Solidarity Blog

Solidarity HealthShare is Committed to Financial Integrity: 2020 and 2021 Audited Financial Statements Released

Solidarity's audit reveals our commitment to financial integrity

Protecting Our Members

At Solidarity HealthShare, we place great emphasis on protecting our Members’ physical health from conception until natural death. One thing that sets us apart from traditional health insurance is our exemption from federal coverage requirements related to objectionable procedures, drugs and devices mandated under the Affordable Care Act. This is what allows us to protect our Members’ consciences by not sharing immoral medical procedures.

But good Christian stewardship involves more than simply guarding our physical health and wellbeing. It also involves wise use of our financial resources. Financial integrity and transparency are essential to Solidarity HealthShare’s commitment to providing families and individuals with high quality, low-cost alternatives to traditional health insurance.  

Transparency for Financial Integrity

We are pleased to announce the completion of our 2020 and 2021 financial reports, which were prepared by an independent, certified public accounting firm, Jones Maresca & McElwaney, P.A. The accounting firm confirmed that Solidarity’s financial statements are “free from material misstatements, and without deficiencies in Solidarity’s internal operations.” Their audit reveals that Solidarity’s Members have supported each other by sharing tens of millions of dollars in health care expenses each year. In 2021 and 2020, Members: 

  • Submitted $92,221,825 and $74,455,921 in eligible medical bills for sharing.  
  • Reduced those eligible medical bills by 59% in 2021 to $36,426,000 and 63% in 2020 to $27,390,850 through Solidarity’s discounting and repricing efforts.  
  • Shared over $65,000,000 and saved over $100,000,000 during that two-year period. 

The financial audits are available upon request by submitting this form.

New Standards and Practices for Financial Integrity

In that same timeframe, the Financial Accounting Standards Board (FASB) adopted a new revenue recognition standard that changed the basis for deciding when revenue is recognized and when to expand disclosures about revenue. Solidarity has adjusted our presentation of financial statements accordingly. And we’ve even provided our Members with full access to its IRS Form 990 materials as a best practice. This goes above and beyond any legal requirement to do so. 

In 2020, Solidarity began a transition to improve how Members’ monthly deposits, intended for sharing, are stored and administered with Members in need. Solidarity established separate bank accounts at a financial institution for each Member. As a result, Members’ sharing funds no longer appear on Solidarity’s financial statements. By holding Member funds in separate individual bank accounts, we are helping to preserve the sharing power of our Members. This allows Members to clearly see how their sharing dollars are being used to support the healthcare needs of their fellow believers. 

A Continued Commitment to Transparency

Solidarity has designed its operations to give Members the information they need to be good stewards of their healthcare resources. Contributing Members will continue receiving notifications showing exactly where their shared dollars go and how much money is being shared towards a medical bill. Members can see in real-time how their shared dollars help their fellow Solidarity community Members in need of assistance. Members can do so by logging into their Member Care Portal.

Solidarity also remains vigilant in its efforts to help Members become good financial stewards by meeting their health care needs at a low cost. Members are able to fully share their generic prescriptions in addition to one well visit per Membership year. While some traditional insurance providers frequently overcharge patients for basic care, Solidarity has no co-pays or provider fees for doctor visits, outpatient care, mental health, telehealth and emergency room care. 

For more information about how you can join the Solidarity HealthShare community, visit our website. You can also give our team a call at 844-313-4999 option 1.