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The cost of medical care on the rise, and so are the health insurance premiums designed to help cover these costs. And not only is private insurance increasing in cost, but so are other forms of health insurance, including employer-provided, job-based health insurance plans.

According to a recent survey conducted by KFF, the average family premium for health coverage through employers is up 4 percent this year, reaching $21,342. The annual poll discovered that workers pay an average of almost $5,600 in family coverage in 2020. That’s up $1,600 from only 10 years ago when employees were paying about $4,000 towards family coverage.

Rising Trend in Health Insurance Costs

The year 2020 may have only seen a moderate increase in health insurance costs, but the rising trend has been around for years. In fact, health insurance costs have skyrocketed 55 percent just in the past decade. These increases in costs far outpace the rise in wages and inflation.

Average annual deductibles for individual coverage has now reached $1,644, marking a 25 percent increase over the past five years and a 79 percent spike over the past decade.

The largest proportion of Americans with health insurance depend on their employers for their plans compared to Medicare, Medicaid, and private insurance. More specifically, about 157 million Americans depend on their job-based plans for health coverage, and over half of employers offer insurance to at least a portion of their workforce.

health care sharing

Health care sharing ministries offer employees a more affordable option to handle health care costs.

More Affordable Options Are Available in the Form of Health Sharing Programs

Considering the high cost of medical care, it would be next to impossible for the majority of Americans to afford these bills on their own without some outside financial help. That’s where health insurance plans come into the picture. But based on the numbers above, even health insurance can be out of financial reach for many Americans, especially during the current health crisis that has severely impacted the income of millions of Americans.

Thankfully, there is a more cost-effective option: health sharing ministries. Members of health sharing programs can save as much as 40 percent or more on the cost of healthcare. And about two million Americans are already taking advantage of this affordable option.

In addition to saving money, members of Christian health sharing ministries also enjoy being a part of a group of like-minded people of faith who work together to share the expense of medical care, sharing in harmony with the scriptural command to show love for one’s neighbor. 

Many health sharing ministries also offer pharmacy options, telemedicine visits at low or no cost, and other benefits that make membership attractive. Additionally, health sharing ministries may be associated with large, nationwide provider networks, meaning that members have access to expanded choices when it comes to who they can see for various medical conditions and concerns.

At USHealthShare, we are proud to offer information on health sharing programs for members to choose from to save money on medical and pharmacy expenses. We work closely with each member to help them select the appropriate program based on their needs and budgets.

If you’re considering making a switch to a more affordable and flexible option, we’d love to help. Get in touch with a representative from USHealthShare today to discuss your options because health sharing saves money.

US Healthshare