Health Sharing Ministries

If you’ve been searching for a new healthcare plan, then you may have heard about health sharing ministries. These are quickly becoming popular alternatives to traditional health insurance in the United States - there are over 1.5 million Americans currently enrolled in a health share. If you’re looking for a change, then this could be the right choice for you.

What is a Health Sharing Ministry?

Health Sharing Ministries (or Cost Sharing Ministries, as they are sometimes called) are organizations that allow people of faith to operate their own healthcare option. It works very similarly to insurance:

  • Members of the ministry make a monthly contribution to the ministry
  • The monthly contributions are put into a shared fund pool
  • When a member of the ministry is sick or injured, they can pull from the pool to help cover their medical costs

That all sounds very similar to a health insurance plan, and it is. However, there are some key differences between health shares and health insurance.

Health Sharing vs. Health Insurance

There are a lot of similarities between health sharing ministries and health insurance, but there are also important differences. It’s important to consider all of the following when choosing between health shares and health insurance:

  • Health sharing ministries are religious organizations and require their members to hold certain religious beliefs
  • Ministries typically have lower pre-subsidy costs than comparable ACA/Obamacare plans because
    • They do not have to cover preexisting conditions
    • There are waiting periods for certain conditions to get covered
    • They are not required to have a backstop in case of bankruptcy
  • Health sharing ministry membership fees are not tax deductible
  • You can enroll in Health Sharing Ministries at ANY TIME - You do not have to wait for Open Enrollment or a Special Enrollment Period.

Is Health Sharing Right for Me?

Health sharing ministries are the best options available for a lot of people. For some people, health sharing gives them the ability to protect the health of their fellow believers. For others, the ministries represent the best option to sign up for healthcare outside of the Open Enrollment period for the Affordable Care Act.

For people that make just enough money that they do not qualify for ACA insurance subsidies, health sharing ministries are the cheapest option available. Health sharing ministries are not for everybody, but for many people, they are the best option out there. Contact the brokers at Apollo Insurance Group for help finding a health share ministry, free of charge.

Download Our Free eBook!

Download our free eBook now to learn more about health sharing ministries.