Many in government seem to think they know what’s best for us by controlling health insurance – who must purchase it, who the plans must cover, what benefits the plans must cover, and how the insurance companies can administer them. Though there are some good intentions behind some of this, the results have been catastrophic for people who aren’t receiving government subsidies. But when government gets out of the way, the market can come up with amazingly affordable solutions.
Skyrocketing Premiums and Dwindling Options
Since insurance companies are forced to cover people regardless of pre-existing conditions, they are once again dramatically increasing the premiums on all their planholders.
That is, if they are staying in the market at all. Blue Cross Blue Shield just announced their departure from many states, as have other companies.
So we now have a situation where in many cases there is only one single company that offers coverage in many areas, or even in an entire state. And the federal government wants to force you to buy insurance from them. If you don’t, you pay a tax penalty. And if you don’t pay that, you go to jail.
At this point, it is not uncommon for a family to be paying $1500 a month or more for their health insurance! For comparison purposes, you can lease a 2017 Porsche 911 Carrera Coupe for only $1200 a month.
A Simple Solution: Healthshare Programs
What if the federal government takes a step back on all these rules, restrictions, and regulations regarding the kind of health protection people need? Will this give people the freedom to choose and decide where to spend their money and how they can make arrangements among themselves to share medical expenses when something unexpected happens?
In fact, there may already be a solution… Healthshare programs.
These programs don’t carry the same regulations & restrictions that health insurance plans do, and they generally manage to avoid regulation by state insurance commissioners as well. This allows for groups of citizens to agree to a system of sharing medical expenses without undue regulation and the forced commitments the government would prefer to dictate.
Healthshares aren’t required to cover the 10 essential benefits, and don’t typically cover pre-existing conditions. Because they attract more health-conscious people, these plans typically cost less than half than the premiums you have to pay when getting an ACA-approved health plan. Plus, you can sign up all-year round.
Fortunately for members of Healthshare programs, they are exempt from the requirement to carry government-approved health insurance, or any associated penalties.
Most importantly? It’s a choice that you, me, or any other American can make: not a decision foisted on us by government meddling. In building or joining a Healthshare program, individuals like us can take on the role health insurance plans once could, only more effectively.
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.