Now look for fraud in the insurance biz. You posted links to two small sharing orgs the were apparently fraudulent. You think there might be two small fraudulent insurance companies? In at least one case the fraud was convicted. (Just as I indicated btw).Don't just take my word for it.Your implication that they can take your money and then refuse share a covered expense that was properly incurred is laughable. If this was occurring routinely you would not need to bring it up. While not insurance, so not under jurisdiction of insurance commissioner the are subject to fraud and other laws.
Since you mentioned fraud, that seems to be occurring at many of the health sharing ministries and it includes failure to pay/share the member's claims.
https://www.propublica.org/article/libe ... -obamacare
https://www.forbes.com/sites/thomasbrew ... ion-fraud/
https://www.irs.gov/compliance/criminal ... aud-scheme
That last one pertains to Sedera
https://www.npr.org/sections/health-sho ... 0-000-bill
As to the Sedera link, there was no fraud and the “coverage” was as good or better than signed up for. The actual facts, the covered had a long time preexisting heart condition. He knew when he signed up there was a 24 month sharing exclusion. His condition worsened and required intensive care after 16 months. This will sound harsh, but it was a known specific risk he chose to take. He gambled; he lost. You can make this an example of a flaw in our system but it doesn’t indicate that such sharing orgs don’t have commitments to provide coverage sold.
In fact, while your links show fraudulent activity (not in the Sedera example linked, but the others) there is no denyial of liability to pay. It is either fraudulent diversion of funds and claims of lying on applications. Diversion of funds, since not regulated by insurance commission thus different reserve requirements, is a real risk. If you go with a sharing org, you really do need to do a serious review before si*ning up. As to the lying on applications, without very detailed facts, we don’t know what is really going on. I would expect, just like in insurance, there a reps giving faulty advice, maybe int3ntionally. My advice is believe what is in writing not what a rep is telling you. But this applies to many industries, including insurance companies.
So are there issues with sharing orgs, yes. Are these more common in sharing vs insurance, probably. Should you be cautious and be completely honest in your app? Definitely. But claiming these companies have no liability to pay is a broad, misleading and false story. Yes definitely you need to do your diligence but for certain situations if due dilig3nce is done, they can be a good solution.
Statistics: Posted by LotsaGray — Mon Aug 26, 2024 2:59 pm — Replies 43 — Views 5097