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Forum
-> Household Management
-> Finances
Molly09
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Tue, Aug 23 2016, 6:13 pm
Hello, I'm currently looking into health insurance options for my family. It all seems so expensive, and I saw somebody mention liberty healthshare on this site. It seems like a great option.
Can anybody who has any information on this, share the pros and cons?
Thank you.
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amother
Turquoise
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Tue, Aug 23 2016, 6:54 pm
Be very careful about health shares. Since they are not insurance they can refuse to pay for pre existing conditions. Often times they have very very strict limits on what they will pay for, many do not pay for well care or things like colonoscopies or routine childhood vaccinations. Some health shares negotiate price with the provider, if they get a good negotiated price you may have to pay out of pocket for the difference between the original bill and the negotiated price. These funds go directly to the health share. Some health shares do not offer payment for any kind of maternity care. Health shares are not regulated in many states so buyer beware.
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Amarante
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Tue, Aug 23 2016, 7:16 pm
Turquoise is correct as these religious shares offer no protection as they just act as a funnel and direct funds to members.
Ask yourself what yiu are insuring yourself against. Typically these sharing funds do not cover regular medical expenses as they need to be over a certain limit for coverage.
And each incident starts a new coverage.
They also generally have relatively low upper limits which can be reached quickly if one has a serious illness.
Also, yiu would have to negotiate with each health care provider because fees charged for those without insurance are generally higher than rates negotiated by an insurance company.
So to some extent yiu have the worst of all possible insurance coverage. The deductible is high so ordinary medical expenses are not covered. The total out of pocket is not limited and the maximum paid for serious illness is low.
A regular insurance has a maximum yearly out of pocket cost and no limit for serious or catastrophic diseases. It also has negotiated rates with providers that are lower.
Last edited by Amarante on Tue, Aug 23 2016, 8:36 pm; edited 2 times in total
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amother
Turquoise
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Tue, Aug 23 2016, 8:00 pm
Amarante wrote: | Turquoise is correct as these religious shares offer no protection as they just act as a funnel and direct funds to members.
Ask yourself what yiu are insuring yourself against. Typically these sharing funds do not cover regular medical expenses as they need to be over a certain limit for coverage.
And each incident starts a new coverage.
They also generally have high upper limits which can be reached quickly if one has a serious illness.
Also, yiu would have to negotiate with each health care provider because fees charged for those without insurance are generally higher than rates negotiated by an insurance company.
So to some extent yiu have the worst of all possible insurance coverage. The deductible is high so ordinary medical expenses are not covered. The total out of pocket is not limited and the maximum laid for series illness is low.
A regular insurance has a maximum yearly out of pocket cost and no limit for serious or catastrophic diseases. It also has negotiated rates with providers that are lower. |
Good points. Also some health shares do not permit you to have more than one claim at a time. They are really just pyramid schemes. There is no accountability. Most of them expose your medical conditions and information to total strangers who could care less about medical privacy laws. Some even require a vote of all paying members to determine if your covered claim will be honored.
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