HealthCare Sharing Ministry Plans are not Insurance!
There are only 3-4 of these plans that have received waivers from the Federal Government to avoid the Federal Tax Penalty.
They are not insurance coverage!
You have no government protections with them.
You can't take it to court if they don't have enough money to pay your claim!
It's all in their fine print.
If one member wipes them out, your claims are never paid.
They are not required to maintain reserves (like insurance companies).
Insurance companies keep millions in reserve to pay out their claims....in addition to buying re-insurance (for your protection) from other insurance companies.
Insurance companies are also rated for their financial stability by A. M. Best (the leading watchdog in the industry).
There is no watchdog overseeing HealthCare Sharing Ministries.
There are no government protections or guarantees.
You must also agree to abide by all of their rules...including no smoking, drinking, drugs, fornication & more.
If the Sharing Ministry did not get a waiver from the Feds, you are penalized (at tax time) for not complying with the ACA law:
Tax Penalty Info in a nutshell HERE
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The main reason we buy coverage should be:
To pay for that unexpected catastrophic event that might happen....that could wipe us out.
HealthCare Sharing Ministry Plans do not offer this protection.
Temporary ShortTerm plans do....and they're cheap....but:
- They don't cover pre-existing medical conditions
......Don't buy them if you have pre-x medical conditions!
- They don't avoid the Federal Tax Penalty
- They don't cover preventive care (check ups)
- They don't cover you beyond $2 million (per person)
They cover future (unknown) illnesses or injuries that might happen during your term of coverage.
You can use any doctor or hospital with this Temporary Plan
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