If you think there’s only one way to pay for healthcare, maybe it’s time to think outside the box of health insurance.

Of course, health insurance is a great thing to have, but is it necessarily the best way to pay for healthcare costs? Lauren Gajdek joins us today to discuss medical cost sharing and how it might be a better option.

Lauren Gajdek is the Vice President of Communications and Media at Christian Healthcare Ministries, an underwriter of Faith & Finance. 

What Are People Looking for in Healthcare?

Many people are searching for options beyond traditional health insurance. CHM members often seek three key elements:

• Freedom to Choose Providers: Members value the ability to select their healthcare providers, especially those they trust, without being restricted by a network.
• Faith-Aligned Solutions: They want a healthcare solution that aligns with their Christian beliefs, which can be hard to find in conventional insurance plans.
• Lower Costs: Cost is a major factor, and many people are looking for more affordable ways to manage their medical expenses.

CHM meets these needs by offering a healthcare solution that allows members to choose their providers and emphasizes a biblical approach to sharing medical expenses.

Flexibility in Choosing Providers

One significant difference with CHM is that it does not restrict members to a specific network of providers. This freedom is especially valuable in emergencies or when traveling, allowing members to access care without worrying about whether a provider is “in-network.” 

While they can assist members in finding cost-effective providers for planned procedures, the final choice remains with the member, offering a level of autonomy that traditional insurance often lacks.

How Does Medical Cost Sharing Work?

Medical cost sharing through CHM allows members greater control over their healthcare decisions. Unlike traditional insurance, no pre-approvals are required. If a medical expense falls within their guidelines, it becomes eligible for sharing among the membership. This means that decisions about care are made by the doctor and the patient without the bureaucracy typically associated with insurance.

Why Is CHM More Affordable?

CHM is often more cost effective than traditional health insurance due to its unique structure:

• Self-Pay Discounts: Members can request self-pay discounts, significantly reducing medical costs. Because it operates as a nonprofit ministry rather than an insurance company, these discounts are a vital part of its strategy to lower costs.
• Strong Provider Relationships: With over 40 years of experience, CHM has built relationships with healthcare providers, allowing them to negotiate better rates for services behind the scenes.

The Importance of a Faith-Based Approach

CHM’s foundation as a Christian ministry is central to its identity. The organization’s mission is rooted in biblical principles, emphasizing the importance of sharing each other’s medical burdens. This focus on community and mutual support makes them unique in healthcare solutions. It is a reminder that ministry comes first.

CHM offers a flexible, faith-based alternative for managing healthcare costs, making it appealing to many believers. To learn more about how medical cost-sharing works or explore their services, visit chministries.org/faith.

On Today’s Program, Rob Answers Listener Questions:

• I have a two-flat apartment building that's worth $700,000. We were offered to sell it, and we're looking at another apartment building in another area for $625,000. I wanted to know what it would cost me to sell mine for $700,000 and buy the other for $625,000. I've never sold a building, so I am still determining what to expect.
• My son struggles to pay the bills for his business, and he's taken out several payday loans to make ends meet. He needs to connect with someone who can give him business financial guidance or possibly look into debt consolidation. Do you have any suggestions?
• I'm selling a home and would like to know where to start with everything. I know I need an emergency fund and want to help the children. I also want to put money into another home I'm going into. I don't know where to start with all of this, as it's all new for me since my husband passed away.
• I've been told there's a way to get a free credit report. I understand the government requires it, but I'm uncomfortable using the internet. Please tell me how I can get my free credit report.

Resources Mentioned:

• Christian Healthcare Ministries (CHM)
• Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, JD.
• AnnualCreditReport.com
• Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App

Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.