By Theo Thimou | Clark.com
Health care sharing ministries: A closer look
The cost of health insurance is going higher and higher and often the plans comes with very high deductibles. That’s why many people are using faith-based organizations to go into a risk pool for health care with others who share your beliefs.
Organizations like Medi-Share and Christian Healthcare Ministries are among some of the most popular in this arena. Each requires that you fill out a statement about your faith and attend church regularly, among other things, in order to be able to join.
Money expert Clark Howard says you need to know the way these health care sharing ministries work on the financial side before signing up for them.
“These are not traditional insurance products. They are much cheaper for you to go into, but the problem with any risk pool is if a number of people end up with a serious illness, there may not be enough money to pay the bills,” the consumer champ says.