In the US, products that express a person’s religious beliefs have long been in demand. For instance, Family Christian Bookstore was established in 1932 to assist families in locating materials that adhered to their beliefs. 71 Christian-focused stations are represented by Moody Radio, which was established in 1925. And according to Billboard, the amount spent on Christian music in 2018 was close to $9 billion.
People are equally excited about discovering healthcare goods that align with their beliefs and values.
One of the biggest expenditures in a person’s personal budget is healthcare. The United States has the highest healthcare costs in the world, according to Harvard’s department of public health.
Finding a solution that is both financially feasible and theologically sound would be a huge gift for a lot of people.
It is crucial to realize that the Affordable Care Act governs all health insurance before we proceed. And this applies to all “Obamacare plans”—not just those found on the Marketplace. Obamacare truly governs both individual and group health insurance (officially called the Affordable Care Act). It is crucial to keep this in mind when you weigh your options.
Check out the following summary of the top 3 options for religiously friendly health benefits if you’ve been wondering how to purchase Christian health insurance:
If you search on Google “How can I purchase Christian health insurance?” you will come up a sizable number of organizations referred to as Healthcare Sharing Ministries. Ironically, these are organized groups of people that pay for their medical expenses together rather than insurance.
With almost 1.5 million people involved, sharing ministries are becoming very common. When the “penalty” for being “uninsured” was up to $2,085 per household under the Tax Cuts and Jobs Act of 2017, they initially gained popularity between 2016 and 2018.
Sharing ministries enjoy a remarkable degree of discretion about what is shared and what is not shared because they are not considered to be insurance. While this has numerous benefits, it’s important to constantly read the member agreements to understand what information will be shared and what won’t.
The largest and most prominent healthcare sharing organization in the country is Medi-Share. Their creative strategy include elements like a 24/7 telehealth network and a national PPO network. Medi-Share is a wonderful place to start if you’re seeking for an affordable Christian health insurance solution.
After discussing shared ministries, let’s look at a commodity that is truly classified and controlled as insurance. Financial services provider Guidestone offers both individuals and groups a variety of solutions, from retirement investments to Christian health insurance.
These healthcare services are regarded as standard, fully-funded health insurance. Similar to Medi-Share, it is always advisable to conduct your own research to determine what is and is not covered by Guidestone, particularly when it comes to their Rx formulary.
Due to the fact that Guidestone is categorized as insurance, it is subject to state law and is required to abide by ACA rules. This indicates that, in comparison to shared ministries, there is far less scope for plan creation.
The “transfer of risk” from one party to another is the definition of self-funded insurance. In most cases, insurance includes a number of people deciding how much risk they are ready to take on. Groups may also employ “self-funded” programs in specific circumstances. However, these schemes typically don’t work unless the group is sizable.
In self-funded plans, the employer commits to covering the actual costs spent by the covered employees. Employers do have some control in what they pay for as they are the ones who are paying the bills (or not). Self-funded strategies are typically implemented to reduce costs for the company.
Recent research indicates that they do not, however, result in long-term cost savings. However, because there are fewer rules and standards, there is more discretion in how the plan is designed.
The Supreme Court upheld religious exemptions from the Affordable Care Act’s mandate that self-funded plans must offer free contraceptives to employees in July 2020. While coverages are not entirely free, self-funded insurance has fewer restrictions than fully-insured policies.It’s crucial for anyone looking for Christian health insurance solutions to weigh all of their options in order to discover a strategy that will suit the demands of their workforce while also respecting the beliefs and principles of their firm.
Utilize Remodel Health to Consider All Your Options.
There are more possibilities than you would imagine for Christian health insurance! Remodel Health’s knowledgeable staff of benefits experts can assist you in reviewing your medical care with a mission- and faith-friendly approach. Since it began working with Christian organizations six years ago, Remodel Health has helped them save $23 million on healthcare costs that they can now use to further their mission. Connect with us right away to receive your free analysis!