While it hasn’t quite taken off yet, there could be a huge change in the medical world. Health insurance has been the dominant provider of protection for individuals and families for the last century.
Yet, prices have seemingly gotten out of control. Obamacare worked to fix that, but many were not happy with the results. Obamacare had potential, but most were interested in politics over finding a solution. The numbers didn’t seem to add up either.
So certain people decided to take things into their own hands. Medical cost sharing coverage was created in almost a blink of an eye. The newer coverage is still in the initial phases, but many Americans have become intrigued by the offering.
What is Medical Cost Sharing Coverage?
First and foremost, we need to define what this type of coverage entails. Most people have a vague understanding of health insurance, what it is, and how it works. So, since we are adding medical cost sharing coverage to the equation, we will explain it for our readers.
Medical cost sharing coverage is not insurance. The comparison certainly isn’t apples to apples. Medical cost sharing is a program designed to lower costs and let people take control of their health care obligations.
These programs start with an unshared amount. This is similar to a deductible. You’re not eligible for cost sharing until you meet your unshared amount. After that point, all your medical bills will be eligible for sharing within the program per the guidelines.
The unshared amounts tend to be high, as medical cost sharing programs only work if the members focus on making responsible health care choices. The goal is to get rid of medical care waste within the system.
In essence, the programs still function like insurance. You present your membership card when visiting the doctor. The doctor bills the medical cost sharing outfitter. You only pay your portion based upon the medical cost sharing guidelines you agree to.
Members are required to pay a monthly share amount that ensures their medical needs can get met through sharing. Many of these plans offer coverage up to $1,000,000 – so they can provide an ideal alternative to insurance for many individuals.
Will My Doctor Accept Medical Cost Sharing Coverage?
The main differences between medical cost sharing and insurance are the guarantees. Medical cost sharing doesn’t offer guarantees the way typical health insurance does. There are no benefits with medical cost sharing, only sharing guidelines.
So, will your doctor accept it? Ultimately, nearly every doctor will accept medical cost sharing programs because these programs are essentially cash paying customers. Here’s how it breaks down:
1. You head into your doctor like normal for whatever medical reason.
2. You present the membership card granted to you by the cost sharing program to the doctor’s office staff.
3. 90% of the time the staff doesn’t think twice about it. You are accepted just like you would be with normal health insurance.
4. The staff makes a copy of the card and hands it back to you.
5. You receive proper medical services.
6. The doctor’s office sends a bill to medical cost sharing program’s administrative staff.
7. Using sharing technology, share amounts or dollars are attached to your bill and it gets paid.
8. Member shares that were used to pay your bill are notified. This is because medical cost sharing is a community, but all of your private info is not released.
9. You are notified of how the sharing dollars have been used by the administrative staff.
All eligible expenses are paid through the sharing guidelines. As such, it’s important to understand them before you proceed with a plan.
As you can see, doctors work with cost sharing plans in a similar manner to health insurance. Nearly 90% of doctors accept medical cost sharing, as it’s a form of cash payment.
For doctor’s offices that won’t accept your cost sharing membership card like insurance, you are still eligible for benefits. In these scenarios, you will have to pay cash and then send the bill into the administrative staff of your program. You will then be reimbursed with eligible sharing.
As such, your doctor will almost always accept medical cost sharing. These are not Obamacare type programs. You can truly keep any doctor you’d like if you’re willing to pay upfront, in cash with certain doctors and medical facilities.
Understanding Medical Cost Sharing
For individuals curious about this type of coverage, you can keep your doctor in most cases. Just understand that you may be filling out some paperwork to do so.
The insurance world is ever changing. Medical cost sharing is here to stay. It could revolutionize the industry. Only time will tell at this point. If you have any questions or need assistance call now at 1-844-699-6873 to speak to one of our agents.