Altrua HealthShare Now an Ideal Concepts Partner
February 20, 2018
A HCSM is an organization that shares in the health care costs of its individual members who have common ethical or religious beliefs. It is not insurance, and therefore, is not regulated as insurance or by insurance regulators. In fact, members of HCSMs were exempt from the individual mandate of the Affordable Care Act. (The individual shared responsibility was repealed in 2017 and will be effective in 2019.)
Many government approved HCSMs were founded on principles rooted in the Christian bible, mainly that believers have an inherent responsibility to assist in meeting others' needs. However, some HCSMs are no longer focused on Christianity, but more so on an overall "spiritual" or "ethical" lifestyle. i.e. You don't have to be Christian to belong. Altrua accepts members of all religious, although they are founded on Christian scripture: “Carry each other’s burdens, and in this way you will fulfill the law of Christ.” Galatians 6:2 (NIV) Altrua members sign a "Statement of Standards" promising to live a clean and healthy lifestyle and adhere to a set of ethical beliefs.
Proponents of HCSMs cite the low cost, the fact that many are run by nonprofits or not-for-profits, and the fact that they do not need to share in the health care costs of individuals they believe engage in "risky" or "unethical" behavior. Health Shares' ability to deny memberships due to health conditions, rate up for height/weight, and refuse to share in "risky" behavior is one of the main reasons the overall cost remains low.
Let's take a look at those costs:
While it's not an exact comparison, we compared Monthly Membership costs
for a 39 year old woman with Altrua versus average costs for a 39 year old woman not receiving a subsidy in
Philadelphia with ACA coverage. (Altrua's membership prices
are nationwide.) Just like ACA, Altrua has a Bronze, Silver, and
Gold level plan, with more coverage built in for the Gold level. Note the
Altrua Bronze level plan is about $279 cheaper than the average Bronze level
The reason this isn't an exact comparison is that it doesn't taken into account Altrua's two "Member Responsibility Amounts" (MRAs), or ACA's deductibles and coinsurance. But Altrua's MRAs are often lower than the average ACA deductible/coinsurance costs.
Here's a comparison of Membership Responsibility/Out of Pocket Costs for a Silver level plan for the same woman:
Our comparison doesn't taken into account any cost sharing subsidies
given by the government for ACA coverage, copays, or any additional costs. There are other differences, and it's worth doing your own comparison.
Our brokers are trained to find the best option for each individual client based on their needs and budget. All brokers have access to many forms of coverage and carriers. They've also become experts at pairing products to create a custom health care package with no coverage "holes." If you're interested in learning more about all of your options, feel free to give one of our licensed, experienced brokers a call at 999.WWW.IWEB.
"As a leader in the individual health insurance sales business nationally, Ideal Concepts, Inc. is committed to making sure we have ALL options for ALL clients. That's why our brokers have access to all varieties of healthcare coverage: ACA, Short Term Medical, Hospital Indemnity, Accidental Medical Expense, Accidental Death & Dismemberment, Critical Illness, Dental, Vision, Life Insurance, and Health Care Sharing Ministries." -Ideal Concepts President John Pequeno