by Grace Gosnell, Scoop Health Marketing Director
I was watching a video made by Dave Ramsey the other day where he discusses medical cost sharing as an option for people who couldn’t afford their traditional insurance or just wanted to lower their monthly spending. I noticed a few important points and had a few reactions to his
Let’s start at the top. Dave Ramsey begins by talking about knowing the limitations that a cost sharing organization has in place, and he couldn’t be more correct. This is true whether you are considering medical cost sharing or even traditional health insurance options. Both have limits on certain treatments and procedures and before you commit to either of them, you need to know what you’re signing up for. An obvious example is that neither are going to pay for a facelift or tummy tuck, no elective cosmetic procedures. Seemingly obvious, but if that was something you were expecting and then it wasn’t there, you’d be disappointed.
Along the same thread, medical cost sharing organizations typically have a phase in period for sharing pre-existing conditions. You may or might not be aware, but if you get an insurance plan in the middle of the year instead of waiting till open enrollment, there’s a high likelihood that certain pre-existing conditions won’t be covered under that plan. This is exactly what Dave Ramsey is talking about, that it’s important to read the fine print of anything you’re signing up for, especially when it has to do with your family’s health.
Another thing I found interesting in Dave Ramsey’s video was that while he endorses a particular Christian health sharing ministry, he mentions that he doesn’t actually use them himself. While I appreciate his honesty, I’d personally rather hear from someone who has used the product they are recommending. I’ve been a member of three different cost sharing communities and there are LARGE differences among them. Not differences that are particularly good or bad, just different. And I’m a big believer that not one size, or solution, fits all.
One big change in the time since Dave Ramsey’s video was released is that non-faith-based communities have soared in popularity with people who felt like the religious requirements of joining a Christian cost sharing ministry just weren’t for them. I’ve talked with many people, including Christians, who weren’t comfortable with that being a requirement for the sharing of medical bills in a community.
Lastly, you hear Dave Ramsey point out that medical cost sharing is quite a bit more affordable than traditional health insurance, particularly for families. And over it’s history, medical cost sharing has become a strong, stable, and sophisticated solution for a lot of people. This is another point where I agree strongly. The Christian communities laid the foundation for medical cost sharing to thrive. Along the way, the non-faith-based communities came along and built upon that solid start with additional innovations and simply removing the faith requirement. This opens up the doors for more people to feel comfortable joining which in turn strengthens the whole community.
As Dave Ramsey says, if you do your homework, know what you are signing up for and agreeing to, then medical cost sharing can be a great solution – I know it certainly has been for me. If you check out Episode 9 on our channel, I give a detailed account of my time as a medical cost sharing member so far.
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