The cost of healthcare is an important issue for most of the population. Many people have been looking into alternative ways to cover medical expenses, such as health care sharing ministries (HSCMs). In this clip, the hosts of The Doctors discuss what a health care sharing ministry is and how it’s different from other types of health insurance.
While a health care sharing ministry can help to cover medical costs, they’re not a form of health insurance. Instead, they’re considered to be charities.
Like other charities, HCSMs are regulated by the IRS. However, HCSMs aren’t subject to the same types of regulations that insurance companies are.
People are often drawn to HCSMs because the monthly membership costs are lower than their health insurance payments. Since HCSM members share religious or ethical beliefs, people that join HSCMs may also feel a sense of community. Some people joining a health care sharing ministry are uninsured and want insurance coverage.
There are benefits and drawbacks to being a part of an HCSM, and not all are alike. It’s best to learn more about an organization before relying on a health care sharing ministry for healthcare coverage. By researching HCSMs ahead of time, people will be empowered to find the best healthcare solutions available to them.