What is a Medical Sharing Ministry (MSM)?
A Medical Sharing Ministry (MSM) is an organization that facilitates sharing of health care costs among individual members who share common ethical or religious beliefs. Since inception, MSM members have been granted an exemption from the individual mandate of the Patient Protection and Affordable Care Act (PPACA). It is important to note that MSM programs cannot identify or consider themselves “Health Insurance” because they do not have to abide by the restrictions of the PPACA.
MSM programs work very similar to how health insurance worked prior to the introduction of the PPACA. To get more specific, MSM programs can limit coverage for pre-existing conditions and place a lifetime financial limit on the amount of medical care they cover. This eliminates the abuse of “Adverse Selection” in which consumers wait until they suffer a medical issue, purchase health insurance to cover the medical issue, resolve the medical issue, and then cancel their coverage. As a result of these plan characteristics, MSM programs offer comparable coverage at a substantial savings (i.e. 50% to 60%) over fully insured health plans offered through the Health Insurance Marketplace (HIM).
Who is the ideal candidate for a Medical Sharing Ministry (MSM) Program?
MSM programs are geared towards individuals and families who are in generally good health, do not take a substantial amount of Rx medications, and have not treated for/diagnosed with a critical illness within the past 5 years (i.e. Stroke, Heart Attack, Cancer, AIDS/HIV, etc.). They are also geared towards individuals who live a healthy lifestyle free of drug/alcohol abuse, high risk activities, and tobacco use.
Are you a candidate for a Medical Sharing Ministry (MSM) Program?
Let the professionals at Altruis Benefit Consulting help determine if an MSM program is right for you and your family! Please complete the brief questionnaire on the right-hand side of this page in it’s entirety. Your information will be directly sent to one of our licensed and insured MSM advisors for review. Our team will review your information and contact you immediately to discuss the numerous MSM programs options and determine the best fit!