The sharing economy has transformed how people do business. Companies like Uber, Lending Club, and Airbnb have allowed individuals to bypass normal routes (taxis, banks, hotels) and more efficiently share resources with others.
In the healthcare industry, medical bill sharing is becoming a popular alternative to traditional health insurance plans. However, medical bill sharing is not new. In fact, some of these organizations have been around for more than 20 years. Since most bill sharing companies are rooted in Biblical principles and modeled after the early church found in the book of Acts, one can even argue that the sharing economy got its start 2,000 years ago!
What is Medical Bill Sharing?
Medical bill sharing is a way for members to share their money to pay for each other’s medical bills. A non-profit organization establishes the qualifications for membership, outlines guidelines for what medical expenses are eligible, sets monthly share amounts, and facilitates the transfer of funds.
How does it work?
Members pay a monthly “share amount” that is determined by factors such as age, health, and number of participating family members.
A member pays his own medical costs until his annual limit is met. Then, medical bills that meet the program’s standards for eligibility are shared. That is, other members’ contributions are shared to cover this member’s medical bills.
Who is a good fit for bill sharing?
First, many bill sharing organizations are Christian and require adherence to an Evangelical Statement of Faith, an agreement to live by Biblical standards, and active participation in a local church. However, some organizations simply require members to agree to a Statement of Standards.
Second, bill sharing organizations attract people that are tired of the high cost of traditional health insurance. Members can save hundreds of dollars per month in the cost of monthly share amounts.
Third, because bill sharing has guidelines about what bills are eligible, a person with few or no pre-existing conditions tends to be a better fit for these programs.
Lastly, bill sharing programs promote values, community, and a healthy lifestyle. Members get to experience being part of a faith-based community, supporting one another through the sharing of medical expenses. You can rest assured that your monthly share is not going to pay for procedures that contradict your beliefs.
If this sounds like you, then a bill sharing program may be the solution you’ve been searching for. Individuals, families, and seniors can find affordable options. Are you employed at a church or Christian company? Group programs offer the same benefits to your whole organization.
If you’d like to learn more about medical bill sharing, fill out the form below to speak to one of our agents today!
Jake is a co-founder and Director of Investing at Stewardship Financial. In his role he gets to help people make smarter decisions on how to invest in the capital markets.