Rose Cottage
  • Floral
    • Florals
    • Seasonal
    • Plants
    • Info >
      • Floral Care
      • Delivery FAQ
  • Home
    • New Arrivals
    • French & Vintage
    • Home Decor
    • Collections >
      • Cottage Rose
      • Blooming Garden
  • Garden
  • Gifts
  • Wish List
  • About
    • Sell
    • Visit
    • Learn >
      • Freebies
      • Homekeep >
        • Free Calendar
        • Our Schedule
        • Build Your Own Schedule
      • Homeschool >
        • OFE Curriculum
        • Program 1: Christian Study
        • Program 2: Enrichment Study
        • Program 3: Individual Study
        • Grades 1-12 Overview Chart
      • Blog+ >
        • Blog
        • Workshops >
          • Charm School - Mini Workshop
          • Charm School Workshop
          • Financial Freedom
          • Mom Time Book Study
        • Learning Library
    • Contact Us
  • Floral
    • Florals
    • Seasonal
    • Plants
    • Info >
      • Floral Care
      • Delivery FAQ
  • Home
    • New Arrivals
    • French & Vintage
    • Home Decor
    • Collections >
      • Cottage Rose
      • Blooming Garden
  • Garden
  • Gifts
  • Wish List
  • About
    • Sell
    • Visit
    • Learn >
      • Freebies
      • Homekeep >
        • Free Calendar
        • Our Schedule
        • Build Your Own Schedule
      • Homeschool >
        • OFE Curriculum
        • Program 1: Christian Study
        • Program 2: Enrichment Study
        • Program 3: Individual Study
        • Grades 1-12 Overview Chart
      • Blog+ >
        • Blog
        • Workshops >
          • Charm School - Mini Workshop
          • Charm School Workshop
          • Financial Freedom
          • Mom Time Book Study
        • Learning Library
    • Contact Us
Learn & Discuss

Best Health Sharing Plans in 2021

5/19/2021

0 Comments

 
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.
> Financial Freedom Workshop <
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    January 2022
    November 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    May 2020
    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    July 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    May 2017
    April 2017
    January 2017
    December 2016
    October 2016
    September 2016
    August 2016
    July 2016

    Categories

    All
    101
    10 Minute Prep
    10 Minutes
    1950
    30 Minute
    30 Minutes
    $35
    4 MyPoints Plus
    4 Servings
    500 Calories
    5 Steps
    6 MyPoints Plus
    6 Servings
    8 Mypoints Plus
    8 Servings
    Antique Desk
    Art
    Bake
    Balance
    Balanced
    Barbeque
    Basic Suit Jacket
    Bbq
    Beauty
    Beauty Diet
    Beef
    Bible
    Biblical
    Breakfast
    Bride
    Budget
    Burgers
    Calendar
    Card
    Chalkboard
    Chalkboard Sign
    Challenge
    Charlotte Mason
    Charm School
    Chart
    Checklist
    Chicken
    Chicken Taco Soup
    Chick Peas
    Chick Peas Pasta
    Chores
    Christian Study
    Christmas
    Classic
    Classical
    Classic Pot Roast
    Clean
    Cleaning
    Clothing
    Cod
    Cooking
    Crock
    Crock Pot
    Curriculum
    Daily
    Daily Routine
    Dairy Free
    Decorate
    Decorating
    Diabetic Friendly
    Dinner
    Dinners
    Diy
    Dress Code
    Dress For All Occasions
    Easter
    Easy
    Engraved Card
    Enrichment Study
    Errands
    Etiquette
    Exercise
    Faith
    Family
    Fish
    Foyer
    Free
    Free Printable
    From Renee's Desk
    Front
    Front Porch
    Garlic
    Gift Registry
    Give Away
    Gluten-free
    Good Taste
    Gray Linen
    Grill
    Grocery List
    Guide
    Healthy
    Heart
    Heart Healthy
    Hebrews 11:1
    Holidays
    Home
    Homekeep
    Homekeepers
    Homekeeping
    Home Office
    Homeschool
    Homeschooling
    Hostess
    House
    Housekeeping
    How To
    Introductions
    Invitations
    Italian
    Kit
    Lantern
    Laundry
    Lemon
    Letter Writing
    Life
    Lighting
    List
    Low Calorie
    Low Fat
    Low Sodium
    Low Sugar
    Manage
    Manicotti
    Meal Plan
    Meal Planner
    Meatloaf
    Mexican
    Molly Green
    Mom
    Mom Time
    Mypoints Plus
    Mypoints Plus - 5
    Nutrition Chart
    Oatmeal
    Organic
    Oven
    Party Plan
    Pasta
    Pizza
    Planner
    Planning
    Planter
    Porch
    Printable
    Printables
    Priorities
    Program 1
    Quick
    Quick & Easy
    Reading List
    Realfood
    Recipe
    Recipe Card
    Recipe Cards
    Recipes
    Refresh
    Roast Beef & Gravy
    Routine
    Routines
    Salad
    Schedule
    Scripture
    Seafood
    Series
    Serves 8
    Sewing
    Shop
    Shrimp
    Signatures
    Skiiny
    Skillet
    Skinny
    Skinny Chicken Spinach Salad
    Skinny Clam Chowder
    Skinny Ham And Cheese Macaroni
    Slow Cooker
    Soup
    Spring
    Stationary
    Stir Fry
    Surprise
    Table Setting
    Tasks
    Teaching
    Telephone
    Thank You Notes
    The Charming Homekeeper
    Totalhomemakeover
    Total Home Makeover
    Tutorial
    Vegan
    Vegetarian
    Vintage
    Visiting Card
    Wardrobe
    Week 2
    Weekly
    Weeknight
    Welcome Home
    What To Wear
    Word Art
    Wreath
    Your New Name

    RSS Feed

Powered by Create your own unique website with customizable templates.