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Health insurance has really lost its popularity as the best form of medical coverage. The costs involved with insurance are unbelievable! The restrictions imposed are crushing. Hours on the phone with a ‘customer service’ rep with no inclination or authority to help your case is frustrating! All of the jumping through hoops, confusing language, and smoke and mirrors that come with health insurance is maddening and expensive! 

These are obvious reasons for the decrease in popularity of health insurance and the emergence of remarkable health insurance alternatives, specifically one innovative approach known as ‘medical cost-sharing’. Read more on Scoop Health

Medical coverage can seem optional, especially if you are young or healthy.  Many people are not prone to getting sick or going to the doctor. But catastrophic healthcare can be frightfully expensive. In the face of the recent Pandemic, there is a pretty good argument for having a back-up plan when the unexpected happens and you find yourself sifting through a mountain of medical bills that have to be paid. This is why it is important to have a plan in place in order to pay the large costs of unexpected medical care or in case of an emergency.

Traditional health insurance has become unaffordable and obsolete, so consumers are actively seeking insurance alternatives, such as community-based, medical cost-sharing.  It’s just the sort of solution that gives you peace of mind without the known downsides of conventional health insurance. 

health insurance option alternative medical cost

Where Traditional Health Insurance Fails  

The cost of health insurance is skyrocketing! The increase in the last 10 years has been exponential, much greater than the cost of living increase you might expect. Even when part of the premiums are paid for by the employer, the cost incurred by an employee can still be outrageously expensive and just flat unaffordable. Monthly premiums and high deductibles can be very challenging for an employee on a tight budget or individuals who are self-employed. This problem is further magnified if you are trying to provide health coverage for an entire family. Making matters worse, health insurance premiums increase every year at a rate which is unsustainable for most American families. 

 

Seeking a Health Insurance Alternative

Many people are turning to community based programs called medical cost sharing. Medical cost sharing gives members an alternative way to pay for costly healthcare. Many of these memberships are historically faith-based organizations that facilitate the voluntary sharing of medical expenses among members.

More recently a new breed of medical cost-sharing community has popped-up that is non-faith-based. Members all agree to abide by a set of guidelines, and pay an initial unshareable amount (IUA) per incident, thereafter the community reimburses the rest of the member’s eligible medical bills for any particular incident. Each member makes voluntary monthly contributions to the community that are allocated to reimburse other member’s eligible medical needs. Monthly contributions vary based on age and the member’s choice of IUA, can be as low as $120 per month, and are always significantly less than traditional healthcare insurance premiums.

 

Being a Part of a Community

Community based medical cost-sharing places heavy emphasis on the power of a like-minded community where everyone benefits when members choose to live healthily.  That’s why medical cost-sharing organizations actively encourage members to practice healthy lifestyles and consume healthcare wisely. When we all make healthy choices, the community wins!

Members are free to select their own healthcare providers and choose the care they deem best for their own needs.  With medical cost-sharing, members simply pay cash for everyday care, like you would for new tires, an oil change or wipers on the family car.  Medical expenses that exceed the members’ Initial Unshared Amount (IUA) are eligible for reimbursement by the community. By paying cash, the cost-sharing community helps members to secure lower rates. Cash payments is just one way that medical cost-sharing keeps the cost of membership lower than traditional health insurance premiums. 

The medical-cost sharing approach has gained substantial traction in the last few years, with over two million members sharing each other’s medical bills all across the United States. Together these communities represent well over one billion dollars in shared medical bills  annually!

Some medical-cost sharing plans like the ones offered by Scoop Health will also share a member’s preexisting conditions, but after a reasonable waiting period. This might not be a good option for someone who is in need of serious medical care in the immediate future.  But if you are generally healthy this waiting period for preexisting conditions is one way sharing communities keep costs low for members. Other membership conditions are focused on healthy choices. For example, members who choose to smoke are required to pay a monthly penalty on most medical cost sharing memberships. The overall idea is that, if members practice healthy lifestyles they will be healthy more often than not.  That way all the members can pay less for their monthly share. This also helps to ensure that the community will have adequate shared resources to help whenever members are facing large medical bills. 

 

Standing Together for Your Future and your Health

Scoop Health is part of a medical cost-sharing community that is powered by Sedera. Sharing this innovative alternative to conventional health insurance is why we exist. We take pride that this concept was originally built on Christian principles, however our members are not required to be affiliated with any religious group to join the medical cost sharing movement. Monthly costs can be 40-60% less than conventional medical insurance because members choose to live a healthy lifestyle and be responsible consumers of healthcare.

Medical cost sharing is suitable for individuals, families and business organizations. Because the larger a sharing community grows the more diversified and resilient and ‘self-healing’ the community becomes. Business owners can take comfort knowing that employees are committed to a healthier lifestyle. Healthy employees are happy employees and that  contributes to the bottom line of a business. Best of all is the peace of mind knowing that employees have a way to be reimbursed for their large medical needs at a fraction of the monthly cost of conventional medical insurance.  Generally, all of a member’s eligible medical costs are shared by the community after the member first pays the initial unshareable amount. 

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