#213 - Healthcare Before Medicare: Getting Creative
Over the past few weeks on the Healthcare Before Medicare series, we have been exploring the different ways to solve the question of how to pay for medical insurance before you reach Medicare age. On this week’s episode, we are getting creative. We are thinking outside the box of regular insurance and we are exploring health care sharing ministries. Healthcare sharing ministries are not typical insurance, so we will learn what the difference is between these programs and traditional medical insurance. I continue my discussion with Keith and Linda to hear more about their research into healthcare and I also have Michael Gardner from Medi-Share on to get the details on healthcare sharing ministries. If you are thinking of retiring before retirement age or simply interested in insurance alternatives you will want to see if this is a good option for you. Listen to this episode as we explore all the options on how to get healthcare before Medicare.
What is Medi-Share?
Medi-Share is a health care sharing ministry, an alternative to traditional health insurance. A health care sharing ministry is a medical cost-sharing program, an arrangement between a group of people to share medical expenses. Although it is not traditional health insurance, there are some similarities between the two. There is a monthly fee similar to a health insurance premium and there is a yearly out of pocket portion that your family is expected to reach before asking the medishare community for help. Listen to this episode to hear about the Medi-Share option when researching healthcare before Medicare.
Medi-Share is not insurance, it’s a community
The biggest difference between health insurance and a health care sharing ministry like Medi-Share is that the money you pay each month goes to help another member of your community. When you pay your monthly share amount this money goes directly to another member who needs care. Most healthcare sharing ministries are nonprofit Christian based cost-sharing programs. Being part of this community is just one benefit of the Medi-Share model. Listen to this episode to hear Michael Gardner discuss all of the benefits of joining the Medi-Share community.
What about the ACA?
If this isn’t insurance, how do people stay in compliance with the ACA? Health care sharing ministries are insurance alternatives that have been around for about 30 years. Being as such, there is a provision in the ACA for these health care sharing ministries. Since these organizations are faith-based they can get around the religious loophole in the law that was put in place. These faith-based organizations require a statement of faith that must be signed as well as certain agreements to live a healthy lifestyle. Listen to this episode of Retirement Answer Man to hear all the details about health care sharing ministries like Medi-Share and how they can help in your search for healthcare before Medicare.
Why would you not want to participate in a health care sharing ministry?
During the Practical Planning segment, I continue my discussion with Keith and Linda. They were on the show last week to discuss their research into the ACA. This week Keith shares all that he has learned about health care sharing ministries in his research into the subject of healthcare before Medicare. Keith discovered many great reasons to use a health care sharing ministry, but he also encountered some downfalls. I know you’ll want to hear why they decided not to go with this option, so listen to the show to discover the lowdown on health care sharing ministries.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
[2:32] Alternative to health insurance
[6:06] Michael Gardner shares the basics of what Medi-Share is
[9:09] What are some distinctions between Medi-Share and insurance
[15:52] How efficient is the system?
[22:28] Extra perks from Medi-Share
PRACTICAL PLANNING SEGMENT
[26:15] What does Keith think about health care sharing ministries?
[31:42] What was the application process like?
[35:43] Why did they not choose it?
[41:55] What are the benefits of each company?
THE HAPPY LAB SEGMENT
[52:50] My book Rock Retirement is officially out!
TODAY’S SMART SPRINT SEGMENT
[54:30] If your mom is around, call her!
Resources Mentioned In This Episode
Christian Healthcare Ministries
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page
Intro music by bensound.com
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