Shielding yourself from health insurance scams: A comprehensive guide

While the health insurance industry in India is expanding, there is an uneven distribution of coverage across the country. It is estimated that there are about 514 million people who have some kind of health insurance coverage. However, that is merely 37%. The public healthcare system is grappling with insufficient funding, leaving private health insurance providers as the preferred choice for many Indians, dominating the health insurance market.

While Zurich Kotak Health insurance is one of the most trusted names in the market today, there have been many reports in the past about health insurance scams. Zurich Kotak Health insurance would urge all insurance seekers to be mindful of health insurance fraud prevention. Read on as we discuss health insurance scams and how to secure health insurance policy.

Health insurance scams

There are many types of health insurance scams that have come to light, and it is only through careful analysis that you can steer clear of them. Fraudsters will call you up and try to sell you plans and products that simply do not exist. They may also try to sell you plans at a much-discounted price. They may also claim that they are from some government department and may try to fool you by saying that buying a health insurance policy is now mandatory.

Fraudulent online pharmacies have also become a nuisance, where scammers have only duped people with money but also sold medicines with dangerous ingredients. False online websites can also be used to steal and misuse your personal information.

Health insurance fraud prevention

Here are some tips to have a secure health insurance policy and avoid falling prey to health insurance scams:

1. Buy health insurance only from a reputed and reliable company

2. Never give away your personal information

3. Read policy documents carefully

4. Check the ID of any agent/ executive and confirm their identity from the company

5. Be alert, and do not get tempted by plans that seem too good to be true.

When it comes to health insurance scams, health insurance companies are also at risk. They are also at stake because of the frauds committed by agents, employees and policyholders. As a policyholder, the onus of being true to your insurance provider lies on you. Scam awareness in mediclaim policy is your responsibility. Lying to your insurer about your age, employment status, and medical history or submitting fraudulent bills are part of health insurance scams.

As a customer, when you are honest with your insurer, you not only secure health insurance policy, but also help the insurance company deliver to the best of their capabilities.

Conclusion

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced Initiatives like the Bima Satark to combat health insurance fraud prevention and improve the overall advantage of a mediclaim policy. As a policyholder, it is your responsibility to shield yourself from health insurance scams, which is essential in today's complex insurance landscape. To protect your financial well-being, be vigilant and try choosing a health insurance policy from a reputed and reliable company.

Source:

1. https://www.forbes.com/advisor/in/health-insurance/health-insurance-statistics/#:~:text=Approximately%20514%20million%20people%20across,the%20people%20in%20the%20country

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