With the number of consumers looking for health insurance plans, the number of health insurance scams has drastically increased. The scammers seem to go after retirees, older individuals, and small business owners, mainly because they are not able to get better rates from the non-scamming insurers. Before you put any money into a health policy, it is important to be sure the company is legitimate. Below are 3 ways that you could possibly be scammed by your health insurance company.
1) Not Paying Claims
Many health insurance companies that are scams have many, many people sign up in a short period of time. How? By simply offering them irresistible deals. The company will pay the small claims and such, but when it comes to a large claim, they will disappear as if they were never a company.
If you feel like it is taken to long to receive payments, or your health insurance provider keeps making excuses, you may be the victim of a scam.
2) Non Licensed Health Plans
The health insurance company you are with may not be licensed by State Insurance Commissioner, and this may land you in trouble. If the protections of the insurance regulation do not apply on your provider, the company is likely running a scam. In other words, the provider is scamming you through selling a non-licensed health plan
Insurance agents do not have the ability to sell ERISA, or union plan, since federal law governs them. Thus, if the insurance agent attempts to sell you an ERISA, (commonly known as a union plan), you should report them to the state insurance department as soon as possible.
3) Unusual coverage offers at lower than average rates
If you find yourself being offered an unusual coverage, that does not seem to correspond with your medical/health condition, with much more benefits, for a lower rate, you should not go any further. You are likely trying to be pulled in by a “sweet looking” deal. If a deal looks like it is too good to believe, then it likely is
Just a few tips I thought would be useful. Check back in soon at Finance Advisory Stop for some more juicy content!
