I read an article today slamming Christian medical sharing plans. I could not disagree more with this author. Christian medical sharing plans are not for everyone, but they make a whole lot of sense for some people and I am one of them. My wife is a teacher and since I am self employed I historically was added to her insurance as a family member and she paid for that as a payroll deduction. In 2012 we looked at the numbers and they were beyond shocking... As simply a husband being added to her plan the cost would have been $700 to $800 additional per month. Well, there was no way I was going to have her pay that much out of her salary to pick up my health insurance. I opted to go with Christian medical sharing and never looked back. My monthly savings compared to traditional health insurance have been conservatively $300 per month (and this is probably a low estimate). After eight years I have saved at least $29,000! I am not kidding, and even I could not believe the figure myself when I did the math today. I am not going to spend any time here explaining the concept as I have done that previously.
I carry a plan that makes me responsible for the first $8,000 of annual costs, although plans with much lower sharing thresholds are available. As a 55 year old man I presently pay $340 per month. After considering the three major Christian medical sharing options, I went with Christian Care Ministry (based in Florida).
Other medical sharing programs:
One thing I absolutely love about Christian Care Ministry is the ability to access a doctor through telemedicine for everyday issues. There is no cost for members and this service is available 365 days a year, 24/7. There is also a program in place to get labs done at a substantial discount. I typically pay about $100 for my annual lab tests compared to the full retail price of $400 or more. There is also a discount program for prescriptions as well.
There are a lot of uninformed people out there that criticize medical sharing plans without taking even a few minutes to grasp the concept. The reason it is so much less costly than traditional insurance is largely due to the elimination of the red tape of the insurance industry. Also, unlike insurance companies, these programs operate as non-profits. Christian medical sharing is not for everyone. If you have access to great and affordable coverage through work, by all means take advantage of that benefit. If you have a significant pre-existing condition you may not qualify for medical sharing, so you will have to look at other options such as Obamacare and state established risk pools.
All in all, it has been a great experience for me and $29,000 in savings is nothing to sneeze at.
Helping you make the most of God’s money!