When is a Good Deal Not a Good Deal for Health Insurance?
By Terry Ross
With the ever increasing cost of health insurance comes the scammers who are prepared to risk the lives of others in their pursuit of a quick buck.
For many, health insurance has become too costly and the search is constantly on for cheaper alternatives to main stream health insurance. Unfortunately, such eagerness to save money has created a market rife with scammers who are happy to offer non existent low cost health insurance and then take the money and run.
Such companies recruit insurance agents to sell fictitious ERISA or Union plans. Initial claims are sometimes paid but many have been left without valid health insurance and with significant unpaid medical bills after scammers have bled the companies dry and left them bankrupt.
Buyers beware, the saying that you get what you pay for is so often very true. If you are offered health insurance at a price that looks too good to be true check out the company and the policy very carefully.
If you are offered health insurance that is marketed as an alternative to standard health insurance it could be that it will fail to provide the level of cover you require and in some instance could leave you to foot the whole of your health bill.
Don t fall for pushy agents, no matter what you are told take your time and check any policies you are being offered very carefully.
Make sure that any company you buy health insurance from is fully regulated. If they aren t prepared to prove it then the odds are they aren t!
If a company is not licensed to sell health insurance your fund will not be guaranteed in the event of insolvency.
Never buy health insurance when the only method of payment is cash.
Fraudulent policies are often sold through direct mailings or on the internet. Be exceptionally cautious if you receive unsolicited mailings.
Never part will your well earned cash until you sure that the health insurance policy you are intending to buy and the company who are selling it are legit.
Once you have purchased health insurance make sure you have received your policy and carefully reviewed it before your second monthly instalment is due.
One well known method of reducing health insurance claims is to offer cheap premiums for the first year (during the initial period when claims cannot be made) and then increase the premiums annually thereafter to such a level that the health insurance is no longer a viable option.
A discount program is not health insurance. If you are considering a discount program make sure there are local participating health providers and verify the % discount being offered. Remember, 10%, 15% or even 30% is not a lot of discount when faced with a $150,000 bill!!
For more on health insurance visit 24-7-insurance.
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