Scam insurance is not new – criminals have been selling fraudulent policies since health insurance came into being. But with today’s skyrocketing health care costs, more consumers are seeking affordable access to quality care, which provides scam artists with fertile hunting grounds.
By appealing to consumers’ insurance cost concerns, these individuals successfully entice more than 100,000 Americans into purchasing sham health insurance every year.
Consumers should always be on the lookout for common insurance scams. Some warning signs of fraudulent plans include:
* dramatically low premiums;
* guaranteed coverage – regardless of pre-existing conditions;
* lack of the word “insurance” anywhere in the materials;
* plans that ask for premium payments in cash or for an entire year up-front.
It is important to evaluate the agent selling the plan. Agents who claim that they do not need a license to sell insurance or imply that their product is exempt from state regulation should be rejected. Consumers should be wary of any agent claiming to represent a medical provider who solicits customers...
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