Health Sharing Ministries vs Traditional Insurance: What's the Difference?
With the rising costs of healthcare, many individuals and families are seeking alternative options to traditional insurance plans. One such option is health sharing ministries (HSMs), which operate on a non-insurance model. But how do HSMs compare to traditional insurance plans?
Coverage and Benefits
| Plan Type | Coverage Limits | Preventive Care | Maternity Coverage |
|---|---|---|---|
| Traditional Insurance (e.g. UnitedHealthcare) | $1 million - $5 million per year | Yes, with copays and deductibles | Typically included in comprehensive plans |
| Health Sharing Ministry (e.g. Samaritan Ministries) | $250,000 - $1 million per year | Yes, with discounts and sharing requirements | Optional add-on or separate program |
Note: The coverage limits listed above are approximate and may vary depending on the specific plan.
Cost and Affordability
| Plan Type | Monthly Premiums | Deductibles and Copays | Out-of-Pocket Maximum |
|---|---|---|---|
| Traditional Insurance (e.g. UnitedHealthcare) | $400 - $1,200 per month for a family plan | $50 - $500 copays and deductibles | $7,000 - $14,000 per year |
| Health Sharing Ministry (e.g. Samaritan Ministries) | $300 - $800 per month for a family plan | No copays or deductibles, but sharing requirements apply | $1,000 - $5,000 per year |
Note: The monthly premiums listed above are approximate and may vary depending on age, location, and other factors.
Philosophy and Eligibility
| Plan Type | Eligibility Requirements | Philosophy and Values |
|---|---|---|
| Traditional Insurance (e.g. UnitedHealthcare) | Varies by state and plan, but often includes income limits and pre-existing condition exclusions | For-profit business model with a focus on shareholder value |
| Health Sharing Ministry (e.g. Samaritan Ministries) | Requires a statement of faith and adherence to biblical principles, with some plans excluding those with pre-existing conditions | Non-profit, faith-based model with a focus on community sharing and support |
Ultimately, the decision between health sharing ministries and traditional insurance plans depends on your individual circumstances, values, and priorities. We recommend exploring both options in more detail to determine which one is best for you and your family. Want to run the numbers for your specific situation? Our annual cost projector lets you compare total yearly costs between health sharing and traditional insurance based on your actual usage patterns.
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