Health care fraud is prevalent. Many scams try to sell bogus insurance policies to unsuspecting victims. There is another form of health care fraud — perpetrated inside the system. When scams and fraud are uncovered, the health insurance system usually responds with stricter regulations and policies.
The biggest impact health insurance fraud has on patients is that it raises insurance prices. For every insurance claim paid that turns out to be fraudulent, the insurer has to raise prices to cover their losses. Health care fraud within the government has an even bigger impact because your tax dollars pay for it. Ultimately, it means health care is then not available for those who desperately need it.
This means those who need medicine or treatment may not get it because someone else got it under false pretenses. There are also instances of health care fraud via medical identity theft — this is far more common than we would like to think, where a thief uses another persons insurance to get health care services.
Being aware that there are many health insurance scams out there is important. If you think that you have been a victim of a scam, make sure to contact the relevant authorities.
A new insurance scam has emerged recently. The scam consists of a telemarketer urging a prospect or target to pay cash up front for the health insurance policy they are selling. This is one of the biggest red flags and one of the most common forms of health insurance fraud.
It is important to remember that agents for Medicare and/or Medicaid, do not call people to sell insurance. If you are about to buy a health insurance policy over the phone and you are asked for money hang up immediately — it is clearly a scam. Often scammers will try and get the target to send them money or to divulge personal details such as their Medicare number, bank account information, credit card information or other personal identifiers.
The more information a scammer can get, the greater the chance of identity theft or money theft. Be wary of anyone selling health insurance over the phone.
Sometimes, thanks to the very competitive insurance marketplace, insurance policies are sold for really reasonable prices. Competition in the insurance marketplace is what can force prices to be reasonable for consumers. Affordable insurance plans are not always too good to be true. Policies that cover what they say they cover for a reasonable price are possible to find.
Due to the prevalence of scams people are often skeptical. Many people believe that affordable insurance seems too good to be true. In some instances that is actually the case. However, in other cases, it is the insurance agent or agency pricing their products so that more people have access to them. Competitive policy pricing is key for agencies to stay relevant.
Shopping around for health insurance shows how policy prices vary from location to location. Shopping for insurance is a smart move that, in the final analysis, is going to save money.
Do not forget to ask about what the policy does and does not cover. The content of your policy is the most important factor in coverage. To find the best combination of coverage and price, speak to an experienced insurance agent.
If you have heard this once, you have heard it more times than you can count — “Read the fine print.” This is actually really good advice because there is things in an insurance policy you need to know and you will not find out about them until you need to use your health insurance and then find out that what you needed to use it for is not covered.
Your health insurance policy tells you a variety of things not the least of which is what it covers, but also, what it does not cover. If you do not read the entire policy, you could be in for a surprise later. However, insurance policies tend to be dense and complex. If you find that you have questions or concerns about your insurance policy, talk to your insurance agent.
Insurance agents are there to answer all of your questions. No one wants to be in a situation where they were sure their health insurance policy covered all they needed and wanted, but because they did not read the entire policy, it turned out to not be the case. To avoid a situation where you are faced with mounting medical bills, discuss your policy with informed insurance agents.
It seems that not a day goes by without someone trying to scam people with phony health insurance. Insurance scams are common. There are so many types of insurance fraud scams that it is virtually impossible to list them.
Frequently, these scams are not caught until it is too late and the victim is left holding a very high doctor’s bill when they thought they had the insurance to cover it. Victims find out at the last second, when their claim is denied, that they were the victim of insurance fraud.
While insurance scams are common, it is possible for seniors to stay vigilant and protect themselves from possible threat. There are some things to watch out for to protect you and your family.
First, if the price is too good to be true, steer clear of the offer. Low prices are a good sign of a scam. Be wary of mail that offers low cost insurance. Second, be weary of insurance providers whose names you do not recognize. Scammers will often use a name that is similar sounding to a national brand in order to trick people. Next, pay attention to spelling and grammar errors. Scams are often filled with spelling mistakes and grammatical errors. Lastly, before signing up check the company information and confirm that it exists.
Because health insurance scams are so common, it is best for seniors to be cautious. If you are unsure about which health plan to chose, reach out to the qualified agents at benepath.com for help.
As with any purchase, it is good to know what you are buying, before you do. Before purchasing, you should ask yourself what the product does and can do for you. Medicare is one of those things.
Did you know that an average couple could spend at least $280,000 on retirement health care. Did you also know that only approximately half of Medicare qualified beneficiaries have a financial plan in place. Many seniors find themselves unprepared for the costs of Medicare in their retirement. That is not a place you would want to be. Medicare costs can add up when you are responsible for co-insurance, premiums, deductibles and co-payments.
However, the list of out-of-pocket expenses does not end there. You will also need to shell out money for dental care, supplemental health insurance (Medigap), hearing tests, the cost of prescriptions and vision care. This sudden change in what you are responsible for if you have always had health insurance through an employer is quite drastic for many. In fact, studies have shown that over 33 percent of American adults are more concerned about paying for health care in retirement than in paying off debts or paying for lifestyle expenses. Of that number, only about half have a future financial plan in place and many do not realize all the extra expenses they are going to bear.
While there is a large number of Americans about to become Medicare beneficiaries that take the time to do some research before retirement, there are an equal number of looming newbies that are not certain where to look, what to look for, how to save, what is best for their needs, when the benefits start, when to enroll and a whole host of other critical information required to understand how Medicare (and Medigap) work. Research may help, but due to the complexity of the system, how rapidly it is changing right now and in the future, it is best to discuss your needs with a highly trained insurance agent.
What can an about-to-be Medicare beneficiary do to save for the inevitable future health care expenses? Most financial experts suggest a health saving account, available via a high deductible health plan. Why a health savings account? They are a tax-free investment accounts — all contributions are made pre-tax, and any earnings or interest accrued is tax-free. If you take money out for necessary medical expenses, then that is also tax-free.
There are always alternatives to be found to suit your budget and lifestyle. It just takes time, and patience and research in advance of your enrollment date to have it all make sense.
When it is time to get health insurance, the first thing people think is that they cannot afford it and that they will not be able to find what they need, so why bother. Contrary to popular belief, you actually can find reasonably priced health insurance by taking the time to shop around.
We do not often buy the first car or house we see, so why would we buy the first health insurance policy we find? To that end, ask around and get at least three to five different quotes from different insurance agencies. For example, ask for a quote from an insurance company that sells all types of insurance, including health insurance and then, ask an agency that only sells health insurance. Three to five quotes offer you a wider variety of choices before making the final buying decision.
Never buy the first policy you find no matter how much of a good a deal you think you may be getting. Why? Because you will not know if it is the cheapest deal unless you compare it to other options and other policies with other agencies. If by chance the first policy does turn out to be the cheapest, then you have made a great buy.
Another way to save money on buying an insurance policy is to trim it down to what you absolutely really need. There is no sense in over-insuring. So just make certain you have enough coverage, but that you are not paying for coverage that you do not need and would never use. Along the same line of thinking, give some consideration to a high deductible plan and a health saving account combination or ask an insurance agent what would be a good health insurance combination that meets your needs but does not break your budget. There are often incentives and financial breaks to be had in a combination health insurance plan, so ask and find out what you could save.
Are you still employed and receive work-sponsored health care insurance? Even if you buy supplemental health insurance, it tends to be less expensive than going out on your own and buying a policy. A workplace sponsored health insurance plan tends to be cheaper than private insurance.
The real secret to finding reasonably priced insurance? Shop around, be diligent in asking questions, do not over insure yourself and seek ways to reduce your payments (if you get company-sponsored insurance). It may take time, but in the end, you are likely to get what you actually want and need.
Everyone knows that in some form or another, they need health insurance, whether it is for an individual or a family. But the problem is, where is the best place to look for and eventually buy it?
Before actually buying insurance, it is a good idea to research the market and discover what type of plan is the most beneficial for you or your family. There are certainly a lot of choices available, but the fact is that not all insurance is created equal. Asking the neighbor what they have for health insurance may sound like a good idea, but when you check it out you find that it would not suit your needs.
Where to start? Make sure to have a list that outlines who needs insurance, what they want and require, the birth dates and social security numbers of everyone, pre-existing conditions, and whether or not they smoke. In general, smokers pay a higher rate for health insurance.
The next step would be to compare prices for policies you think may be suitable. Most insurance websites are fairly comprehensive, but realistically speaking, cannot list or outline all possible alternatives for insurance coverage.
So long as you have a general idea of what you want and need, it would likely save you time to fill out the contact form and ask an insurance agent to contact you. Use the list you made with your information on it and make sure to ask as many questions as you can. The insurance agent is going to know what you need and what would likely be a good fit for your budget and circumstances.
Be alert for any possible discounts available on different plans. Perhaps there are one or two that are close in coverage, but one is pricier than what you wish to pay. Ask about a discount. You never know until you ask. If you are intending on purchasing more than one insurance product, absolutely ask for a discount. Start with your existing insurance company first to see if they can offer you a deal and when they cannot see what else is out there.
One other tip you can use to your benefit is to look specifically for an insurance agent or agency that only sells health insurance. You are guaranteed to find something that suits your needs simply because the company does not sell a wide range of other products and can instantly ensure you get what you are looking for. Since they specialize in health insurance, they would be up-to-date with the latest new policies and be able to explain them to you in greater detail than a general all-purpose insurance agency that sells other insurance products and health insurance.
The final piece of advice to help you find insurance is to spend the time to read all the conditions and terms in the policy you are considering. You have to know what is and what is not in the policy so you do not run into a sticky situation later when you need health insurance coverage and find out that something is not covered.
Medicaid is not to be confused with Medicare, although the two often get mixed up. Medicaid is funded by federal and state governments, helps low-income individuals and families and is really an assistance program. Also, it is for all individuals of all ages.
Each state has different qualifications for Medicaid eligibility, but one thing is constant, income levels do determine eligibility. For seniors to be eligible for Medicaid, they must pass an income, medical necessity and asset test. Should they qualify, they find that Medicaid may actually offer some benefits that Medicare does not, such as routine hearing, dental and vision care, and prescription drug coverage. There are no extra supplement plans needed if you quality for Medicaid.
If at any time you are not certain which program is for you ask a qualified insurance agent, check with the Medicaid and Medicare government websites if you are computer savvy and ask your friends. The more information you have, the better informed your health insurance choices.
While paying higher insurance premiums has discouraged many Americans from opting in to health insurance, in truth not having health insurance means a person would pay the full cost of medical care if they were hurt or ill.
Americans demand the very best in health care. While medical technology is developing rapidly, with the advancements, the price of medical care is going up. Currently, the price of insurance is built into what the hospital/medical professional is charging for services.
Here is how that works. Health insurance carriers work with a network of medical facilities and physicians to negotiate fees for office visits, prescription drugs, various procedures and other costs. In order to take advantage of the negotiated rates, individuals need health plans. Health insurance plans will cover some or most of any medical costs for insured individuals. However, those who do not have health insurance pay full price for all medical expenses.
Anyone opting out of health insurance because they may think they are healthy does not allow for protection from sudden, unexpected accidents or illnesses. Medical costs escalate quickly and unforeseen medical events can ruin a person’s financial health.
In any situation that requires medical care, it is best to have some form of insurance to help defray expenses. If an employer does not offer medical plans then the individual marketplace is the best place to source affordable options. If you are self-employed, a small business owner, a student or entrepreneur, the individual insurance market is the best option to find a plan that suits your circumstances.
As the current administration has been implementing changes to the health care system, it is difficult to know what kind of policy will suit your situation and budget best. When in doubt, reach out and talk to an experienced insurance agent who can help you choose what type of health insurance policy will protect you at a price you can afford.