Because healthsharing plans are not the same as health insurance, the rules are a bit different.
APPLICATIONS ACCEPTED YEAR ROUND:
- HealthShare - Yes / Typically
- ACA Health Insurance - NO (exception: SEP / Special Enrollment Period)
YEARLY OPEN ENROLLMENT:
- HealthShare - Not needed
- ACA Health Insurance - November 1st to December 15th. (see)
- HealthShare - NO
- Health Insurance - YES (there are exceptions)
HIGHLY GOVERNMENT REGULATED:
- HealthShare - NO
- Health Insurance - YES (federal and state)
- HealthShare - YES (Has waiting periods - see membership guidelines of your prefered HealthShare.)
- Health Insurance (ACA) - NO
- HealthShare - Typically 1/2 (or less of an unsubsidized ACA health insurance plan)
- Health Insurance - 2x's (or higher than a typical healthshare)
==> Most health insurance plans are FOR PROFIT and are HIGHLY REGULATED by both federal and state laws which "significantly adds to cost" of plans.
==> HealthShares are not for everyone just because of cost savings. Evaluate your healthcare needs and personal beliefs prior to becoming a member of any healthshare.
- HealthShare - offers an alternative affordable major medical style coverage for those choosing to follow the "set of principles of membership" or "statement of belief" of the chosen HealthShare.
- Health Insurance - ACA Health Plans benefits and costs are designed and mandated as a one size fits all of the population.
Any one HealthShare in membership size is comparable to a self insured employer group. (think: - large employer self-insured group insurance with 1,000's, 10's of thousands or even 100,000's of thousands of employees participating.)
The majority of HealthShare's are nonprofit organizations, dedicated to helping members with their medical expenses.
Repeal of the individual health mandate "penalty" of ACA (federal law) took effect on 01/01/2019. An individual can choose a HealthShare or other non ACA compliant health plan with no federal penalties assessed for not carrying an ACA qualified plan.
Although the original healthcare sharing organizations and ministries were founded on Christian principles, many health sharing programs today have moved beyond this to focus on a community of giving that transcends religious boundaries.
The community-driven, faith-based nature of HealthShare's means that each has its own member requirements, making it important to choose a sharing ministry that coincides with your values and lifestyle preferences.