THE 4 BASKETS OF HEALTH INSURANCE

All health insurance in America today falls into one of 4 baskets. If you find health insurance confusing, then this short guide will give you the confidence needed to make an educated decision for you or your family.

If you have any questions after reading this guide or if you need advice for a specific situation, feel free to call us directly at 772-276-7181.

The Four Baskets

1. ACA / OBAMACARE

2. SHORT TERM MEDICAL

3. DEFINED BENEFIT PLAN

4. HEALTH SHARING MINISTRY

ACA / Obamacare & Group

The Affordable Care Act (Obamacare) requires that all compliant plans provide ten essential services, including surgeries, hospitalizations, maternity, and more. These plans must accept everyone so they are often necessary for people with serious health problems.In recent years, ACA plans have skyrocketed in price, and millions of Americans now find ACA completely unaffordable, with monthly premiums costing more than mortgage payments. Groups can save significantly, and only 4 people are needed for Group quotes!

Short Term Medical Like ACA Plans but Temporary

Short Term Medical is great because it provides the same “out-of-pocket-maximum” per year that you get with ACA and has most of the same coverage but for a significantly lower price. Like ACA, you will usually have a deductible (out of pocket minimum) with coinsurance (a percent of each bill you are responsible for) and an out-of-pocket annual max which acts as a stop loss for you. This is the most you will pay per year for medical costs.Since these plans can extend for up to 3 years, you can have peace of mind knowing you don’t have to think about your insurance for an extended term. After your 3 year term is up, you can re-enroll as long as you qualify. Much more cost effective than Obamacare!

Defined Benefit Plans First Dollar Coverage Anywhere

Defined Benefit Plans are popular choices as they can be paired with other insurance to provide outstanding coverage! With no deductibles to worry about, these plans start to pay benefits from the first use. Coverage is widely customizable depending on your needs so there are many different payment options available.

These plans pay a set benefit amount for each medical service, regardless of where it’s performed. Since there are no copays or coinsurance, it can be much easier to predict your medical costs.

Christian Sharing Ministry Faith Based Insurance Alternative

Sharing Ministries are not legally considered insurance, as these groups exist as Christians voluntarily pooling their monthly payments together so they can support one another’s medical needs as they arise. While not technically insurance, it functions the same as what you’re already used to.These plans include maternity coverage and make a very solid alternative to traditional insurance for those who live healthy Christian lives. Members save up to 50% over traditional insurance which can make a huge difference for some families.If you are responsible in your alcohol consumption and you don’t smoke or use drugs, this may be a great fit for you! Members need to agree with basic Christian teachings to be eligible for enrollment.

Let us know which basket is best for you, and we’ll help you find the best fit for your situation.