Liberty HealthShare Reviews 2017 : Everything You Should Know
Liberty HealthShare has been around for over a decade now. However, only a few people are aware of its presence. Health care share ministries have been giving assistance related to medical expenses since the 90s. With the rising premium and deductible related to health insurance each year, things are quickly spiraling through the roof. Therefore, it’s time for you to consider Liberty HealthShare. Liberty HealthShare reviews provide you with an insight into the working.
Table of Content
- 1 Liberty HealthShare Reviews
- 1.1 Liberty HealthShare Advantages
- 1.2 Liberty HealthShare Disadvantages
- 1.3 Conclusion
Liberty HealthShare is a health care sharing ministry whose members pay for medical expenses by sharing costs. A health care sharing ministry “offers a health care cost sharing arrangement among people of similar and sincerely held beliefs”. All the health care sharing ministries are run by not-for-profit religious organizations. Thus, they act as a clearinghouse for anyone who has medical expenses and those who wish to share the burden of those medical expenses.
All the members of Liberty HealthShare pledge to contribute a share each month into ShareBox. A ShareBox is an online account and you can view how your share is being used to help other members. On the other hand, you can also view who helped you when you needed it.
Whenever a person visits a doctor or buys a prescription drug or undergoes a surgery or participates in any kind of heal, the doctor will send the bill directly to Liberty HealthShare. Moreover, you can instead pay the bill and have it reimbursed later. Liberty reviews the bill and pays for it using the ShareBox amount.
Considering the monthly share starting from $107 per month for individuals to $449 for families in the premium tier, the program seems affordable.
All the members of any health care share ministry are exempted from penalties.
When the Affordable Care Act or Obamacare was introduced, certain people were exempted from it. Following are the people exempted:
- People who are a part Native American Tribe that is federally recognized.
- Those who are eligible for Indian Health Services.
- People who participate in a recognized religious sect that is against insurance, Social Security and Medicare.
- Those who participate in an approved health care sharing ministry.
- People who are in prison or jail presently.
- Those who are living abroad as a US citizen.
- People who are classified as “a certain type of non-citizen” or “not lawfully present”.
Escape from Obamacare penalty.
When you join Liberty HealthShare, you automatically avoid the penalty. The penalty actually equals 2.5% of the household income of a middle-class family in 2017. Moreover, you can use these saving for short-term investments instead. Here are The 7 Best Short-Term Investment Plans For You!
Health care share ministries do not cover certain procedures that they find “morally objectionable”.
The religious element
This HealthShare program is run by Christians. Hence, anyone from other religion might find it uncomfortable to join.
Contributing to Health Savings Account (HSA).
As Liberty HealthShare program is not actually a health insurance, one may not be able to add to their money to Health Savings Account (HSA). Have you ever wondeed How Do Insurance Companies Earn Money?
As a member of Liberty HealthShare, you get to choose any doctor. Furthermore, you receive a decreased annual unshared amount each month.
Even though the religious factor will always remain, the benefits overshadow this small fact. It is a great option for anyone and everyone who are succumbing under the Affordable Care Act. Moreover, it is a great deal for people who are saving money for retirement. However, you should know different types of Retirement Plans before opting one.