Its hard to deny the disruption being caused by the recent boom of the Sharing Economy. Sharing is transforming a number of seemingly untouchable markets. Who could have imagined people paying to ride in a stranger’s car, or paying to stay in someone else’s house for a day or two. Make no mistake about it sharing is big, and its booming.
But what about the healthcare industry? Could sharing possibly disrupt the largest jauggernaut on the planet? I mean blowing up taxis and fund-raising is one thing….But could sharing change the course of a raging river like healthcare? It can and it is.
The medical sharing revolution first took root in the Christian community. Health sharing plans with names like Liberty Healthshare, Medishare and Christian Healthcare Ministries have been sharing member’s medical bills for around 30 years. However these faith based plans appealed to a limited audience of like-minded Christians. Members signed a statement of faith, agreed to live a clean life, and share each other’s medical expenses as a community.
Fast forward to today and medical cost sharing has quickly emerged in the modern sharing economy. Industry innovators like Sedera Health have recognized that faith has no bearing on the success of medical cost sharing. As Sedera’s founder Dr. Tony Dale puts it, “Medical Cost Sharing uses the same math as health insurance, and if there are enough people in the pool the math is highly predictable”.
Medical cost sharing is hard to conceive and harder to believe. That’s because most Americans have been counting on health insurance their entire life. It seems like no matter how high they raise premiums and deductibles, people cling to a deep rooted and unhealthy trust in health insurance. But the cost of health insurance has reached a breaking point for most people. When you are spending more on health insurance than food for the family something has to change.
Most medical cost sharing plans are about half the cost of traditional insurance. Sedera’s medical cost sharing plans for employer groups and individuals are no exception. The monthly cost for Sedera’s best plan, is about half the cost of a high deductible health insurance policy. Since medical cost sharing is not health insurance, they don’t have to play by the same rules. For instance, since there are no network requirements, you can go to any doctor or hospital you like. At the same time, pre-existing conditions are subject to exclusion or limitations. In order to protect the community Sedera, has a 3 year phase-in for pre-existing conditions. Members who sign up with pre-existing illness or injury have to wait at least 12 months to submit any bills related to that condition.
Sedera members have unlimited access to TelaDoc as the first-line defense for routine health issues. Another way Sedera helps members get the care they need is offering free second opinions. Isn’t that what you should be thinking if a doctor recommends surgery – “Thanks, now I’d like a second opinion”. Sedera’s members get a $250 cash discount just for taking time to talk with a specialist and listen to a second opinion from some of the best doctors and surgeons in the country, and it’s completely free!
An Initial Unshared Amount or IUA, is what members elect pay for any medical incident. It’s ideal for people who live healthy and are not frequent flyers at the doctor’s office. It’s perfect for people who just want the comfort of knowing something bad happens that they won’t get wiped out by a $10,000 ER visit, a $50,000 surgery, or worse.
Sedera medical cost sharing members love knowing that the worst possible medical incident is only going to cost $500 out of pocket, no matter how bad or how long, at any hospital or any doctor.