CGoodHealth

Multiplan Healthcare/Indemnity Plans

 

Multiplan Healthcare is not an insurance company. It creates a network of doctors and professionals (called a PHCS or Private Healtcare System) that allows you to use your healcare plan benefits. The major downside of these plans are typically limited benefit plans, no out-of-pocket maximum and no critical illness coverage.

Reference: https://www.valuepenguin.com/health-insurance/multiplan-review

Healthshare plans

 

Healthshare plans are groups of individuals that pool their money to cover healthcare costs. They state on their policies that they are not insurance. These plans provide very low rates and a PPO network in the regions that they are available. Most of these plans work on a reimbursment system and those reimbursements are decided on by the organization. Many of the larger Healthshare organizations are regional or religion based, while this can be good for some, it may cause "eligible medical expense" limitation on others. Since there is not a federally required reserve for financial reimbursement, if the organization fails financially, members are left with no reimbursement. 

Reference: https://www.decent.com/blog/understanding-the-pros-and-cons-of-health-share-plans-a-comprehensive-guide#:~:text=Health%20share%20plans%20are%20arrangements,common%20ethical%20or%20religious%20beliefs.

Short Term Health Insurance

 

As the name implies, this is a short term insurance. It is set for anywhere from a few months to a year (Note: As of September 1, 2024 short term health plans will be only 3 months with a 4 month renewal.). If an accident occurs during the term, it will no longer be covered when renewed, as it is now a pre-existing condition and they typically do not cover any pre-existing conditions. They also typically have a limited scope of coverage and providers.

Reference: https://health.usnews.com/health-care/health-insurance/articles/pros-and-cons-of-short-term-health-insurance-plans

                    https://www.healthinsurance.org/blog/finalized-federal-rule-reduces-total-duration-of-short-term-health-plans-to-4-months/

Affordable Care Act (ACA), Marketplace plans, also refered to as "Obamacare"

 

The ACA was enacted to lower costs for households with incomes between 100% and 400% of the 

federal poverty level, expand medicaid, and designed to lower the costs of health care. These plans provide a premium tax credit to lower the monthly costs of insurance. The downsides of the marketplace plans are that typically healthy individuals will pay higher out-of-pocket expenses, due to the premiums and deductibles are based on the insurance companies having to cover pre-existing conditions, and that many marketplace plans do not provide coverage for dental or vision. 

References: https://www.healthcare.gov/glossary/affordable-care-act/

                      https://www.healthcare.gov/quick-guide/

                      https://www.healthline.com/health/consumer-healthcare-guide/pros-and-cons-obamacare#cons

Group plans and COBRA

 

Group plans are provided through an employer. These plans are paid for partially or fully by the employer. For an individual, these are usually a good option. Other than that it is only as good as long as you have the job, the downsides come typically in four areas. First, adding a spouse or children may be very expensive. Second, this coverage may not cover on the job accidents (this is important for a self-employeed second job, spouse and dependents) as most companies have workers compensation. Third, sometimes the bundled dental and vision coverage is limited. Fourth, COBRA is offered to employees who are let go from an organization that provides a group healthcare plan for up to 18 months and typically provides the same coverage but, is also much more expensive.

Reference: https://www.peoplekeep.com/blog/pros-and-cons-of-group-health-insurance

Private Healthcare plans

 

Private Healthcare plans are offered through for profit companies and come in a very large assortment of coverage options. These typically offer more tailored coverage for individual or family needs and a broader choice of providers. The downside to private healthcare plans can be the price to individuals with pre-existing conditions or to costly for those with low incomes.

Reference: https://www.educationalwave.com/pros-and-cons-of-private-health-care/