What’s the Latest from the IRS about Health Sharing Membership?
Things are looking better for members of health care sharing ministries (HCSMs) like Universal HealthShare. The Federal government – including the IRS – is continuing to see health sharing as a valid choice by the many Americans who are seeking to make health care more affordable.
The Internal Revenue Service recently proposed that “payments for membership in a HCSM are expenses for medical care under section 213” of the Internal Revenue Code (from their publication IR-2020-116, June 8, 2020). This means that your UHS membership payments could become tax deductible, depending on your individual tax situation.
This is potentially good news for UHS members, but we stress that this is only a proposed regulation from the IRS. As you prepare for your future Federal taxes, remember to ask your tax preparer or tax planner about your HCSM payments to Universal HealthShare.
