I have important information to share with you today. I’d like to be able to have this conversation with each of you directly, but with so many sharing families, it just isn’t possible. Over the past five years, the healthcare industry has experienced significant inflation, resulting in rising costs for everyone. The Centers for Medicare and Medicaid Services have shown that National Health Expenditures reached an all time high of over $3 trillion, with estimates reaching to $11,300 per person in 2018.
We're proud to say that we've been able to absorb these increases. However, we have begun to see the rising cost impact our sharing dollars. If you've been following our monthly Newsletter Sharing Statistics, you may have noticed the carryover in recent months. We are not panicked by it, but it is something we have to responsibly address.
We’ve addressed a number of things internally including improved processes; controlling administrative costs; increased audit procedures; extensive vendor renegotiations; and additional efforts for even better savings with providers and facilities. However, after 5 years without change and absorbing increases, we now need to turn our attention to member monthly share amounts and Annual Unshared Amounts.
With Board of Director approval, we need to change our monthly share amounts by $50 for our existing members on September 1st. If you have been a member less than 6 months, your share increase will not change until your 7th month. We also need to change our Annual Unshared Amounts upon your renewal date to $1000 for single, $1750 for a couple, and $2250 for Families.
Our new members will also see an increase on Aug 1st, that will be communicated on our website.
This change in share amounts and Annual Unshared Amounts is necessary for the continued financial health of the ministry, but we know this marks a change in individual lives that we don’t take lightly.
We’re doing all we can do to impact our members as little as possible and we’re asking you to remember that this is a sharing family, not an insurance. Everything you can possibly do to contain your healthshare costs impacts every other sharing family.
We are committed to accomplishing our mission of sharing; living our Christian values; protecting our sharing dollars; and providing a great customer experience. We pray for you, our members, and we ask that you pray for us, as we work together for Liberty Healthshare.
Thank you for listening. God Bless you.