IUAs Explained
Facing the unknown can be intimidating, especially when embracing a new healthcare approach like medical cost-sharing. At Knew Health, our goal is to eliminate any confusion and make the process straightforward and stress-free. The term “Initial Unshareable Amount”-or IUA- might be new for many Members. We’re here to clear the air on exactly what the term means, the options you have within your Membership, and what that means for you and your family. But that’s only the beginning! Today, we aim to equip you with a comprehensive guide so that whenever questions arise, you’ll have all the information you need about IUAs at your fingertips. Everything you need to know about IUAs is covered here!
What is an ‘Initial Unshareable Amount’?
An ‘Initial Unshareable Amount,’ also known as an IUA, refers to the fixed amount that a Knew Health Member is responsible for paying when a new medical need arises. The IUA amount is chosen when the Member first enrolls in Knew Health. Then, once a medical event occurs, the Member will only pay as much as their chosen IUA, regardless of the medical expenses incurred. The Knew Health community then shares the remainder of those medical expenses.
An IUA is often compared to an insurance deductible, but it is important to note that there are many differences. Some of the most notable differences are:
- IUAs are continuous and do not reset every January 1st.
- Once you meet your IUA, you will never pay coinsurance or copayments.
- IUAs are not required to receive preventative and wellness services.
- An IUA is on a per-member, per-incident basis.
How many IUA Membership options does Knew Health offer?
There are three IUA Membership options to choose from. The options range from $1000-$5000. Individuals can choose a Membership alone, with a spouse or child, or for the entire family. The Membership IUA level applies to all participants. Each Membership is based on the age of the oldest Member. For a detailed look at all the IUA options, visit our Knew Health Membership Options.
How do I know which IUA is right for me?
After determining the age range for your Membership and which family members you will include, you’ll want to select an IUA that will fit into your family’s budget. The higher your IUA, the lower your monthly contribution will be (and vice versa).
What happens if I don’t meet my IUA for an unexpected medical event?
If your medical expenses for a single medical event are less than your IUA level, you are responsible for those medical bills. The Knew Health community shares the expenses only after meeting the IUA.
What expenses can be included in my IUA?
Anything related to the medical event can be included in your IUA. This might include:
- Ambulance rides (ground and air)
- Hospital stays
- Surgery
- Imaging
- Emergency visits
- Labs
- Medications for acute care
- Holistic treatments,
- Recovery
- Follow-up visits
- Maternity
- And more
Does my IUA reset on January 1st?
No! Your IUA is not based on the calendar year; therefore, it will never “reset” on January 1st. Instead, IUAs are continuous and on a per-member, per-incident basis. After your IUA is met, the community will share one hundred percent of the expenses related to that medical event. So if an unexpected injury occurs in December, your medical expenses from December, January, and beyond that are related to that initial injury are part of one medical Need. Therefore, you will only pay one IUA for that event.
Can I change my IUA at any time?
Members can change their IUA level once throughout the year. The change will apply to all household members. It is important to note that lowering your IUA will result in a 60-day waiting period for new medical Needs (with the exception of accidental emergencies).
What are the limits on sharing?
There is no annual or lifetime maximum shareable amount for any member or membership household. Knew Health has a systematic way of handling large Needs and has budgeted to account for them.
We also have a safety net for households with a particularly tough year of healthcare and need to meet their IUA more than three times. Households will not be responsible for more than three IUAs in a rolling 12-month period. This is one more way Members can have peace of mind when the unexpected happens.
Does an IUA share in preventive and wellness services?
While preventive and wellness services are not subject to your IUA, your Knew Health membership offers support in many ways. Each Member has access to routine preventive care, which is included with their Membership. Even better, you do not need to meet your IUA to access wellness services and preventive care.
How does an IUA help my family save money?
Enrolling in Knew Health and selecting an IUA option can result in substantial cost savings, especially when the unexpected occurs. With traditional insurance, individuals will often still pay copayments and coinsurance and must meet their deductible, which will reset each calendar year. With Knew Health’s IUA, you can have true peace of mind when these unexpected injuries or events happen.
Final Thoughts
In summary, Knew Health’s guide on Initial Unshareable Amounts (IUAs) simplifies the landscape of healthcare costs, providing members with clarity and empowerment. Unlike traditional insurance, our IUAs offer continuous coverage without annual resets, allowing flexibility and tailored options for families. With transparent sharing of various medical expenses and no annual or lifetime maximums, Knew Health ensures financial confidence during unforeseen events. Choosing Knew Health means embracing a cost-effective healthcare solution that brings genuine peace of mind. Your journey to stress-free healthcare starts here.
