Healthcare Sharing Ministries

by | Aug 22, 2019 | Healthcare

For many Americans, healthcare has become a significant expense in their budget, especially with the introduction of the Affordable Care Act (Obama Care), which led to skyrocketing health insurance premiums for millions who do not qualify for subsidies. However, a reasonably priced alternative exists within the rapidly growing sector known as healthcare sharing ministries.

Healthcare-sharing ministries manage plans structured to cover healthcare costs equitably across all participants, making them distinct from traditional insurance. With over 1 million participants as of 2018, these plans provide coverage for major health events and more, often including networks and co-pays akin to regular health insurance.

To join a faith-based cost-sharing plan, specific requirements must be met, such as regular church attendance and adherence to health-promoting lifestyle choices. Many plans exclude pre-existing conditions or impose waiting periods for coverage. Understanding how your health history may affect benefits is crucial in selecting the best option.

Healthcare-sharing ministries typically offer three plan levels: Catastrophic plans cover major health events, requiring out-of-pocket payments with reimbursement from the plan. Basic plans may cover primary care, with varying degrees of coverage and network restrictions. Comprehensive plans resemble traditional health insurance, offering extensive coverage for preventive care, primary care, and more, often with a co-pay structure.

If you’re in good health and seeking savings, a faith-based health plan could be a viable option, potentially saving you $500 or more per month. Imagine what you could do with an extra $6,000 a year. As a Certified Financial Planner™, I understand the value of strategic financial decisions. Feel free to reach out for personalized guidance.

Subscribe to our newsletter 
  • This field is for validation purposes and should be left unchanged.

Still Have Questions?

Need a little guidance from a CERTIFIED FINANCIAL PLANNER™? Get in touch and I will be glad to help you determine if we’re the right option for your needs —no obligation, no commitment.