Faith-based health insurance refers to a method by which consumers from all walks of life are utilizing to handle the risk of unexpected medical bills. And
in actuality, it's not insurance at all - at least not in the legal sense of the word. Faith-based plans are actually health plans that are designed to meet the same needs
as traditional health insurance. The difference is, faith-based health plans are not governed by the ACA (Affordable Care Act) rules and regulations. This distinction makes
it possible for faith-based health plans to be structured in a manner that is uniquely different than a traditional ACA plan. There are several advantages (and a few disadvantages)
that are inherent within this distinction. This article will address both.
The advent of faith-based plans.
Health care sharing ministries have grown exponentially beyond what anyone could have possibly imagined, when such ministries were exempted from the Affordable Care Act health plan requirements. At the time, the exemption was a way to sooth objections from conservative leaning congressmen who had reservations on the passage of the ACA. This exempted niche, is now a fast growing segment of the health plan industry. From all appearances, this trend will continue well into the foreseeable future. What was once a fringe idea, limited to devout Evangelicals and rural churches has found acceptance with a wide swath of the American populous.
How do faith-based plans work?
To put it simply, healthcare sharing is about like-minded people voluntarily coming together to share the burden of medical expenses. Healthcare sharing plans are typically faith-based, meaning the core concepts are based upon religious beliefs. However, in most cases, consumers do not need to be affiliated with any religious group, or be religious at all, in order to purchase a faith-based health plan.
Faith-based plans (also known as healthcare sharing plans) are designed to accomplish the same fundamental goals as traditional health insurance:
Other articles: Explaining the Growth of HealthCare Sharing Plans.
Finding Short-Term Health Insurance.
Explaining the Growth of Healthcare Sharing Plans.
5 Strategies For Reducing Medical Bills.
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