Pros cons of healthcare sharing ministries.
Hey there, Friday members. We have an important message during this Special Enrollment Period As you shop for health insurance, it's important to know you are getting the real deal. Knowing the difference between Health-Care-Sharing Ministries and genuine health insurance coverage could save you thousands of dollars and a lot of uncertainty. Here's what you need to know before enrolling in a plan.
Health Care-Sharing Ministries (HCSM)
Health Care-Sharing Ministries are organizations in the United States in which health care costs are shared among members who have common ethical or religious beliefs. While HCSMs may offer affordable coverage, they are not real health insurance.
They are not regulated by the Department of Insurance, and do not guarantee essential health benefits or coverage for pre-existing conditions, and may have limitations on what they will cover.
This means they can deny you coverage or drop you off the plan if you get sick or hurt, or deny covering you for anything related to a past medical condition. They often have fixed annual limits on how much they will pay, leaving you on the hook if you have a big hospital bill.
They also do not have partnerships with doctors and hospitals, so you are on your own to negotiate healthcare costs. Many doctors and facilities do not accept these plans for this reason.
ACA-compliant coverage refers to health plans that offer benefits for a broad range of healthcare services that meet the requirements established by the Affordable Care Act, which is also known as ObamaCare.
Major health insurance companies, like Friday Health Plans, offer ACA-compliant coverage. ACA-compliant coverage covers pre-existing conditions and guarantees access to essential health benefits like free annual wellness exams and preventive medicines.
At Friday, many of our plans come with additional perks, like $0 access to Teladoc (an online healthcare service), access to free generic drugs, and $0 unlimited primary care and mental health visits on many plans, as well as ironclad coverage in case you get really sick or injured. Because ACA-compliant health plans offer better, more comprehensive coverage, they may have higher monthly premiums. But these plans could save you a lot of money in the long run.
Need more help navigating the health insurance market? Watch our shopping for health insurance video.