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How to Avoid Becoming a Victim of Insurance's Scam

Thousands of people every year fall prey to health insurance fraud because they don't take the necessary precautions. Most individuals don't suspect that there are fraudulent insurance firms out there waiting to steal their money when they see an inexpensive premium being offered by an unlicensed insurer. 

How does one identify legitimate health insurance providers from the countless scammers? Due to the vast number of uninsured people in comparison to the rising expense of prescription medicines, equal to the current trend of scams is on the rise. They are shopping around for the best price, plain and simple. Fortunately, there are measures you may take to avoid falling victim to these con artists while still paying a manageable sum for insurance coverage.

Is the coverage being offered by your health insurance provider too good to be true? It's possible. Those that search around for health insurance and find a good rate are often targeted by con artists (and then find that in an emergency they are without insurance). Unless you are familiar with the telltale signs of fraud in the insurance industry, you won't be able to see it in the sales pitch for a particular policy.

Con artists are skilled at their craft since it is often all they do to support themselves. They will maintain all the trappings of a genuine and legitimate agency, right down to using paperwork that appears just like that of real insurance. 

First, frequent cons use legal loopholes to pretend their product is insurance when it isn't. This suggests a loyalty or reward program offering special pricing. These cons may call you and claim you are eligible for a discount on fake insurance even when you do not meet the requirements for the genuine thing. Be careful of any broker who boasts that their plan is "reinsured." Some respectable insurers do carry reinsurance as a safety net, but they never bring this up when pitching policies to prospective clients.

Scams involving health insurance are not always obvious, and con artists may take advantage of your naiveté. Hence, it is crucial to learn as much as possible about health insurance before making a purchase. Ask as many questions as you can think of if someone calls your house trying to sell you health care or health insurance. State insurance departments should be notified of any suspicions that an insurer is operating under false pretences. By doing so, you may prevent harm to yourself and others.

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