Health Care Sharing

[NJHalo]

Has anyone have any experience with this? I am tired of paying $30k/year before insurance pays for anything. 

So it seems like you pay your monthly share (around $500/month) to another member, who uses that to reimburse themselves for paying out-of-pocket. 

My wife's friend from high school and her family have been doing it for 4 years now, and say it's the best move they have ever made. 

The one we are considering seems to get very favorable reviews, and has been around for over 25 years.

https://samaritanministries.org/how-sharing-works#overview

[gotbeer]

Isn't that just another form of insurance?  

And a $30,000 deductable?  You should be looking at different insurance.

[NJHalo]

59 minutes ago, gotbeer said:

Isn't that just another form of insurance?  

And a $30,000 deductable?  You should be looking at different insurance.

It is a sort of Catastrophic coverage, with much lower premiums. The best I could do for a traditional bare bones HC policy was $1600/month.  

No, I am sorry for the confusion, it's not a $30k deductible. It is $2k/month premium with a $6k deductible. (BC/BS of NJ Omnia HSA 80/20).  

[gotbeer]

41 minutes ago, NJHalo said:

It is a sort of Catastrophic coverage, with much lower premiums. The best I could do for a traditional bare bones HC policy was $1600/month.  

No, I am sorry for the confusion, it's not a $30k deductible. It is $2k/month premium with a $6k deductible. (BC/BS of NJ Omnia HSA 80/20).  

Ok, that makes more sense.  But $2k a month deductable.  Dang, you have to be Adam to afford that kind of shit.  

[OCAngelsNotLAA]

I work for a technology company that deals with health insurance carriers and their products.  We did some research on these to see if we wanted to add them to our product listings and there were a few red flags.  For the most part they work as advertised but we found many examples of them failing too.  Some families that have serious medical issues sign up for these plans because of the savings over a traditional plan.  This ate up the groups balance rather quickly and cost healthy members of the group a lot more money than they would have paid for a traditional insurance plan.  We also found a many instances that the "sharing group" refused to pay the medical bill and left the debt solely on the patient.  There are no laws requiring them to pay for a bill that you submit.  One example i remember was a women had an emergency delivery while pregnant.  There were complications and the Dr ended up having to perform a hysterectomy right after the delivery.  The insurance would help pay towards the delivery costs but said the hysterectomy was an "elective" procedure, she was unconscious when the dr made this decision that was to help save her life...  Not trying to discourange you just letting you know what we found.