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3 Ways Your Health Insurance Company Is Taking Advantage of You

The increased number of people purchasing health insurance policies has resulted in the proliferation of fraudulent health insurance companies. These providers frequently target new retirees, the elderly, and small-business owners who are unable to negotiate better rates with reputable insurers.

The increased number of people purchasing health insurance policies has resulted in the proliferation of fraudulent health insurance companies. These providers frequently target new retirees, the elderly, and small-business owners who are unable to negotiate better rates with reputable insurers. Be extremely cautious before investing in any healthcare policy. Continue reading to learn about three ways your health insurance provider can defraud you.

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1. Nonpayment of claims

Typically, fraudulent health insurance salesmen quickly sign up a large number of consumers by giving them enticing deals. These unlawful insurance providers continue to pay minor premiums and medical claims, but if a large claim is made or regulators detect them, they evaporate as if they never existed.

So, be wary if you are receiving late payments or if your service provider is making up excuses for not making payments. If you have signed up for these illegal programs, you may be liable for your employees’ medical expenditures as well.

2. Non-licensed health insurance schemes

You may be in trouble if the firm from which you purchased your health insurance coverage is not licensed by the State Insurance Commissioner. If all of the insurance regulations do not apply to your service provider, the company may be fraudulent. In this situation, your service provider is attempting to defraud you by selling unlicensed health policies.

Because ERISA and union plans are governed by federal law, insurance agents are not permitted to market them. So, if your insurance salesperson attempts to defraud you by selling an “ERISA” or “union” plan, report them to your state insurance department.

3. Unusual coverage at a reduced cost

If you are offered extraordinary coverage regardless of your health condition, at a lower premium and with significantly more benefits than other insurers, it is time to panic. Do not be duped by the tempting offer; else, you may be taken for a ride. The scammers want to collect as much money as possible as soon as possible, thus they strive to sell as many policies as possible at low costs.

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