Some medical sharing plans have had their share of legal troubles. For example, the Supreme Court of Kentucky ruled in 2010 that Medi-Share operated as an unauthorized health insurer in that state and should therefore be subject to stricter regulations. The evidence used in the case was outdated, so the ruling is no longer applicable, Meggs says. However, the Department of Insurance disagrees and has asked that Medi-Share cease operation in that state. Litigation in the case continues.
OTHER HEALTHCARE OPTIONS
While medical sharing plans may be appealing to some, consumers should check into other options before making a decision.
The Pre-Existing Condition Insurance Plan, a federal high-risk pool, providescoverage to those who have been denied coverage because of pre-existing conditions.
The National Association of State Comprehensive Health Insurance Plans provides information for state high-risk insurance pools for hard-to-insure individuals.
GradMed offers short-term major medical coverage for graduates of nearly 200 colleges and universities across the country.
We encourage consumers to call insurers and inquire about the plans available, which may range from plans with rich benefits to plans that provide a safety net for catastrophic events,â€ Sloan says.