Health Care Sharing Ministries (HCSM) are an alternative to traditional health insurance plans. These HCSMs are based on the principles of religious beliefs and allow members to share in each other’s medical costs. Members pay monthly sharing fees, which are then used to pay for the medical expenses of other members. But what are the benefits of using these programs? Below is everything you need to know about HCSMs, and how they could benefit you!
Programs For Tax Incentives
HCSMs aren’t the same as health insurance, since they don’t provide minimum essential coverage under the Affordable Care Act. However, the IRS offered exemptions to those with Health Care Sharing Ministries between 2014 to 2018. With the exemption, HCSM members can receive tax benefits while they still benefit from the sharing of medical costs with other like-minded individuals. This means that you could potentially save money on annual taxes due to your participation in an HCSM.
HCSMs can be a great way to save money on medical costs. Most HCSMs have lower monthly fees than traditional health insurance plans, so you could potentially pay less for your medical expenses depending on the ministry and program you choose. Plus, some of these programs offer discounts when multiple people in one family join the program together. If you need more information on costs, it’s best to check with the HCSM you’re interested in to see what they offer.
Many HCSMs have policies that ensure quality healthcare and services for their members. Some programs require pre-authorization before a member can receive treatment, which helps ensure that only necessary treatments are received. Some HCSMs also offer supplemental health programs to help cover major medical expenses like hospital stays and surgeries. So, when you join an HCSM, you can rest assured that you’ll be getting quality care. In addition, many of these programs provide access to doctors and hospitals who offer discounted rates to members.
A strong community is another great benefit of joining an HCSM. These programs provide members with the opportunity to share their medical stories and offer prayer and support to one another. This can make it easier for members to stay accountable and motivated when it comes to taking charge of their health. Even if you’re not a religious person, joining an HCSM could still provide you with the support and encouragement you need to manage your health.
Options for Freelancers and Contractors
Many freelancers and contractors don’t have access to health insurance through their employers. This makes it hard for them to find coverage that fits within their budget. But HCSMs can be a great option for these individuals since they offer members the opportunity to save money while still receiving quality care. Plus, there are no yearly contracts or waiting periods, making it a convenient solution for those who are self-employed.
Peace Of Mind
Lack of health insurance can be a source of worry, but HCSMs can provide peace of mind. By joining such a program, you will have access to quality medical care and the opportunity to save on medical expenses. Plus, with the tax incentives available with certain programs, you may even be able to reduce your annual taxes. If you’re looking for an affordable alternative to traditional health insurance plans, then an HCSM might be the right option for you!
Call us today to see if we can answer your questions and get you the healthcare you need.