HOUSTON – The clock is ticking for the 22 million Americans currently enrolled in the Affordable Care Act, as lawmakers remain divided over extending ACA tax subsidies.
A vote is expected in the senate next month to determine if enrollees will continue to see tax credits that lower monthly premiums. If those go away, that monthly expense skyrockets and could mean people have to drop ACA coverage completely.
We spoke with a local direct care provider about the option of joining a health share program, whether it’s because you need an alternative to ACA or you just find big box plans too costly.
Health share members agree to share medical expenses and contribute to a pool that goes to cover medical bills.
Plans vary widely depending on medical needs.
Dr. Arti Thangudu, a Houston-based endocrinologist who hosts the podcast “Endocrine matters,” says there are definite pros and cons to these plans based on your medical needs.
”These work best for people who are relatively healthy,” she says. “If you have chronic medical problems and you know you’re going to frequently go to the hospital, it’s probably not the best fit.”
However, if you don’t require frequent trips to the doctor or costly prescription medication regularly, or if you think you’re paying too high a premium overall, a health share plan could work for you.
“If you notice you’re paying too much, or if you’re self-employed and relatively healthy, then I think a cost share is something to seriously consider.” Thangudu said.
Dr. Thangudu says if tax credits aren’t extended, enrollees who waive ACA coverage in the new year could benefit greatly from a cost share option.
“I speak to several brokers and that’s their first thing to recommend to people falling off the ACA. People can at least get catastrophic coverage so they’re not scared to go to the hospital if they’re having an emergency in the middle of the night.”
For more information on cost sharing programs, visit Dr. Thengudu’s website here.
You can also see companion videos on how to save on prescription drugs here as well as how to negotiate medical bills here.