Medical Cost Sharing
Tapping Into the Power of Community
Medical Cost Sharing is not a new concept. Religious communities have sued this idea for decades to help pay for the medical costs of their members. Members make monthly contributions to the community. Then when a member incurs larger medical bills they submit those bills to the community. The community then issues a check to pay those bills.
As health insurance premiums have continued to increase, health insurance has become unaffordable. In an attempt to keep premiums somewhat affordable, deductibles have increased. Today, even with health insurance many Americans are one medical condition away from financial disaster. Medical Cost Sharing is an affordable way to limit your medical costs and get the best healthcare experience.
The best way to understand Medical Cost Sharing is to think about the way large employers provide health insurance to their employees. They use a concept called “Self-Funding.”
Large Companies Have Leveraged Self-Funding
To control their health insurance costs many large employers have turned to a concept known as self-funding. Instead of buying health insurance from an insurance companies simply deposit dollars into a claims fund every month. Then when a covered employee of dependent incurs medical bills, the company issues a check to pay those medical bills.
The biggest difference between large companies self-funding their health insurance and medical cost sharing is that self-funding is subject to the Employee Retirement Income and Security Act (ERISA). Medical Cost Sharing is not subject to the same level of legislation.
Still, many Christian communities have been successfully paying the medical bills of members since 1981.
A New Idea - Managed Medical Cost Sharing
Many medical cost sharing communities place the burden of talking with healthcare providers on the member. The member becomes a cash-pay patient and then submits medical bills to the community for reimbursement.
In managed medical cost sharing you have a healthcare concierge working on your behalf. This professional will talk to your providers on your behalf and guide you through the complexities of the healthcare system. Your healthcare concierge will seek out the best treatments, the best healthcare facilities and even schedule appointments with doctors.
In addition they will handle all of the price negotiations and find you the lowest costs when payment falls to you.