Buzz
As the pandemic persists, President Trump has quietly initiated another strike against the Affordable Care Act: The Treasury Department has proposed a new regulation that would classify healthcare sharing ministries as health insurance. As reported by the Los Angeles Times, this new rule could increase the popularity of these faith-based plans—which already feature lower monthly premiums—by allowing healthcare sharing ministry expenses to be tax-deductible.
According to a recent report from Kaiser Health News, nearly one million people may be enrolled in over 100 healthcare sharing ministries across at least 29 states. These plans have faced criticism from state regulators—and the media—for leaving participants inadequately insured.
Attorneys general from 20 states have already expressed their opposition to the new rule. In a letter to Treasury Secretary Steven Mnuchin, they cautioned that healthcare sharing ministries do not provide comprehensive coverage and are not in compliance with the Affordable Care Act.
They warn that this could leave customers 'without essential health benefits and lacking other critical protections, such as coverage for pre-existing conditions.' The attorneys general argue that these plans lack the safeguards of traditional insurance and may leave Americans with significant coverage gaps. This could be especially damaging during the coronavirus pandemic, as millions of people are unemployed and seeking affordable health coverage.
Where to Find Affordable Health Insurance
Whether you've recently lost your coverage or are simply exploring new health insurance options, healthcare sharing ministries might seem like an attractive choice. The lower premiums and potential tax benefits from the new Treasury proposal may appear enticing, but there may be more comprehensive options for your family elsewhere.
Start by browsing plans on Healthcare.gov to determine if your family qualifies for cost-sharing reductions. Depending on your income, you may be eligible for Medicaid, which could provide low-cost or even free health insurance. Learn more about eligibility—and how to apply for coverage—here.
