CID Warns Consumers – Some Health Products Aren’t Insurance
Insurance Department Commissioner Andrew N. Mais and Insurance & Real Estate Committee Co-Chair Senator Matt Lesser join the National Association of Insurance Commissioners (NAIC) in issuing a warning to anyone considering purchasing a Health Care Sharing Ministries (HCSMs) product, discount, or risk-sharing plan. Consumers are strongly encouraged to take the time to fully understand what they are and how they work before purchasing. These offerings are either not health insurance plans, or they are unauthorized insurance products. They are not Affordable Care Act (ACA) compliant and, unless they constitute an unauthorized insurance product, do not fall under the jurisdiction of state or federal regulators. The NAIC has a full description of these products. In a true HCSM, members typically pay a monthly…
