There are thousands of unsuspecting people who end up falling victim to health insurance scams each year. Unauthorized insurers are ready to sell you health insurance with a low-cost premium and most people would never think that there are fake insurance companies out there waiting to steal your money. With so many companies offering health insurance, how does one decipher which ones are scams? The current trend of scams is on the rise due to the large number of uninsured individuals compared to the rising cost of prescription drugs. Simply put, people are looking for the best deal. There are ways to keep yourself safe from these con artists and still pay a reasonable premium.
Does a health insurance company seem to be offering a policy that is too good to be true? It could be. Victims of health insurance scams are usually those who go shopping around and find a great deal (and then find that in an emergency they are without insurance). There are no clear indicators of fraud unless you know what particular red flags to listen for during their sales pitch of their particular policy.
Con-artists are professionals at what they do because its often how they make their entire living. They will have paperwork that looks identical to a real insurer and uphold everything that seems to be that of a genuine and legitimate agent. First, common scams include loopholes that make sure what they are selling is not actually insurance. This would mean it is a discount program of some sort. These scams may reach you by telephone, offering a discount to individuals who, for any reason, do not qualify for real insurance. Also be wary if an agent mentions their plan being reinsured. It is true that some legitimate insurance companies do have reinsurance to protect themselves, but it is never mentioned when trying to sell insurance to a customer.
Health insurance scams are not easily spotted-liars may be trying to take advantage of your ignorance. Therefore, it is important to know all you can about health insurance before purchasing a plan. If someone calls your home and tries to sell you a form of health care or health insurance, take what knowledge you have and ask as many questions as you can think of. Any indication that this may be a fake insurer should be taken to the state insurance regulators for investigation. You could be saving yourself and others from being a victim.
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Beware Of Unethical Health Insurance Scams
As the health insurance industry has ballooned into one of the biggest money niches worldwide, so hordes of new health insurance companies have come on board to cash in on this lucrative market. Not all of these companies are legitimate, or have their clients best interests at heart.
Inevitably, many innocent people in their quest of finding the best possible deal fall for companies that offer incredibly low premiums – but who fail to payout when the time comes. It’s not always easy to spot a potentially flaky company, but here are a few things to look out for when analysing any health insurance quote or company.
- Beware of cold calls: If you get a phone-call from someone from a health insurance company offering a deal on health insurance, beware – it may be a scam.
- Tread with caution if you see prices that are way below what you would ordinarily expect to pay for similar coverage. While the health insurance industry is competitive, and shopping around can get you a better deal…the old adage of “if it’s too good to be true” still applies.
- Ask the health insurance company if they are reinsured – a good provider will almost always be.
- If you know a good health insurance broker, ask them if they have heard of the company who has offered you the low quote. If the company is unheard of, it is risky to proceed with trusting your health insurance to them.
- Try searching for a review of your health insurance company online in Google. While this will not always yield a conclusion, you might dig up some information that can help you make a decision.
- Even if your company appears to be legitimate, make sure that you go through the usual checklist of questions to make sure that your coverage is exactly what you expect.
Often, it is not a good idea to be penny wise and pound foolish with health insurance. Get it wrong and you could find yourself in serious trouble and stress at a time when you need peace of mind in getting through your health difficulties. Consequently, it’s better paying a little more to ensure that you’re with a reputable company and that the coverage that you think you’re paying for does get paid for should the worst happen.
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