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What Are Health Care Sharing Ministries (HCSMs)?
Health Care Sharing Ministries (HCSMs) are nonprofit organizations where members share medical expenses. Participants pay a monthly "share" instead of insurance premiums, and the funds are distributed to members with eligible medical needs. Benefits include lower costs, faith-based values, and flexiRead more
Health Care Sharing Ministries (HCSMs) are nonprofit organizations where members share medical expenses. Participants pay a monthly “share” instead of insurance premiums, and the funds are distributed to members with eligible medical needs. Benefits include lower costs, faith-based values, and flexibility. Downsides include limited regulatory oversight, potential coverage gaps, and non-guaranteed sharing. HCSMs generally don’t qualify as minimum essential coverage under the ACA.❤
See lessWhy Do Healthcare Costs Keep Rising?
Healthcare costs keep rising due to various factors. One primary reason is the continuously advancing technology and medical procedures, which often come at a high cost. Additionally, an aging population and prevailing chronic diseases increase the demand for healthcare services, further driving upRead more
Healthcare costs keep rising due to various factors. One primary reason is the continuously advancing technology and medical procedures, which often come at a high cost. Additionally, an aging population and prevailing chronic diseases increase the demand for healthcare services, further driving up costs. Pharmaceutical companies also play a role by introducing expensive new drugs and treatments. Lastly, administrative costs, such as billing and insurance paperwork, contribute to the rising healthcare expenses.
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