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Fish swim in shoals to protect themselves from predators and to swim safely through the seas. This is one of the many examples of the natural world where group mentality works for survival. But humans want more than to survive. We want to thrive, we want to be happy, and we want freedom. This is where medical cost sharing comes in.

For decades, the health insurance industry has masqueraded as our ‘savior’. Painting the industry as an essential service for our survival. But is this true? Do we need traditional health insurance to survive? Or is our self-proclaimed ‘protector’, our biggest predator? But medical cost saving with cost sharing can save us from insurance sharks. 

What does it mean to be ‘insured’? When you pay a monthly fee to an insurance company, they take part ownership of your accident costs. This is ‘transfer of risk’ and takes the burden of financial risk off the ‘insured’ person and onto the insurance company. Essentially ‘covering’ you and protecting your financial well-being should an accident occur. But how covered are you? Having insurance covers your medical bills but won’t help your medical cost saving.

Traditional Health Insurance and Risk

Nothing in life is certain. With a million possibilities for the future, it’s impossible to know exactly what risk lies ahead of you or how to plan for it. It is this uncertainty that makes the idea of health insurance so attractive. It also makes medical cost saving with health care sound impossible. 

Traditional health insurance networks seem to provide blanket protection for any possible tragedies. You don’t know what kind of accident could happen but having insurance makes you feel safe – like regardless of the price, you’re covered.  Whether it’s life, liability, or car insurance, all insurance has the same message: “Don’t worry, as long as you pay for me, I will protect you!” Unfortunately, this protection does not often result in medical cost saving. 

Seems like a good deal right? Well, not exactly. We all hate to lose money, but insurance companies loathe it. Like any good business, it’s about making money not medical cost saving for clients. Put yourself in the position of your insurance company. Why would a company want to pay more money for your medical care that you have to pay them for coverage? It doesn’t take an economist to see that doing this wouldn’t create a profit. Insurance networks want to give you access to healthcare, not ensure medical cost saving. After all, a shark wouldn’t want a fish to out-swim them. 

Is this true of all insurance? No, just like not all sharks are the same. Whale sharks and Nurse sharks are safe to swim with, it’s the great whites of the ocean that you need to fear. So how do you know what insurance to buy? Well, it’s important not to buy insurance that you don’t need or use. Get taken care of in emergencies but focus on medical cost saving too. For example, you don’t pay for car insurance to cover new tires and oil changes for your car, as these are everyday things you just pay for when it comes up.

Deciding on insurance is all about weighing up the risk that the insurance will cover. Weighing up insurance benefits with the need for medical cost saving. Focus on probabilities, not possibilities. 

Understanding Policy Nets: How Is Risk Used to Scare You?

On average, people pay more money to insurance companies each year than they claim back. Why? Because insurance networks count on people thinking that they need more coverage than they actually do. Risk is unknowable, so it’s very easy for our minds to twist unknown risk into fear of an unknown nature.

People think the only way to protect themselves and their families is to pay hefty insurance premiums. Customers feel as though the ‘risk’ is imminent and that immediate and extreme protection is vital for survival.  Unfortunately, survival mode doesn’t exactly motivate medical cost saving! 

Health insurance is hard for an average person to understand. A person’s ability to understand insurance depends on their ‘health literacy’. Often, providers cannot give the insured prices in advance or explain how policies work in layman’s terms. This makes medical cost saving particularly challenging for most people.

Sometimes, customers only know how much money they must pay once they receive the bill. This uncertainty stops sick people from seeking the help they need when they need it. In moments of crisis, medical cost saving becomes more important than getting health care. 

Not only do insurance providers create this confusion, some may rely on it to make a profit. Insurance contracts may contain terminology which customers don’t understand. This complexity means people can’t make well-informed decisions about their health care. If you can’t understand the basic terms of insurance, you won’t spot the policy nets. These nets in insurance contracts seem designed to catch you. Here are 6 nets you want to look out for: 

Complicated T&Cs: 

Insurance contracts have specific terms and conditions. Insurance providers will only pay your medical bill if you’ve met specific contractual obligations. If you can’t understand the deductibles, copayments, and coinsurance, you won’t know how much medical care will cost you. This makes medical cost saving difficult. 

Pre-authorization: 

Barring emergencies, you need permission before you receive medical help. Providers use pre-authorization to ensure this help is necessary and economical. Failing this permission, your insurance can refuse to pay for the treatment. This is a complicated and stressful process that leads to more avoidance of seeking medical help.

Service Providers: 

There’s also the issue of who you receive healthcare from. Most insurance providers will have a list of eligible in-network doctors. If you go through an out-of-network provider, your insurance company can decline to pay for it. Once again, medical cost saving becomes a distant dream. 

Insurance claims: 

There is so much paperwork involved in filing insurance claims. Using out-of-network providers means you must file the paperwork to organize payment. Failing to file claims can lead to insurance providers refusing to pay for treatment. For some, this admin is scarier than sickness and isn’t worth it!

Premiums, Profits, and Promotions: 

A premium is a monetary amount you pay to your insurance company every month or period. Premiums include the cost of claims plus overhead, profits and commissions. Insurance premium increases are an annual stress point for individuals and business owners alike. In most cases, insurance premiums are too high. This forces individuals to choose between cutting corners on health or going without coverage. In a business no coverage could mean tax penalties too. Ironically, only a small part of the premium goes towards health care expenses anyway! 

Enrollment options: 

Insurance companies set time limits on when you can sign up. If you miss signing up for health insurance during open enrollment periods, you have to wait for the next. This leaves you cover-less should an accident happen, making medical cost saving impossible! 

The funny thing about insurance and risk is that when the risk becomes transparent, the non-necessity of insurance is clear. Once you increase your health literacy, the shortfalls of the system are obvious. Society thinks that health insurance is our best, and only, option for a worry-free life. But with rising premiums and an ever-expanding list for deductibles, is it the best option? What if there was another way to access quality health care and medical cost saving? 

Finding Protection: Medical Cost Saving Through Medical Cost Sharing

Despite public knowledge, it’s possible to live a peaceful and happy life with no health insurance. But how? Enter medical cost sharing! Joining a medical cost sharing community means access to quality healthcare without insurance. 

A new member pays an initial unshareable amount for each medical event they want protection from. Members make voluntary financial contributions to this fund and agree to share any medical costs as they arise. Instead of using an insurance company, you pay your bills with a community there to help you. Medical cost sharing makes medical cost saving and fantastic healthcare a dynamic duo! 

The monthly payments for cost sharing are typically 50% lower than insurance premiums. As a bonus, cost sharing falls under the Affordable Care Act (ACA). As a result, members can avoid tax penalties. Medical cost sharing provides flexible, inclusive healthcare with unlimited access to quality medical professionals. Through cost sharing, medical cost saving is possible!  Visit Scoop Health for more advice on medical cost saving options and saving money. 

There are loads of pros to medical cost sharing besides medical cost saving. These funds do not rely on a network, meaning members can choose the health care providers that they want. Make choices according to your healthcare needs, NOT the economic wants of insurance networks. Medical cost sharing is an affordable, transparent, and accessible choice for everyone. Medical cost saving is possible for everyone

Medical cost sharing allows you to engage with like-minded individuals. By committing to a healthy lifestyle, you join a community that will support and protect you. Shoals of fish stay together for social reasons and form schools when predators are near. By joining a medical cost sharing community, members will surround you with support when medical danger comes near. 

Medical Cost Sharing: Finding a Kinder Path to Medical Cost Savings 

Medical cost sharing takes power away from profit-minded insurance companies. It promotes medical cost saving through a community-based alternative to pay for large medical bills. It provides faster, hassle-free healthcare that is affordable and transparent – saving you money, time, and energy. Medical cost sharing chooses people over profit. When choosing medical cost sharing, you are choosing so much more than health care. You are choosing to be a part of a community, driven by like-minded, health-oriented people. You are choosing medical cost saving over medical cost stress. 

Insurance networks become less relevant day-by-day. Americans are starting to question whether paying for health insurance is worth it. But the tide is changing and the world is waking up. Community-driven movements like medical cost saving through cost sharing are the way forward. It’s time to find a better path forward and medical cost sharing is at the forefront of a more inclusive and transparent health care system. Why would you want to trust a shark when there is more safety in numbers and swimming through life is easier. 

 

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