Who can contribute to an HSA? A medicine or drug will be a qualified medical expense for HRA purposes only if the medicine or drug: Karen, I also saw that chart, but notice that the information on it is from and it was last updated in He wants to figure the amount he can include in medical expenses both ways to see which gives him the greater deduction. Health reimbursement arrangement HRA. You will pay for preventive care up to the Deductible.
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Apparently, when I updated my address online a few months ago, no one caught that I had a Montana address. To their credit, they will be refunding me for the last two months worth of sharing. With that one brief phone call, I joined the ranks of the uninsured. Yes, only a few days after Obama and his crew made it illegal. However, when I found myself and my family without insurance, the first thing I did was Google Samaritan Ministries , and I visited ehealthinsurance.
I'm working with a church, and I'm the only minister on staff. As such, I'm treated as self-employed and required to track down my own health insurance just as any other self-employed individual. I spent a good part of the afternoon on Thursday trying to determine the major differences between Medi-Share and Samaritan Ministries.
With Medi-Share, all payments are sent to Medi-Share, and then they sort through all the claims and make payments. However, with Samaritan Ministries, you pay your monthly amount directly to another family.
Every month, you get a name and address of another participant, and your money is sent directly to that individual. With Medi-Share, some medical organizations will directly bill Medi-Share and only send you a bill if there is anything left unpaid. Again, the payments will come directly from other households so your checks will slowly come in over a period of a few weeks. With Samaritan Ministries, I would have been eligible for sharing on that medical event.
As such, this could work out beneficially for us???? However, our situation necessitated the change. Anyone else with either Medi-Share or Samaritan Ministries and you want to chime in on the differences?
Learn more about Craig and this blog. Craig is an full-time minister, author, blogger, and speaker who lives in Montana. In his seminar, Transforming Your Financial Diet he teaches Christians about simple and generous living.
He also blogs at Help Me Travel Cheap. Fortunately we had lots of time to compare and shop around. I have worked in healthcare for over 20 years the last 9 of them as a billing manager for a physicians office.
Some traditional insurance will carry a deductible over if the care is for the same problem but the high deductible plans are not allowed to do this. One of the things that I considered a drawback with Medi-Share was their alignment with the insurance wrap networks. This does make Medi-Share seem somewhat easier to use but the drawback is the pre-negotiated rates. With both plans you are technically a private pay patient but by filing the claim the provider is agreeing to the discount with that network.
If the provider offers a prompt pay discount this could actually be more than the network discount. With both plans if you have any pre-existing conditions I would ask lots of questions before changing but if you are going from being uninsured to medical sharing you just have to remember that for those problems you are still basically uninsured. Karen, Thanks for the information. I found it especially helpful hearing about why you decided to join Samaritan Ministries.
I found your discussion about pre-negotiate rates very interesting. John, Thanks for helping bring some clarity to the subject. But certainly verifying anything you read online is highly recommended. At that point it may take a month or two until you receive all the payments. Yeah, when we signed up for Medi-Share 2.
From what I heard, I believe the pastor did not disclose a pre-existing heart condition which should have been done on the application and so his heart attack was not make eligible for sharing; the pastor fought it, including getting MS thrown out of Montana- this was my understanding which could be wrong.
Maybe some Samaritans folks can chime in that have experienced five or six digit bills and how they were handled.
Save to Share helps out with needs that exceed that amount, potentially up into the millions. Todd, I hear what your saying. Based on my research there are advocate groups that will help negotiate hospital charges if that was absolutely necessary.
Ok Craig and John sounds good. They are covered by auto insurance. I know when I was contemplating health insurance the first major incident I considered was an auto accident. After finding this out, it did adjust my thinking. Yes, you do actually have to have the bill and submit it to Samaritan Ministries in order to share the need.
Just curious, is anyone familiar with Christian Healthcare Ministries? How would you say they compare with the other two groups? I would also be interested in reading comments comparing Christian Health Ministries with Samaritan Ministries.
Hello, We are a family of 7 and have not had insurance for 2 years. My husband is self-employed and the cost was just exorbitant, even though we are a very healthy family. We tend to favor natural health practices and rarely are our kids sick other than the routine, occasional colds, viruses, etc. However, I guess I still get nervous knowing that something could happen and we have nothing in place to help with the cost.
I am happy to have found your blog as I am trying to work on better budgeting and money saving practices for our family. Thank you for reviewing the Samaritan Health Care. Thanks and God bless, Debbie. I felt pretty satisfied with what I read, but this article and thread of comments answered my remaining questions. I really appreciate the confirmation and am submitting my application to Samaritan Ministries immediately.
I am supporting myself for the first time, after 32 years of marriage. I just wish I could keep my health savings account, but they have to be tied into an insurance policy. Do you know if members of these types of Christian insurance companies can have an HSA?
I have the same question. Anyone know where this stands? Recently there was a huge controversy over the cost of a pill that would cure Hepatitis C. It has been a huge hassle for sure. But now I have a bunch of money stashed away for a rainy day. The one gap year — or — was not HSA compatible.
That was after the ACA, but before the new plans were really ready. The ACA limited the top end of the deductibles to the In , I messed up my ankle skiing. I needed a MRI. I have an HSA at a bank that allows me to use a pure brokerage account to invest. Then I can invest in corporate bonds that pay fat coupons.
That has worked out nicely. For instance, a family member has Kaiser. So someone in my family needed a cream for the skin. Worth checking out in your area. Interesting to observe that many, many plans on Healthcare. Confusion reigns, because no one at the Marketplace knows the details to the level described on this page.
As an individual, all you have to do is check or ask whether a plan you are considering is HSA eligible. You are not in a position to determine whether a plan is HSA eligible. The marketplace plans already tell you yes or no. I second this request. It appears to have a different meaning then the ACA definition of minimum essential benefits. On Dec 28 we got a letter from the ins co stating that Healthcare. We had already renewed this same plan for Aside from exceeding the max oop limit, there is nothing in our policy that would disqualify it from the HSA.
We now need to change plans and withdraw the HSA contribution, and not claim the planned contribution as an income exemption if we keep this plan which will significantly reduce our subsidy. I wish I saw this article a few months ago.
See reply to comment 9. The key is you have to work with your HSA provider and tell them you want to follow the special procedures to withdraw excess contributions. Thanks Harry for the reply.
According to the IRS publication,. If you withdraw any of those amounts, the amount is treated the same as any other distribution from an HSA, discussed later. Thanks again for this wonderful blog. For us self employed buying off of the private market with no tax credits , no Bronze Plans were HDP eligible under the federal regs.
Only Silver or higher. So why would anyone trade a certain liability for a contingent liability? This blog has been very helpful in somewhat differentiating why not all high deductible health plans within the Marketplace offerings are HSA eligible or not. Little confused about some answers proposed on this post regarding impact of PTC on maxing out my individual annual contribution going forward. Follow up q to this excellent post. If i have any form of dental insurance in addition to my HDHP, would that preclude me from HSA eligibility during the same time period?
Thanks for the article. The company where my wife works has a couple of other plans more expensive other than the one we selected with are HSA compliant.
Also we have been using FSA option this year. Would we need to use one of more expensive plan? I signed up for an ACA-compliant high deductible bronze plan to bridge coverage for two months. It really feel like something very cheezy is going on between the insurer and the gummint. I bit the bullet on paying the expensive premium. Periodic health evaluations, including tests and diagnostic procedures ordered in connection with routine examinations, such as annual physicals.
Routine prenatal and well-child care. Child and adult immunizations. However, preventive care does not generally include any service or benefit intended to treat an existing illness, injury, or condition. These costs do NOT count toward your Deductible. No, you have it backwards. Preventive care is free. If you have anything outside preventive care, you pay in full until you reach the deductible.
Your email address will not be published. Notify me of follow-up comments. Send me future articles by e-mail. Comments It all comes down to what saves you more money overall. Sorry this sounds like venting. Polluting an inexpensive plan like that has to be intentional. I have not found this effective: They just want someone else to pay. Am I drawing the correct final conclusion: