In a nutshell, health sharing ministries (or medical cost sharing)
, are a group of like-minded individuals who agree to come together and help each other pay their medical expenses. These faith-based programs are a community-way to manage unforeseen medical expenses.
Health-sharing ministries are exempt from the requirements of the Affordable Care Act
, and if you have one of these plans you are exempt from the tax penalty imposed by not having a “traditional” health care policy.
These faith-based health sharing plans are not considered “health insurance” per se, but your status as a member of one may allow you to be reimbursed for some of your medical expenditures.
A few of the major health care sharing ministries are: