Health Care Sharing Ministries (HCSMs) are a growing trend in the health industry. They're faith-based organizations that help members share in each other's medical bills. Jericho Share offers answers to your questions about how a health care sharing ministry works and whether it's right for you in this blog post.
What Is a Health Care Sharing Ministry?
A health care sharing ministry (HCSM) is a non-profit (c)(3) organization whose members hold the same religious and ethical beliefs. It's not an insurance company.
Jericho Share explains that you're not making monthly payments into a pool of coverage that covers you and your family due to an accident or illness. Instead, you contribute money to a common ShareBox to meet each other's medical costs.
How Does a Health Care Sharing Ministry Work?
When you join a health care sharing ministry, you're essentially becoming a member. You submit a monthly contribution and should agree with the statement of religious and ethical beliefs. And in return, you could get financial help when you need assistance with your medical needs.
Jericho Share notes that a health care sharing ministry strives to offer its members an affordable network of providers. As a result, it asks members to make lower contributions.
Who Can Join a Health Care Sharing Ministry?
If you're looking to join a health care sharing ministry, here are a few things to remember. First, you have to be at least 18 years old. Second, you must be a U.S. citizen or legal resident. Third, you must agree to follow the ministry's religious and ethical beliefs.
According to Jericho Share, membership is open to anyone who accepts the religious and ethical beliefs of the ministry.
Advantages of Joining a Health Care Sharing Ministry
The main advantage of health care sharing ministries is that they're significantly less expensive. Members contribute less and can use the money saved to help in other ways.
Prospective members can enroll in JHS Community at any time throughout the year without a qualifying event.
Of course, you have needs as well. Many people struggle to pay for routine healthcare. A health care sharing ministry will provide the help you need when you need it.
Membership participation is voluntary, there are never any contracts or policies.
Each person or family has their own needs and budget. When you choose Jericho Share, you can choose from several programs. You can also add eligibility for hospital expenses, dental care, and other health costs.
Disadvantages of Joining a Health Care Sharing Ministry
Health care sharing ministries are an excellent option for some people, but they aren't suitable for everyone. They may not share in all types of care, such as prescription drugs, dental, or vision. As Jericho Share notes, a health care sharing ministry likely won't meet some expenses if you need long-term care or treatment for a chronic condition.
An HCSM doesn't follow the Affordable Care Act (ACA), so they don't share in pre-existing conditions for inpatient services or outpatient surgery services.
However, not all HSCMs are created equal. Some may have restrictions on participants, such as meeting specific income requirements or subscribing to the group's belief system.
Final Words: Is a Health Care Sharing Ministry Right for You?
Health care sharing ministries are a perfect alternative if you're looking for a community with your same beliefs, and you want to help one another with sharing of medical needs. However, HCSMs are not insurance companies, so they don't offer coverage for many illnesses. Jericho Share says you need to do your research to determine your monthly contributions, type of program, and religious and ethical beliefs before you join any HCSM.
Jericho Share offers flexible, cost-effective, and sharing options for regular care. Examples include office visits, preventative and wellness services, and inpatient hospitalization. The ministry focuses on ensuring that you have an exceptional member experience.
