For example, if you go to the doctor and he charges you $800 for an echocardiogram, but the national average is $200, you will need to pay $600 (even though you have a $0 deductible).
​**not sure if vision and dental are included

Get Moving

Choosing your healthcare plan is not that complicated with these 3 simple steps.

1. Calculate the monthly payment for healthcare your budget will allow.
2. Decide how much you will save monthly for everyday healthcare.
3. After comparing (monthly payment, deductible, and total cost), choose the right plan for your health situation and budget.

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