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Let’s begin with an overview of what a healthcare sharing program actually is. What Is A Healthcare Sharing Program Or Ministry?
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In full disclosure, my family has been using a healthcare sharing program for a few years and we’ve had a favorable experience – so I may have some inherent bias, but also real-world perspective as a participant, and have attempted to write an objective summary. What are healthcare sharing programs? Are they a viable alternative to health insurance? How do they work? What are the risks? And how should financial advisors communicate about these programs with clients? I’ll address each of these questions in this post, providing those who are not familiar with these healthcare sharing programs a ‘lay of the land’ and my opinion on how financial advisors should approach the subject with clients. Michael Kitces, intrigued and noting the relevance of this topic, posted in the group that someone should write a guest post to discuss healthcare sharing in more depth – thus the birth of this post. On the XYPN Radio VIP Community Facebook group, which is increasingly becoming a ‘brain trust’ of sorts for advisors to ask questions and share insights, several advisors have put out questions in the forum around how these programs work and how/if they should be discussing them with clients. Jake’s hope for this post is that it provides education for the financial planning community, as well as those outside the industry looking to learn more about healthcare sharing programs.Īs health insurance premiums continue their trajectory into outer space, the subject of healthcare sharing programs as an alternative to insurance is becoming more common. Perhaps more importantly for this post, his family has actually used healthcare sharing programs for several years.
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Jake Thorkildsen is a finance professional with experience in financial planning, private equity, and real estate. So whether you’re simply curious to better understand an increasingly popular alternative to traditional health insurance – now covering more than 1,000,000 people – or are actually trying to evaluate and compare programs for a particular client situation, I hope this comparison and review of the various healthcare sharing programs is helpful!
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In this guest post, Jake Thorkildsen provides an in-depth explanation of what healthcare sharing programs are, a review of the most popular healthcare sharing programs and ministries, why healthcare sharing programs are not for everyone, and the kinds of situations where they might at least be considered. Typically organized under ministries or other religious organizations, healthcare sharing programs operate outside of traditional health insurance, and in some cases may be more restrictive with their benefits… but are also operating at a cost that is substantially less than traditional health insurance. Especially now that the Tax Cuts and Jobs Act of 2017 has repealed the Individual Mandate (effective in 2019) that would have applied a tax penalty for those who decline to enroll in health insurance through an individual exchange.Īt the same time, though, rising health insurance premiums have also increased the popularity of alternatives to traditional health insurance, including so-called healthcare sharing programs. With health insurance premiums continuing to rise every year – in some areas, compounding at double-digit rates – more and more consumers are questioning whether it’s even worthwhile to have health insurance at all.