Health share plans are like cooperatives where members cover a portion of each other’s medical costs. You might’ve heard it called health sharing or health cost sharing. Here’s some encouraging news for anyone who’s been confused and frustrated by traditional insurance cost sharing-there’s a new way of sharing health care costs that’s cheaper and simpler. Sound familiar? Probably because this sharing strategy has been part of the insurance industry forever. Then, depending on your coinsurance split-usually 80/20-your insurance company kicks in a partial payment for your health care bill. Health insurance cost sharing is the portion of your medical bill the insurance company shares with you after you meet your own out-of-pocket payment responsibilities ( deductibles, coinsurance and copays). So, what is cost sharing in health insurance?
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