The U.S. spends more than $3 trillion dollars each year on health care, and as the population ages, that figure will rise. Sadly, this industry attracts more than its share of fraudsters. The Federal Bureau of Investigation, which acts to expose and investigate health care scams, estimates that “tens of billions of dollars” are lost every year at the hands of insurance scammers, causing increases in everyone’s premiums. So how can you recognize a scam and avoid falling victim to one?
Here are two examples:
- One way scammers take advantage of consumers is by offering fake insurance policies. If it sounds too good to be true, it probably is. Working with a licensed insurance agent is the best way to find reliable, legal health insurance.
- Another popular scam is medical discount cards. Those who sell them promise deep discounts on everything from medications to doctor visits, but these promises are empty. In the end, you’re stuck with high fees and no benefits. To protect yourself, make sure you research any claims a discount card offers and contact your local insurance agent for further investigation.
In fact, the best way to protect yourself from scammers is by asking questions. Reputable companies and insurance agents will welcome them and will answer to the best of their abilities. They’ll discuss the pros and cons of different policies and how they might work for you. Scammers? Not so much. As a consumer, be diligent about researching policies or discount cards before buying. It will benefit us all.