2 Money Saving Health Insurance Alternatives

The cost of healthcare is rising which means that health insurance is becoming more expensive! There are a variety of reasons that health insurance is becoming more expensive.

It may seem like health insurance is becoming so expensive that you would rather skip it together. However, having some way to pay for your large medical expenses besides savings or a credit card is an essential part of having a solid financial plan.

Let’s take a look at my two favorite money saving health insurance alternatives so you can stay protected without breaking the bank!

Why Do Healthcare Costs Keep Rising?

One primary reason health costs are becoming so expensive is that the U.S. population is becoming increasingly unhealthy. We live more sedentary lives, eat a lot of food, don’t get good sleep, carry a high level of stress, and have unhealthy lifestyle balances. Due to our lack of health, disease and chronic illnesses such as back pain, high blood pressure, depression, diabetes and more are more prevalent.

Not only that, but in general we have a rising population, many of whom are aging seniors who generally need more medical attention. People are living longer which has also been a big factor in the increase in healthcare spending.

Health Insurance Alternatives

Before even considering a health insurance alternative, I think it is very important for individuals to reevaluate their own health. One of the greatest ways that you can save money on health costs, in general, is to stay healthy! This means taking care of yourself from things such as diet and exercise, to sleep and stress management. Keeping yourself healthy will reduce the need for medical expenses.

However, staying healthy doesn’t mean you don’t need health insurance at all. The purpose of insurance is to minimize your risk of financial ruin. It’s especially important to have health insurance for coverage in the case of a catastrophic event. This might include breaking a bone but can also include other large medical events such as maternity needs which tend to be greater.

We’ll take a look at some health insurance alternatives.

1. Cost-Sharing Programs

Health cost-sharing programs are not technically insurance though they do operate in a similar fashion. They are considered non-profits in which the members of the non-profit donate a specified amount each month that gets pooled together to help cover the medical costs of other members. The members are essentially sharing the cost of each others’ medical expenses.

My husband and I have been a part of a health cost-sharing program for the past two years called Christian Healthcare Ministries and we have been very happy with them.

Check out my review of CHM here.

Essentially, we pay a monthly membership fee to the ministry as do all the other members. A year ago I needed to get knee surgery. I submitted my bills and a form explaining my situation, and the ministry sent me the money back to pay for (as well as reimburse me for) the medical expenses related to my surgery.

Some Other Cost-Sharing Programs

Christian Healthcare Ministries
Medi-Share
Samaritan Ministries
netWell Healthshare
MPB Health
Altrua
Liberty Healthshare
OneShare Health
Zion Health

Cost-Sharing programs usually do not work directly with doctor’s offices, hospitals, or other medical offices. Rather, you submit your medical bills to the program to be approved. Once the need has been approved, the program sends you the money either before or after the bills have been paid. It is a more hands-on process than you may be used to, but this has its benefits.

Benefits to Cost-Sharing Programs

Your monthly premiums will be lower
You will be greater discounts for medical expenses

The Money Taboo a weekly faith and finance devotional with Katie Jones

2. Primary Care Memberships

One of the health expenses that cost-sharing ministries don’t often cover are primary care check-ups. Getting annual check-ups or going in for sick visits can be relatively inexpensive if you only go a few times a year. However, for families with small children, or members who are often getting sick, having a low cost option for primary care is important. That’s where primary care memberships come in.

A primary care membership is exactly like what it sounds – a membership to receive primary care services. You pay a monthly membership fee to an independent primary care physician or medical practice and they agree to take care of most of your primary care needs.

These kinds of memberships are great for those who just need basic medical services such as

Sick visits
Annual physicals
Pediatric care
Blood tests and other lab work
Oftentimes savings on prescriptions.

The other great thing about primary care memberships is that because these doctors work outside of the traditional insurance industry, they often care MORE about their patient’s wellness.

I recently joined a primary care membership called Forward. Since joining, I have seen and talked to my primary care physician MORE in the last 4 months than I have in probably the last 4 YEARS! I now have unlimited access to my doctor and care team via in-person visits, virtual visits, and online chat. Not only that, but they are more focused on preventative care rather than just sick care. So we are working together to build long-term health plans to keep me healthy.

Join Forward today and get your first 3 months FREE.

If Forward doesn’t have an office location close to you yet, check out this map of other primary care offices that offer membership-style primary care. Finding and utilizing the services within a primary care membership is also a great way to get healthy and stay healthy which will ultimately help you save more on your healthcare costs.