3 Ways Your Health Insurance Company Is Scamming You
The growing number of consumers taking up health insurance
plans has led to the mushrooming of scam health insurance providers. These
providers often target new retirees and the elderly individuals and
small-business owners, who can't negotiate better rates with legitimate
insurers. Be very cautious before you invest in any health policy. Read on to
get an idea about 3 ways in which your health insurance company can scam you.
1. Failure
to pay claims
Usually fraud health insurance agents sign up a huge number
of people quickly by offering them lucrative deals. These insurance providers
keep paying small premium amounts and medical claims, but if there is a
substantial claim amount or regulators catch them, these illegal companies
vanish as if they never existed.
So, just beware if you are getting delayed payments or your
service provider is offering fake excuses for the failure to make the payments.
If you have signed up for these illegal plans, you may be liable for the
medical bills of your employees as well.
2. Non-licensed
health plans
If the company from which you have bought your health care
policy is not licensed by State Insurance Commissioner, you can be in trouble.
If all the protections of insurance regulation do not apply on your service
provider, then the company may be phony. In this case your service provider is
scamming you by selling non-licensed health plans.
Insurance agents are not allowed to sell any legitimate
ERISA or union plan as federal law governs them. So, if your insurance agent
tries to dupe you by selling an “ERISA” or “union” plan, report them to your
state insurance department.
3. Unusual
coverage offered at lower rates
If you are offered an unusual coverage irrespective of your
health condition and that too at lower rate and much more benefits in
comparison to other insurers, its time for you too hit the panic button. Do not
get fooled by the lucrative offer, else you can be taken for a ride. The
‘scamsters’ aim to collect huge amounts as early as possible so, they try to
sell maximum number of policies at attractive prices.
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