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Faith-based plans help people from all walks of life manage the risk of unexpected medical bills. How? Read more for further details.
Faith-based healthcare is offered through non-profit organizations with a religiously-oriented purpose and serves as an alternative to health insurance. These plans are also known as “health sharing ministries” or “healthcare sharing ministries.”
Faith-based plans, unlike traditional health insurance, do not insure individuals but rather share healthcare costs among a large group of people. Members contribute to the system, and when they receive a bill from their doctor, other plan members contribute to help with the bills.
Faith-based health plans are nonprofit, membership-driven organizations, much like credit unions. Let’s say Jay is a member of a religious health plan. When compared to a standard insurance premium, Jay’s monthly payment will be significantly less. If Jay becomes ill, the other participants in his faith-based healthcare system will cover a portion of his medical expenses.
Depending on which faith-based health plan you select, there may be a religious requirement. These programs often require its participants to sign a statement of faith, and some ask your local church for confirmation.
Faith-based healthcare is not ACA-compliant and does not have to cover the essential health benefits mandated by the Affordable Care Act (ACA). These plans are exempt from the mandates of the ACA.
Further, ACA does set certain requirements for faith-based health plans:
These four plans met the ACA requirements:
Faith-based health plans do carry monthly premiums and deductibles; however, under different names.
Monthly Sharing Amounts
Premiums are referred to as “monthly sharing amounts” and usually range from around $100 to $500, depending on your plan and size of your family.
Deductibles and other out-of-pocket costs are called “sharing responsibilities” and can be as low as $500 to as much as $10,000, depending on your plan.
Also, in addition to monthly sharing amounts, most plans require a small enrollment fee. In most scenarios, these total costs remain far lower than traditional insurance costs.
There are several important advantages of using faith-based healthcare as an alternative to traditional health insurance.
There are important risks to be aware of when considering faith-based healthcare:
At Simple Choice Insurance Brokerage, you can enroll with us online. Call (832) 626-7791 or email email@example.com. You can enroll at any time you want – there is no open enrollment period for faith-based health plans.
Call (832) 626-7791 now. Our support team is ready to answer questions about your Medicare or health insurance and put together a comprehensive plan that fits your needs.
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