InsuranceNo InsuranceShared Medical ExpensesSavings Fund

 

Health insurance is not an option for some people, because the premiums are so high. Furthermore, insurance products may not help you access the healthcare you desire. In addition, insurance premiums may increase dramatically, if you become ill. Some insurance companies may not insure you, if you have pre-existing illness. Or else the premiums may be so high you cannot afford the insurance.

Click here for practical advice on choosing the right health insurance.

 

 

If you cannot afford insurance premiums, but need health care…there is hope!  We are developing health care provider networks who charge a reasonable fee for their services.  These services include primary care, dermatology, surgery, and even subspecialities such as oto-neurology!  If you are satisfied with the health care provider you are currently seeing, and you would like to continue to see them, encourage them to become a member of Liberty Health Group.  We will provide them with information regarding how to accept payment at time of service.   If you do not have a health care provider, write to us, and we will try to locate one in your community.  Eventually, we will have a directory that makes it easier to find someone to meet your needs anywhere in the United States.

 

For those who qualify, there are currently three medical sharing opportunities that satisfy the Affordable Care Act requirements for health insurance.  It is important to realize that these are not insurance programs.  Members share medical expenses.  In general, these programs are intended to help with the unexpected hospital events.  For those who qualify, becoming a member of one of these programs, combined with the cost savings realized via Liberty Health Group membership is a perfect combination!

Medi-Share

Christian Healthcare Ministries

Samaritan Ministries

 

Don’t laugh…putting money into a shoe box is not a bad idea.  Another option is to open a separate savings account reserved for medical expenses only. The simplest savings account is one that you open.   There are other options to consider that may be related to having health insurance (connect to the health insurance page).

According to the Harvard Study (reference), the medical costs for those without insurance that forced them to declare bankruptcy were approximately $30,000.  This is a lot of money, if you had to come up with this unexpectedly.  However, with regular savings, one can accumulate this amount rather quickly.

$50 savings/month for 28 years (begin at birth)

$100 savings/month/14 years = $30,000

$500 savings/month/4.5 years = $30,000

$1,000 savings/month/2.5 years = $30,000

The chart to the right shows the costs per household for the penalties imposed by not having insurance. In 2014, for those whose income is less than $28,500, the maximum penalty is $285.  For those with income more than $28,500, they will be taxed 1% of their income.In 2015, the maximum penalty for individuals and families with income less than $48,750, the maximum penalty is $975.  For individuals and families with income over $48,750, they will be taxed 2% of their income.In 2016, for individuals and families with income under $84,400, the maximum penalty is $2,085; or 2.5% of income for individuals and families whose income is more than $83,400.For some people, it may make sense to pay the penalty, especially when you have access to affordable health care without insurance. 

 

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