Since President Trump took office, one of the topics that gets thrown around is what do we do with Obamacare. Is it working? Is it affordable? Can it be improved? While Congress is working all of this out, Healthcare sharing ministries or cost sharing plans have exploded, and they are taking the market by storm. They have increased 600 percent in nine years!!!

The Obama administration tried to abolish these healthcare sharing ministries back in 2010 when he was busy putting together Obamacare and advocates got loud and stood up for their beliefs and the plans remained. Since Obamacare was implemented, these health sharing plans have increased tremendously. Today, there are about 1.2 million members and their medical expenses covered by sharing ministries exceeds $1 billion annually! More and more consumers are joining the health sharing plans because the Affordable Care Act is becoming the “Unaffordable Care Act” as some people would say.

Don’t’ get me wrong, we think Obamacare has done wonders for some people. Those with pre-existing conditions such as cancer, mental health and substance abuse need Obamacare. Those in the lower middle class have also benefited from Obamacare due to the tax credit they are provided for their household income and household size. On the other hand, is not a solution for those who can’t afford the high premiums and deductibles if they don’t qualify for a tax credit or subsidy.

The biggest drawbacks that we hear over the phone are the increasing out of pocket limits and the ever-shrinking provider networks. In the beginning, the out of pocket limits on these Obamacare plans were around $6,600 for an individual and this year, they are up to $7,900.

It is also important to understand how healthcare sharing ministry plans work and the risks. Since these plans are not regulated by the department of insurance, they are not considered insurance and most plans have waiting period for pre-existing conditions towards their hospitalization and surgical services. These plans are ideal for those who are primarily healthy and understand the chain of command when it comes to their healthcare.

These plans come with telemedicine services and urgent care benefits to prevent its members from running straight to the emergency room where your medical expenses are guaranteed to skyrocket. If you are sick, use your telemedicine service to see if they can solve the issue at hand. If not, go to the Urgent Care to see if they can take care of you. If both options fail to help, go into the ER to get treated. Remember, unless it is a medical emergency, use the proper services first to help avoid huge medical cost. These are the type of members that the healthcare ministries are looking for.

That is one thing that is lacking in our health insurance market. Consumers need to be educated and informed on the best ways to use their plans. When someone knows they have insurance, when they get sick, they immediately go to the doctor or emergency room because they know the insurance company will save the day. Little do they know that these unnecessary claims result in higher premiums in the upcoming years. If consumers use their plans the right way, then claims will decrease, and premiums will be reasonable.

Here at Next Level Benefits, we are independent agents who represent a variety of health care products to find you the right fit. We understand that everyone has a different situation and needs a plan specific to their needs. Give us a call and let us take your experience to the Next Level.