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Beware of bogus Health Insurance Plans

As we see the costs of health insurance and health care costs rise each and everyone of us will have been faced with an annual increase in health insurance premiums. It is only natural that people will look for a lower cost alternative and in doing so some are finding themselves the victims of fake health insurance plans.

Fake health insurance plans look like genuine authorized health insurance plans they are set up with the intention to take your money and not to pay benefits or abide by any state insurance laws. People who buy into a fake health insurance plan can often find themselves with little recourse to justice and are often left with large debts in the event of a claim against the health insurance policy.

There is some confusion surrounding who has the regulatory authority to investigate and prosecute bogus health insurance plans, is it the Department of Labor or state Departments of Insurance. Licensed agents are mainly responsible for selling bogus health insurance plans and can be held liable for selling unlicensed and fraudulent products.

It is important for to licensed agents verify the legitimacy of any product they intend to offer for sale. So it goes without saying that all licensed insurance producers and consumers should verify the legitimacy of any product before putting any money down. Everyone is at risk of being a victim of a fake health insurance plan including individuals, families and employers

Some points to consider before making a decision

Are the health insurance premiums being offered significantly lower than similar health insurance products you have considered.

Is the health insurance plan offering universal coverage with no mention of exclusions or pre-existing conditions.

Anyone who claims they do not need a license to sell their health insurance product.

If the agent is indicating this product is exempt from state regulation you should beware.

A health insurance plan that does not use the word insurance anywhere in its materials or documents.

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