Spoiler: the answer is yes!
Now, I know what you’re thinking. To qualify for Medicare, one must be 65 years or older, and with older age comes with pre-existing conditions. As we discussed in another article, pre-existing conditions are covered by healthshares with some limitations. Therefore, healthshares are absolutely a valid supplement to Medicare.
Insurance is Expensive
Even with Medicare, you may still have high out-of-pocket costs, and at the age of retirement, paying high premiums may not always be manageable on a fixed income. While healthshares weren’t meant for this purpose, it might be an option to fill in those gaps insurance won’t pay. Just like insurance, healthshare members pay a monthly fee, and eligible medical expenses are then paid from that collective.
Healthshares aren’t insurance, so the rules and procedures aren’t the same. For example, many of the preventive care people 65 or older tend to need (like dental and vision coverage) typically isn’t included. That’s why healthshare plans work as a supplement to Medicare but can’t take the place of traditional insurance in that regard. Healthshares are meant for sudden, unexpected illnesses.
A good portion of healthshares accept pre-existing conditions, but there are limits to what costs are eligible and how much. Many have a lifetime limit that cannot be exceeded. Many—like Liberty HealthShare and Medi-Share—have strict limits for the first three years, and then erase the pre-existing condition status after the third year.
Great Option for Supplementing Medicare
If you’re 65 and older, have Medicare, and are struggling to pay extraneous out-of-pocket costs, a healthshare plan might help fill in those gaps and make things more affordable. After a lifetime of working hard, paying bills and getting the necessary healthcare shouldn’t be a struggle. You shouldn’t have to pick one or the other. Consider getting a healthcare plan to help with those costs.