As a long-time entrepreneur and small business owner, I know how essential it is to manage costs. Especially, high costs like medical bills. I decided this is one cost that I wanted to better educate myself about to find the right alternative to the prohibitively high cost of traditional medical insurance. So, I set out to find answers…
At last, a modern way that can reduce your health care costs.
Recently, I shared with you how health sharing can be the right medical cost solution for many of us. But that was just the model. What you and I need is a concrete answer that we can apply to our lives today. Now, I’ve found and studied a powerful health sharing cost solution that I think you should know about. This is not just about business costs. This health sharing solution can save you money by providing medical cost answers for families, individuals, and entrepreneurs, as well as small businesses.
Technology Should Make a Difference With Health Costs
In 2020, health care costs had risen to almost 20% of the country’s entire Gross Domestic Product (GDP) — at a time when technology was lowering costs for almost every other aspect of life. Poll after poll shows that Americans consider health care among their most expensive costs.
Families, individuals, entrepreneurs, and small businesses are all struggling with health care costs. Not only does this leave us with less money, but it also reduces our freedom to do as we want with our lives and to pursue other worthwhile activities.
We need a medical cost solution for all of us!
Technology has improved our lives to bring us more of everything and in better quality while still driving down costs. Everything from big screen entertainment centers, to ocean cruises, to Uber Rides, to home grocery deliveries, and much more. We are getting more of everything for a lower cost — Except Medical Services!
The key is that technology has changed how people and society connect and interact. Technology has replaced or reinvented entire industries — Except How We Pay Medical Costs. This part of our lives remains broken and unchanged.
By using technology and connecting people across communities and large distances there is a better way to positively impact our health care costs through health sharing.
It is a network of individuals, families, entrepreneurs, and small businesses coming together to change the medical cost model. Technology connects tens of thousands of people to share and pay medical bills.
Here Is How Health Sharing Should Work
Health sharing is a NOT-FOR-PROFIT and a non-insurance alternative. It is an organization that facilitates sharing/payment of each other’s medical bills.
To begin, with this solution you are in control. As soon as you open a health sharing account, you own and manage all the activities in your account – no meddling or overriding by outside administrators. Each month, you deposit a monthly “share amount” that becomes available to pay the eligible medical bills of other members. Your share amount is unique to you and the household that it benefits. When you have eligible medical bills, the process works the same for you. Other people’s share amounts will be available to pay all or most of your eligible medical bills.
The process is transparent about bill sharing except for private medical information. Once your share amount has been matched to another member’s eligible medical bill, there is a process step called “publishing.” For transparency, not only can you see the bill that your funds were used to pay, but you can also see the aggregate data about all the bills that have been published. Again, private medical information is not part of this data sharing, only the aggregate bill sharing. Your privacy is protected.
When another member has received the full amount needed to pay an eligible medical bill, the money is sent directly to the medical provider. The medical bill is paid in full. This same process will work for you and your household when you have eligible medical bills.
The process is simple for individuals. When you go to a medical provider, all you need is your health sharing identification card. Your ID card has all the information needed for your provider to directly submit your bill for health sharing. In most cases, you don’t have to go to the trouble of gathering a bunch of costs related to your bill and submitting each one separately. Your provider will compile the bill and submit it for you.
Your bill will be reviewed for eligibility and to verify that your Primary Responsibility Amount (PRA) has been met for the year. It is then published for sharing so that other members can pay your bill.
Primary Responsibility Amount. This is the annual amount that every member pays before additional medical bills become eligible for health sharing with the networked community. You have four PRA options to select from to match your household needs and budget.
Co-share. You will also be responsible for your co-share. This is the percentage of an eligible medical bill that you pay after your PRA has been met. Once your PRA has been met you are only responsible for 10% of eligible medical bills. Your household co-share is limited to $5,000 annually.
The remaining 90% is published to the community members for health sharing.
Health Sharing Example
As an example, we’ll use the $2,500 PRA option. To be an eligible health sharing medical bill, you must first meet the $2,500 PRA threshold. Let’s say after that, you have an unexpected emergency room visit that comes to $10,000. You’re responsible for the $150 co-pay and the 10% co-share portion of the bill (totaling $1,150). The remaining 90% or $8,850 is eligible to be paid by health sharing members. The last portion will be paid directly to your medical provider.
Later in the same year, there is another medical need for surgery costing $70,000. In this case, you will NOT have a co-share for 10% or $7,000 of the bill. You have already paid $1,000 towards your $5,000 annual co-share limit. For this $70,000 medical procedure, your expenses are limited to the $150 co-pay and the reduced $4,000 co-share. The other health sharing members pay the remaining $65,000 or 90% of the $70,000 total. Again, the health sharing portion is paid directly to the medical provider.
Through health sharing, you paid $82,500 in medical expenses based on 3 common medical events in 1 year at a cost to you of $7,800.
Also, after the surgery bill, 100% of any other eligible medical bills (less $150 co-pay) will be fully paid by health sharing because your full PRA has been paid.
There Are Many Membership Benefits to Health Sharing
Does that sound better than what your current medical costs are? Does it sound better than how your current medical bills are being paid and handled? It should! There are even more benefits that come with health sharing. Highlights include:
- Members can see any doctor they like — without dealing with medical networks.
- Enroll at any time — no open-enrollment period.
- Lower premium payments (I save $800 a month and get the same coverage).
- $0 cost for Telemedicine — anytime and anywhere.
- $150 annually towards blood work or other medical costs.
- Simplified billing.
Click here to take back control of your health care needs!
To Your Success,
Wendy Patton
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