People are increasingly joining Health Care Sharing Ministries (HCSMs) to share the expense of medical care. Based on religious principles, these organizations assist members in splitting up medical expenses. This blog post by Jericho Share will explain how health care sharing ministries work and assist you in determining if joining one would benefit you.
A health care sharing ministry (HCSM) is recognized as a 501(c)(3) organization because its members adhere to the same moral and religious principles (3). That company is not an insurance provider.
Jericho Share wants to clarify that you and your family are not contributing to a pooled account for unexpected medical expenses. By combining your funds in a ShareBox, you may pay your medical expenditures collectively rather than individually.
How exactly does one go about starting a ministry that shares healthcare?
It is similar to joining a club to join a health care sharing ministry. You must make a monthly contribution and concur with the statement of your moral and religious beliefs to join. You might utilize the money for future medical needs if you contribute to the fund.
According to Jericho Share, a healthcare sharing ministry's main objective is to give its members a cost-effective group of medical specialists at discounted prices. Because of this, it has lowered the amount of money that members must provide.
A Health Care Sharing Ministry's Doors Are Open to Whom?
Consider the following before deciding to join a health care sharing ministry. To join, you must be above the age of 18. You must also be a citizen or lawful permanent resident of the United States. Third, you must pledge to maintain the moral and spiritual standards of the ministry.
Jericho Share accepts anybody who shares their organization's principles and morals, as stated on their website.
Benefits of Being a Member of a Health Care Sharing Ministry
The significant reduction in healthcare expenditures is the main advantage of healthcare-sharing ministries. Members pay fewer dues, and the surplus funds are used more effectively.
Prospective members do not have to wait for a special event to join JHS Community; they may do so at any time during the year.
You have your criteria. For many people, the average expense of healthcare may be prohibitive. Jericho Share notes that a health care sharing ministry, you can rely on it.
Membership in the organization is optional; no rules or agreements must be followed are ever enforced.
Each person has their own needs and budgetary limitations. You may access a broad range of applications if you choose Jericho Share. Dental work, hospitalization, and other medical expenses might be covered under medical care.
Joining a Health Care Sharing Ministry Has Its Downsides
Although health care sharing ministries are not suitable for everyone, they are a terrific choice for some. They may be unable to divide the expense of everything, including prescription drugs, dental treatment, and eye tests. As Jericho Share notes, a health care sharing ministry may not be able to cover all of your expenses if you need long-term care or treatment for a chronic condition.
The ACA does not require an HCSM to provide coverage for individuals with pre-existing conditions for inpatient or outpatient surgical procedures. Hence they are not compelled to do so.
The issue is that different HSCMs exist. Before joining, there can be qualifying requirements, including a minimum income or a common viewpoint.
Should You Participate in a Health Care Sharing Ministry?
A health care Jericho Share ministry could be the perfect choice if you're looking for a group of individuals who share your beliefs and are prepared to help each other out financially so that you can pay for medical expenditures. HCSMs do not, however, provide insurance. Hence they do not cover a broad variety of illnesses. Jericho Share suggests you complete your research to determine your monthly contributions, program type, and religious and ethical convictions before joining any HCSM.
Care programs via Jericho Due to the generosity of our shared community, shares are more accessible and inexpensive than ever. Examples include hospitalization, outpatient treatment, and preventative health initiatives. The ministry's priority is to provide you with a satisfying membership experience.