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How To Avoid Insurance Fraud

Insurance Fraud Investigators

Insurance fraud is a crime and a very common one for that matter. Insurance fraud in New York State costs residents millions of dollars each year in the form of higher premiums and higher prices for goods and services. The exact cost of insurance fraud is difficult to pinpoint, since so much simply goes unreported. However, the public can help to reduce fraud and lessen its impact by learning how to recognize fraud. One way is thorough insurance fraud training, which helps people identify types of fraud. Avoid becoming a victim and fraud and learn how to suspect it! Let's take a closer look at some aspects surrounding insurance fraud to help you know the signs and avoid fraud.

Be An Informed Consumer

For many people in the United States, insurance premiums are a significant expense. The premiums you pay are based on the individual claims history and the degrees of risk involved. In general, the greater the risk, the higher the premiums. Keep this in mind when you are looking for insurance. For example, a Jaguar will have a higher theft premium than a Toyota because more Jaguars get stolen each year. And more dangerous professions require more premiums.

Know Your Agent

Consumers can sometimes be victimized by unscrupulous agents or brokers. And thus only discover after the filing of the claim that they are without coverage. If an uninsured home is damaged by fire, then the owner is solely responsible for restoring it and paying back any mortgage holders. Same risk goes for drivers. If you are driving an uninsured vehicle, then any personal assets may be subject to forfeit if that driver is damaged. So knowing your agent or broker limits this risk. If you are unsure, ask for a license to verify they sell insurance.

Ask for a Copy of Your Policy

No matter what sort of insurance you are purchasing, you should receive a copy of the type of insurance policy. It should be complete with endorsements and declarations that specifically outline your coverage, as well as its limitations. And you should get it within a reasonable period after your purchase. If you do not receive a copy, then ask your agent or insurer. If there is no satisfactory answer, then you may need to reach out to a higher power since you might not have the insurance coverage you are paying for. As an investigative team, we can help you get to the bottom of this problem. 

Only Pay for Services You Receive

If you have received medical or dental treatment that is covered by a health care provider, then you will get a statement about the "Explanation of Benefits." This will list the services for the benefits you paid for already. Be sure to properly review this list and make sure you were not billed for services you did not get. Or for dates where you were not treated. And check to make sure you were not billed for more expensive procedures compared to what you got. If you believe there are discrepancies, then you need to contact your insurer immediately.

Each year, health care fraud translates into billions of dollars. This means increased costs for goods and higher premiums for everyone. So, if you suspect fraud, then you can contact the Department of Financial Services. Or you can reach out to the investigative team at IRC and we will look into it for you and keep the matter confidential.

Contact Investigative Resource Center Today

For more information about our training programs for insurance fraud, please give us a call. When you reach out, we can discuss what it is you want out of the program and if we are a match. We have years of experience helping people throughout the New York City area with insurance fraud and want to help all that we can. So please, do not hesitate to reach out and learn more about all of the investigative services we offer.

Contact IRC Today