As the deadline to file your taxes this year rapidly approaches, many members and non-members alike have questions on how Medi-Share works and whether monthly shares or annual household portions in our healthcare sharing ministry are tax-deductible. This blog will help answer any questions you may have.
Are share payments deductible?
First, your share payment is not deductible for federal income tax purposes as a charitable donation or as a medical expense. Since there is a strong possibility that your medical expenses will get shared by another member, you cannot deduct your share as a charitable donation, even though Christian Care Ministry is a 501(c)3 not-for-profit ministry.
Second, your share payment is not tax-deductible as an insurance expense because Medi-Share is not insurance. In fact, that’s one of our best qualities!
Medi-Share is not insurance, and members of this healthcare sharing ministry are exempt from the federal mandate according to the current law. So long as you are a member, you are not subject to any fees for non-coverage by law.
Though your healthcare sharing dollars are not tax-deductible, here are two things you can feel good about:
- The cost savings alone is enough to make most members leap for joy! On average, members report saving around 50 percent off their healthcare costs per year. Our member-voted guidelines defining what is shareable help keep member costs low.
- Knowing that your monthly share helps other members in need is the second-highest reported reason our members chose Medi-Share, according to our survey of new members. Christians helping carry each other’s burdens is what it’s all about!
So, we want to know from our members out there, why did YOU choose Medi-Share? For those who may still be on the fence, what’s holding you back? What questions do you have that we can help answer? Comment below.