Good health and well-being are the essential elements for prolonged existence. If you’re looking for a healthcare cover, then you can consider Liberty HealthShare. Let’s dive into the advantages and disadvantages of using Liberty HealthShare. Let’s begin our Liberty HealthShare review.
Liberty HealthShare Review: Affordable Healthcare Coverage
It is essential to get health insurance coverage for yourself and members of your nuclear family. Health Insurance cover can safeguard you from high health care costs, particularly those related to chronic medical conditions or the need for hospitalization.
At the same time, you need to optimize your health insurance costs to ensure that it isn’t a burden on your expenses.
You also need health insurance coverage to ensure that you’ll have access to high-cost medical care if need be and when you need it. So lacking health insurance can end up being a significant barrier to receiving care in the future.
But how can you choose the right health care coverage?
There several important factors to consider when choosing the best cover including affordability, age, job status among others. Different health cover requires an individual to meet specific requirements. When I consider my cash flow planning, I use Personal Capital to ensure I am not paying too much for any particular expense.
It’s important to do thorough research before you buy any health insurance policy so that you know what your health insurance plan will cater for and what it will not.
There are health insurance covers that employers provide like the COBRA. Often, you will need to pay some portion of the monthly premium while the employer caters for the other part.
The government also offer some health insurance covers. If you are 65 or older, have low or no income, you may qualify for health insurance by the government, such as Medicaid and Medicare. Healthcare is a big consideration in your readiness for retirement.
There are health insurance covers that you can purchase on your own, and if you need an excellent health sharing ministry, you can consider the Liberty HealthShare in your personal financial plan.
So, what is Liberty HealthShare?
Liberty HealthShare is a type of health care sharing ministry in which the members share their medical expenses. If you’re in a difficult financial decision, you can opt out of the health insurance market entirely by choosing Liberty HealthShare.
Liberty HealthShare isn’t an insurance company, and so it is different from other insurance healthcare plans. Liberty HealthShare members share medical costs based on specific community guidelines.
If you join Liberty HealthShare, you become exempt from the ACA mandate to purchase insurance.
Liberty HealthShare is a faith-based community, with about 85,000 households strong and growing. People that have joined Liberty HealthShare have had some positive reviews.
How Liberty Healthshare Works
Members of the Liberty HealthShare program pay for their medical expenses by sharing the costs amongst themselves. Every member pays a monthly contribution referred to as a “sharing” which in turn pays for the medical expenses of other members in the healthcare.
Before any of the member’s expenses are eligible for sharing, the member must meet an unshared amount which is annual and is similar to a deductible.
Since Liberty HealthShare as stated earlier is not insurance, its mode of operation is different from those of health insurance companies.
Liberty HealthShare as is the case with other Christian sharing ministries does not accept to their program every individual that applies. It’s pretty easy to join the Liberty HealthShare community.
Unlike the ACA-approved health insurance plans, they are not obliged to accept everyone regardless of their pre-existing health conditions.
To begin with, they do not readily take in smokers or people with chronic health conditions. All this is meant to reduce the risk and amount of expenses shared.
However, it doesn’t mean that if you fall in this bracket, you are completely locked out from joining the health care plan. Liberty HealthShare has a provisional program called HealthTrac which you may participate in if you want to improve your health.
It acts as a health coaching program for those unhealthy due to either weight or some other chronic health conditions.
When you use a health care sharing ministry, you are responsible for submitting your medical bills. In some instances, your health care provider can do it for you, but often, you will need to fax or mail the bills yourself.
You can log in to Liberty HealthShare inbox and view the bills that have already been submitted, when they were paid, and how much your responsibility might be.
Elements of Liberty HealthShare
Liberty HealthShare covers three elements including Connect, Give, and Receive. These elements are at the core of what sharing based ministries strive for.
If you join Liberty HealthShare, you become part of a community of both fellow members and ministry staff who care. Joining Liberty HealthShare helps connects you with people from all over the country who have chosen to be there for one another in times of need as self-pay patients voluntarily sharing medical costs together.
Each Liberty HealthShare member contributes a monthly share amount through his or her online ShareBox account. They have a ShareDirect bill payment system, and the amount in a member’s ShareBox is automatically transferred directly to another member’s ShareBox for any eligible medical expense. Your contribution pays directly for another member’s eligible medical cost.
Member contributions are shared with you when you have a qualified medical need, and you have the freedom to choose your doctor. It gives you the chance to decide the direction of your healthcare.
Liberty HealthShare works with both members and their medical providers to keep costs fair and reasonable for the good of the entire community.
Liberty HealthShare does not have networks, unlike other health insurance plans. You can choose your doctor but still, you need to inform them that you are part of a medical cost-sharing program, show them your card, and then they will send bills directly to Liberty HealthShare.
You will still be obligated for the total if you have not met your annual sharing amount.
Costs that members share in Liberty HealthShare
Medical costs are usually shared on a per person, per incident basis, for illnesses or injuries that incur medical expenses when treated by physicians, clinics, urgent care facilities, emergency rooms, or hospitals either inpatient and outpatient.
Here are some of the costs that members share:
- Medical bills incurred per incident over the Single, Couple, or Family Annual Unshared Amount
- Doctor’s appointments related to each medical incident
- Physical therapy and home health care needs are limited to the sharing Guidelines
- Outpatient or inpatient hospital treatment or surgery for a medically diagnosed conditions
- Tier 4 prescriptions used for acute illness for the first 45 days following each related medical incident
- Limited sharing for any pre-existing conditions for the first 13-36 months of participation in the program
Here are some the expenses in which members do not share:
- Pre-existing conditions for the first one year or 12 months of participation
- Dental and vision services or procedures
- Tier 1 to 3 prescriptions
- Payment for expenses other than accidents, acute illness, or injury within the first 60 days of membership.
- Medical costs that are below the single, couple or family annual unshared amount
Liberty HealthShare Costs
Liberty Share is the lowest tier program, and with this sharing option, a family of four people with adults over the age of 30 would pay a total of $395 per month, and a younger family would pay a total of $345 per month.
Couples and singles pay less, and their annual deductibles remain the same that is $1,500/family, $1,000/couple, and $500/individual. The most significant difference is that medical expenses are shared at only 70% per incident up to $125,000, as per the guidelines.
Liberty Complete, on the other hand, is the most comprehensive of the programs. A family of four with adults over 30 years will spend $449/month, while a younger family with small children would pay just $399 /month with this option. Couples and singles pay even less.
On this program, members share costs can go up to $1,000,000/incident or illness depending on the guidelines after meeting the “annual unshared amount.” The “Annual unshared amounts” are $1,500 per family, $1,000 for a couple, or $500 for a single member.
Consider these expenses in your budget. I think all money bloggers would agree that saving is paramount to success. In our blogger interviews, we asked a number of top bloggers what they thought about saving and investing.
What are the pros and cons of Liberty HealthShare? Let’s evaluate both the advantages and disadvantages to dive into our Liberty HealthShare review.
Advantages of Liberty HealthShare
I love all of the advantages of sharing based ministries. There are plenty of pros to consider. However, you must evaluate what is truly a priority for you. Then, set out a ranking score as you evaluate both the advantages and disadvantages.
This helps me the most in evaluating decisions. Here are some of the advantages of Liberty HealthShare as you consider our review.
Low yearly unshared amounts
Among all Liberty HealthShare plans, the annual unshared amount is set at $1,500/year for a family, $1,000 for a couple, or $500 for singles.
You know where your healthcare money goes
Since healthcare sharing ministries do not share costs for specific procedures that the group finds morally objectionable, you’re guaranteed that your money is being spent on healthcare procedures you agree.
Share actual costs
Liberty HealthShare keeps their administrative costs low. A small proportion of sharing dollars are spent on administrative expenses as they scrutinize costs up front. Your sharing cash covers the actual medical costs incurred by others in the community.
Since Liberty HealthShare members tend to live healthy lifestyles, their costs are typically less. Liberty emphasizes spiritual principles of wellness, prevention, and healthy living. People who are health conscious tend to have fewer bills, lower costs, and more rapid recoveries.
You can consult any doctor of your choice
You can see any doctor you choose since Liberty HealthShare allows you to see any doctor of your choice. All they request is that you shop around and negotiate for the best rates.
You may still be eligible to join Liberty even if you have some pre-existing conditions under Liberty’s provisional membership program called HealthTrac which is a “health coaching” option.
No Obamacare tax penalty
After the passing of the December 2017 tax bill, the Obamacare individual mandate is repealed and will take effect in 2019. Therefore, if you were a member of a medical cost-sharing ministry in the year 2017 or 2018, you are exempted from the individual mandate for those two tax years.
Following the Patient Protection and Affordable Care Act (PPACA), if you are a member belonging to a recognized health care sharing ministries, you are exempt from paying the penalty. You will need to file IRS Form 8965 with your income taxes.
Can join or cancel your membership at any time
You can join Liberty HealthShare at any time during the year, unlike Obamacare. You can as well cancel your Liberty HealthShare membership at any time and are under no obligation to continue with the program.
However, remember you are required to pay initial membership dues of $125. In addition, you have annual membership dues each year after that totaling to $75.
30-day risk-free trial
Liberty HealthShare gives you a chance to join the program for 30 days risk-free. If you cancel your Liberty HealthShare membership within the first 30 days, the membership fee will be refunded to you.
However, if you cancel after the 30-day period, it results in a forfeiture of your membership dues.
No need to belong to a specific denomination to join though it’s a faith-based community.
It is important to note that you do NOT need to belong to a particular denomination to join Liberty HealthShare. If you want to join Liberty HealthShare, you only need to agree to a statement of beliefs that essentially state that you believe in God, and that all people have a right to worship in their way, and that people have the right to direct their own health care decisions free from government interference. Some consider this as a disadvantage because of the belief statement that you are required to agree to.
Liberty HealthShare Disadvantages
With every advantage comes a consideration for a disadvantage, so here are several cons to the Liberty HealthShare program. Disadvantages are the most important considerations in our Liberty HealthShare review.
You may not qualify if you have pre-existing health conditions
If you’re obese, smoke, alcoholic or have a chronic health condition, and you may not be eligible for a health care sharing ministry.
But, if you are committed to improving your health status, you may qualify for an alternative option called HealthTrac which is a health coaching program designed to improve your health and may let you to become a member. I suggest improving your health situation. Your future self will definitely thank you.
You need to monitor your bills carefully
You’ll need to continually monitor your expenses online to make sure the post them correctly even though your doctor’s office may handle the claim for you.
Medical cost sharing is limited
Liberty HealthShare members share costs up to $125,000 or $1,000,000 per illness or incident, depending on the group’s guidelines. If you, unfortunately, get an incredibly expensive disease or injury, you could potentially go beyond that limit very fast.
Liberty HealthShare Review Conclusion
If you’re looking for a healthcare cover, then you should consider joining Liberty HealthShare since its benefits go far and beyond its downsides. Using a sharing based ministry can be a great alternative to existing options and it can save you money.
Our personal financial planning process is all about saving as much as possible while investing early and often. I believe this is one of the best Liberty HealthShare reviews.
I hope it has given you valuable information about this excellent healthcare option of health sharing ministries. For life insurance, you could consider selling your settlement to consider other options and increase flexibility if you like the concept of sharing based ministries.
However, you should have the right amount of life insurance upfront.
Millionaire Mob is an early retirement blog focused on passive income, personal finance, dividend growth investing and travel hacking. With both a million rewards points and a million dollar net worth you can live a happier lifestyle.
What do you think about our Liberty Healthshare review? Will you consider it? Please let us know in the comments below.
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