Last week when the post went out regarding Healthcare Sharing Ministry Plans, the response was incredible.
Thank you all for reaching out with your questions.
In order to understand why it was important to me to look into these plans, you must understand that this past Open Enrollment for individual and family plans for health insurance was painful. Families that do not qualify for a subsidy or any cost sharing benefits are normally paying up to five, six, and sometimes ten times more.
In this area of the country (Maine and NH), the increases to the premiums were significant. By significant, the increase ranged anywhere from 49% to 88% higher than the previous year. This meant that several of my clients had to make a choice.
The choice included paying the higher premium or doing without.
These families are not by any means rich. The average income for a family that doesn’t qualify for a subsidy is $75,000 for a family of three.
This means that the premium to pay for the health insurance would cost them at least $24,000 a year and on top of that the deductible is another $14,000 a year.
Because people were at times crying attempting to find something, I went to work investigating.
Healthcare Sharing Ministry Plans are a viable option.
Although they are not considered insurance by the Department of Insurance, they help to save people thousands of dollars in unnecessary health care costs and benefits. The premiums are saving families almost 70% in some cases and in my book, that gives you as a consumer a fighting chance to having a plan that fits your pocketbook.
Healthcare Sharing Ministry Plans are EXEMPT from the requirements of the Affordable Care Act, all taxes and penalties, and are available all year round.
Currently, you are only able to get health insurance during the Open Enrollment Period unless you qualify for a Special Enrollment Period such as losing employee coverage.
With Healthcare Sharing Ministry Plans, you can shop year round, look at all your options, and see if it makes sense for your family.
As we have always said, Balanced Care may be in the insurance business, but most importantly, we are in the people business.
We want to show you options so that when the shock of the premium for your health insurance takes you by surprise, you know where you can find another solution.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.