Georgia’s insurance commissioner is warning consumers of the potential financial risks of joining a Health Care Sharing Ministries program as an alternative to regular insurance.
In these organizations, members agree to share one another’s health care costs. Members of an HCSM typically have a particular religious faith in common, and make monthly payments to cover expenses of other members.
The cost of these sharing ministries is usually much lower than traditional health insurance. But as Insurance Commissioner John F. King noted in a statement Thursday, HCSMs are not insurance. Consumers who join them don’t have the same legal rights as people who buy insurance.
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