- 232
I looked into Medi-Share at the request of my preacher's daughter mother who is 64.
It looks like a giant Ponzi scheme to me. She would have to pay about $200 "share" per month and have a $7500 annual deductible. There were options to choose from. I think the $2500 deductible was a $400 share per month. Every bill has to be submitted to count toward the $7500 of course, but it's still a hassle. Once you've exceeded that $7500, you still pay your bills but submit them for reimbursement.
They operate through a credit union. They set up an account where you deposit your monthly "share". They can move that money to another member's account at will. When your bills qualify to be reimbursed, they simply move other people's money to your account. They claimed to have member assets of about $18M if I recall correctly.
Momma is better off staying with what's already in place. I could possibly see it being an option for folks with objections to certain things required by ACA, and folks that can afford to front a lot of cash for their own medical care.
It looks like a giant Ponzi scheme to me. She would have to pay about $200 "share" per month and have a $7500 annual deductible. There were options to choose from. I think the $2500 deductible was a $400 share per month. Every bill has to be submitted to count toward the $7500 of course, but it's still a hassle. Once you've exceeded that $7500, you still pay your bills but submit them for reimbursement.
They operate through a credit union. They set up an account where you deposit your monthly "share". They can move that money to another member's account at will. When your bills qualify to be reimbursed, they simply move other people's money to your account. They claimed to have member assets of about $18M if I recall correctly.
Momma is better off staying with what's already in place. I could possibly see it being an option for folks with objections to certain things required by ACA, and folks that can afford to front a lot of cash for their own medical care.
Last edited: