If you’re reading this, chances are you’re among those who have benefitted from the many advantages of health sharing over traditional health insurance products.
These include lower costs, the freedom to choose your own doctors and hospitals, less government meddling, and more healthcare freedom.
Many people getting ready to transition to Medicare ask us if it’s possible to continue health sharing after age 65, when most people sign up for Medicare.
We have good news: The answer is YES: You can continue health sharing even on Medicare, by joining Medi-Share 65+, a health sharing alternative tailored for Medicare beneficiaries.
Medi-Share 65+ helps lower your monthly and out-of-pocket costs, while also preserving your ability to see any doctor you choose.
This article explores Medi-Share 65+, how it works, enrollment periods, and the impact of pre-existing conditions. We’ll also compare Medigap and Medicare Advantage, discuss cost savings, and delve into Medicare Part D. Finally, we’ll compare Medicare Part G and Part N to help you make an informed decision.
What Is Medi-Share 65+?
Medi-Share 65+ is a Christian health sharing plan designed specifically for Medicare beneficiaries, allowing members to share Medicare-related out-of-pocket costs like deductibles and copays.
A subsidiary of the well-known health sharing ministry organization Medi-Share, Medi-Share 65+ operates as a non-profit health sharing ministry where members contribute monthly to assist each other with medical expenses, emphasizing community support and shared responsibility.
This plan offers a faith-based and lower-cost alternative to traditional Medigap Plan G insurance products, appealing to those seeking cost-effective healthcare solutions aligned with their Christian values.
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How It Works
Medi-Share 65+ activates once you’ve incurred more than $500 in qualified out-of-pocket expenses for services typically covered under Medicare.
This $500 is your Annual Household Portion (AHP). After meeting this threshold, 100% of your eligible medical bills that Medicare doesn’t cover are shared by fellow Medi-Share members.
The program covers costs that Medicare approves but doesn’t fully pay for, such as copays, deductibles, and, in some states, Medicare “excess charges.” Members open a bank account approved by Medi-Share to facilitate deposits and withdrawals.
Medigap vs. Medicare Advantage: A Comparison
Here’s a comparison of Medi-Share 65+ and Medicare Advantage to help you choose the best fit:
| Feature | Medi-Share 65+ | Medicare Advantage |
|---|---|---|
| Type | Non-insurance alternative | Medicare provided by private company |
| Coverage | Shares all deductibles, co-pays, and co-insurance for Medicare Parts A and B over $500 member responsibility amount | Plans vary |
| Provider Choice | Can see any provider | Non-emergency care must stay within network |
| Specialist Referrals | No referral needed | May require referral from PCP (depends on plan) |
| Coverage Area | Good anywhere in the U.S. | Most networks are regional |
| International Coverage | Can be used outside of the U.S. | Must stay within the U.S. |
| Monthly Cost | $99 for ages 65-74, $150 for ages 75+ | Varies, many zero-premium plans available |
| Prescription Drug Coverage | No | Some plans include coverage |
| Medical Underwriting | Required to join | Guaranteed issue during initial eligibility and annual election periods |
Cost Savings with Medi-Share 65+
This plan offers benefits similar to Medigap Plan G but at significantly lower monthly premiums—just $99 for ages 65-75 and $150 for those 76 and older, no matter where you live.
In comparison, the average Medigap Plan G premium is $250 or more. Both options have similar out-of-pocket maximums, with Medi-Share 65+ capping at $500, while Medigap Plan G has a 2023 Part B deductible of $219. A standout feature of Medi-Share 65+ is its 10-year price “lock-in” for those who join at age 65, ensuring you won’t face any price increases for a decade.
Medicare Part D Add-on
Medi-Share 65+ doesn’t include prescription drug coverage.
If you need this, enroll in a separate Medicare Part D plan offered by private insurance companies approved by Medicare.
When choosing a Part D plan, consider:
- Medication Coverage—Ensure your current medications are in the plan’s formulary.
- Tier System—Understand how much you’ll pay for each drug.
- Costs—Compare monthly premiums, annual deductibles, and copayments or coinsurance.
Even if you don’t currently take prescription drugs, enrolling in a Part D plan when first eligible is wise to avoid a late enrollment penalty. The late enrollment penalty for Medicare Part D is determined by the duration you went without Part D or equivalent prescription drug coverage.
Medicare calculates this penalty by taking 1% of the “national base beneficiary premium,” which is $34.70 for 2024, and multiplying it by the total number of complete months you lacked Part D or creditable coverage. This monthly penalty is then rounded to the nearest $0.10 and added to your monthly Part D premium.
Since the national base beneficiary premium can change annually, your penalty amount may also fluctuate each year.
More Benefits of Medi-Share 65+
Medi-Share 65+ offers unique benefits beyond cost savings:
- Telehealth Access—Enjoy 24/7 access to board-certified physicians via telehealth for quick consultations.
- Discount Programs—Benefit from negotiated discounts on medical services, including dental and vision care.
- No Annual or Lifetime Limits—No caps on sharing benefits, except for motorcycle accident injuries.
- Flexibility—Use any doctor or facility that accepts Medicare, with no network restrictions.
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When Can You Enroll in Medi-Share 65+?
Once you’re age 65 or older and enrolled in Original Medicare (Part A and Part B) You can enroll in Medi-Share 65+ at any time––There are no restricted enrollment periods.
However, if you have pre-existing conditions, Medi-Share will restrict sharing for costs related to treating them for up to six months. But you can avoid this waiting period if you sign up during your initial Medicare enrollment period, or during the annual Fall Enrollment Period, which runs from October 15th through December 7th each year.
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Conclusion
As you prepare to make your Medicare decision, it’s essential to research your options thoroughly and consider consulting a Personal Benefits Manager for personalized guidance.
With careful planning, you can find a healthcare solution that provides the protection you need at a price you can afford. Whether you choose Medi-Share 65+, a Medigap plan, or a Medicare Advantage plan, the key is to have protection that gives you peace of mind as you enter this new phase of life.
Need personalized assistance? We’re happy to help! And it’s free.
Just make an appointment with an expert Personal Benefits Manager. We make it easy and stress free.
For Further Reading: Does Medi-Share 65+ Pay When Traveling Outside the U.S?|Can I Change or Switch My Medigap Plan?|Medicare Supplement Plan N
Tom Lockwood is a Personal Benefits Manager at MediGap Advisors. Tom has a passion for bringing clarity to those confused about Medicare. He is an authority on Medicare, Medicare supplement plans, Medicare Advantage plans, and Part D prescription drug plans. Read more about Tom on his Bio page.