With the gradual rise in the awareness about health insurance in India, the number of people buying health insurance plans is increasing. While this is a very welcoming move, the only downside that the health insurance industry has faced is the rise in the number of health insurance frauds.
It is understandable that many times the frauds are not committed intentionally, but they affect both, the policyholders as well as the insurance companies. By reading further, we hope that you get more clarity on what constitutes a fraud and steer clear of making these errors.
Types of health insurance frauds
The frauds committed by policyholders might be unintentional, but they can certainly lead to very unpleasant situations, including denial of claim or even worse, denial of coverage in the future.
Consequences of committing health insurance frauds
Health insurance companies implement stern actions against those who either willfully or unknowingly try to commit fraud. In India, the consequences of being charged with health insurance fraud are:
Many people believe that insurance companies will never pay the full amount of the claim and thus, they quote a higher claim, which many times result in frauds. Also, there are many people who are not aware of the features and coverages of their health insurance policies and thus either end up committing fraud or paying huge sums of money from out of their pocket for the treatment received.
It is very essential that you read your policy document carefully and get your queries clarified before the commencement of the policy period. In fact, In India, health insurance policies also come with a free look period of 15 days. You can check out the usefulness and relevancy of the health insurance policy in these 15 days and choose to either continue or discontinue with the same.
In todays uncertain world, where the chances of falling ill are very high, it is better to have financial security in times of distress. The rising medical costs have led to the gradual increase in the penetration of health insurance in India, however, the road to successful and sustainable usage of health insurance policies is still bumpy.
We hope that this write-up clears airs about different types of health insurance frauds and that you never are faced with an awkward situation as a result of unknowingly committing a fraud.
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