CharlieBob
New Member
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Are there any agents here marketing and setting up medical expense sharing plans as worksite benefit plans? One of the companies out there thats offering medical expense sharing plans is Aleira
Faith based medical expense sharing organizations
- Thread starter CharlieBob
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I remember looking into these once. It's technically not insurance and often have very high deductibles (but it's not called that). While I like the idea of medical cost sharing, in the end it's just a high deductible "insurance" plan that isn't regulated. I would stay far away from them as a client or a salesman.
I have a family friend on one who didn't want ACA (no subsidy) when they lost their gf plan. They are in the middle of the negotiation process with an $10k ER bill. They are keeping me informed of the process and how it works out.
Of all the people I have talked to who had a sharing plan, this will be the most expensive bill I have seen, so interested to see how it pans out.
Of all the people I have talked to who had a sharing plan, this will be the most expensive bill I have seen, so interested to see how it pans out.
I don't sell them but we use one personally. I love it, it has worked flawlessly for 9yrs. My son had a $27k medical bill last year.
I have not looked into it much honestly on the sales side, but from what I've seen the programs that are available to "sell" haven't impressed me.
I have not looked into it much honestly on the sales side, but from what I've seen the programs that are available to "sell" haven't impressed me.
Maybe some plans are like that, but not all. Our health sharing plan is not like a high deductible plan at all.
I have never offered a health sharing plan nor do am I a member. It is slightly better than no insurance in my opinion. Lot's of pitfalls not the least of which is the lack of Rx coverage (other than a discount).
Group plans can be extremely complex. Group employee presentations have challenges including those who do not listen and/or have selective memory.
Many years ago I did an employee presentation for a group health insurance plan. We probably had close to 100 people in the group. Several questions, mostly about how much it would cost them.
A few months after that meeting I had a call from an irate father. His unmarried daughter was pregnant and he wanted to know how I was going to pay for it.
At that time maternity coverage was only available to married women.
I had no idea who the woman was and only vaguely remembered the question.
I definitely did not sleep with the woman so I was not the father.
I explained the rules, not married, no maternity.
He said you never said that in the meeting. He was probably right. Any time you answer a claim question it is virtually impossible to cover the caveats. It is also counter-productive.
The father was not pleased. Said he was going to sue me.
He never did.
Point is, selling REAL insurance to a group is hard enough. I can't imagine pitching a sharing program that lacks regulation and guarantees to an employer grou.
Group plans can be extremely complex. Group employee presentations have challenges including those who do not listen and/or have selective memory.
Many years ago I did an employee presentation for a group health insurance plan. We probably had close to 100 people in the group. Several questions, mostly about how much it would cost them.
A few months after that meeting I had a call from an irate father. His unmarried daughter was pregnant and he wanted to know how I was going to pay for it.
At that time maternity coverage was only available to married women.
I had no idea who the woman was and only vaguely remembered the question.
I definitely did not sleep with the woman so I was not the father.
I explained the rules, not married, no maternity.
He said you never said that in the meeting. He was probably right. Any time you answer a claim question it is virtually impossible to cover the caveats. It is also counter-productive.
The father was not pleased. Said he was going to sue me.
He never did.
Point is, selling REAL insurance to a group is hard enough. I can't imagine pitching a sharing program that lacks regulation and guarantees to an employer grou.
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Not only that, but businesses most often have the financial means to sue. Individuals often do not.
And you better believe a business will take action if you make an Error about benefits and it creates a major cost for them or employees. Same for Omissions.
And your E&O doesnt cover medi-share plans. Some of them offer their own "E&O", but its often a group plan that is self funded... which is a bigger joke than the medishare plan is... LOL.
AnnaW
New Member
- 15
Does anyone have stories about how these sharing ministry plans do not pay and folks who have been stuck with claims (other than the few that you can google)? My only info is you have to pay your claims upfront, submit them to the sharing ministry and "hope" they get paid in 90-120 days and that there is no guarantee they will pay.
There is at least one thread and probably more that answer your questions. Try the search function.
There are also these posts . . .
InsureBlog: Bailing Out
InsureBlog: Shaking the Faith
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CharlieBob
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