Health Care Sharing Ministries (HSCM) options are a growing trend as many people find them affordable. Jericho Share explores the pros and cons of these program options.
Health sharing programs are flexible programs that allow people to contribute their resources to share in the medical expenses of one another.
Pros of HCSMs Programs
HCSM programs have several advantages over traditional health coverage, including increased flexibility and the ability to share the burden with one another through member-to-member sharing.
Another advantage to HCSMs is that they help people save money on health care costs by using their resources. There is usually a limit on what a member can contribute to the program. As a result, people on lower incomes can afford a more comprehensive program to help offset the cost of the medical needs. Otherwise, they would not be able to afford it on their own.
HCSMs allow members with little financial flexibility to care for their medical expenses, if needed. It can prevent serious health problems from developing into expensive illnesses later in life.
Cons of HCSM Programs
However, not all HSCMs are created equal. Some may have restrictions on participants, such as meeting specific income requirements or subscribing to the group’s belief system.
In addition, like any health program, they can also have some drawbacks. For example, they may not share in all medical expenses. And you may need to be responsible for more of your medical needs than with a traditional insurance plan.
How Does it Work?
Jericho Share is a Health Care Sharing Ministry, that is a non-profit 501(c)(3) organization. They offer flexible, low-cost sharing options for daily care. Some of the features of being a member include:
- Office Visits
- Preventative and Wellness Services
- Inpatient Hospitalization
The membership is composed of individuals and families that share the same set of religious and ethical beliefs and strive to inspire grace and compassion in others.
Through Jericho Share, members contribute to and share the financial burden of other members’ medical needs. Members must agree to the Statement of Religious and Ethical Beliefs and acknowledge all medical needs are processed based on the Member Information Guide (MIG). This allows members to receive excellent health care at a reasonable cost.
The program aims to provide members with high-quality health care at affordable prices. The community also provides partners with high-quality treatment by the organization.
Jericho Share’s members voluntarily contribute to the membership. When one of the members needs medical attention, the health care sharing membership steps in to help. It significantly reduces their costs for eligible medical needs.
What is an HCSM?
A Health Care Sharing Ministry, also known as an HCSM, is a tool that can help members obtain medical services. It is a different approach than traditional insurance policies.
Health care sharing ministries are non-insurance entities in which members “share a common set of ethical or religious beliefs and share medical expenses among members in accordance with those beliefs.The program aims to assist members in sharing and lowering their overall health care costs.
Jericho Share serves members all over the country. Established on Sept 1, 2021, it now employs over 125 people.