A Medical Insurance Savings Card At Affordable Prices

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Consumer Alert: Be Careful When Purchasing a Medical Savings Card

Many Americans are searching for affordable medical insurance since medical care premiums on the rise, . There has been an increase in medical savings card plans being marketed. It is important to know the difference between medical insurance and medical savings cards and to be able to distinguish between legitimate and fraudulent cards.

Medical savings cards are not insurance. Legitimate savings cards offer medical savings on services from doctors, pharmacists, etc., who accept these cards.

1. Buyers Beware! Because medical savings cards are not insurance, fewer consumer protections exist for buyers. Many state insurance departments do not regulate the entities that sell these cards, although some insurance departments have recently enacted legislation to allow regulation, including licensing or registration requirements.

2. Double-check the company and agent. Some insurance carriers offer insurance savings cards at little or no cost as an added value to their members. Certain associations, banks, employers and others also provide medical savings cards. However, there is the potential for confusion and fraud with respect to these offers.

Beware of salespeople and advertisements that use words like “co-payments” or “premiums” to deceive consumers into thinking a savings card plan is a insurance. Avoid sales personnel or companies of medical savings card plans that insist on debit or credit card information and may pressure you to make quick decisions.

Contact the Government Office of the Attorney General and the Better Business Bureau to see if complaints have been made against the entity. Ask the sales person or company if the product is an insurance plan or a discount plan.

3. Check the Benefits While some deceptive medical savings card issuers claim that their product is insurance, medical savings cards do not pay medical claims. Instead, enrollees are responsible for paying for services at the time care is received.
Embellish, Some savings card plans may exaggerate the savings potential and promise insurance savings that might not be available. Also, many of these misleading plans do not cover all types of services or conditions.
Check with the company to make sure that there is a provider in its network that meets your needs and double check directly with the provider that the plan is accepted. Even if it produces the medical savings the card claims, you could still be out thousands of dollars if you are hospitalized.

Ensure the plan has a reasonable complaint procedure, a clear refund and cancellation policy and a toll-free phone number for customer service.

4. Check the Benefits. While some faulty medical savings card issuers claim that their product is insurance, medical savings cards, they do not pay medical claims. Instead, enrollees are responsible for paying for services at the time care is received.

Exaggerate, some savings card plans exaggerate the savings potential and promise insurance savings that might not be available. Also, many of these misleading plans do not cover all types of services or conditions.

Check with the company to make sure that there is a provider in its network that meets your needs and double check directly with the provider that the plan is accepted. Even if it produces the medical savings the card claims, you could still be out thousands of dollars if you are hospitalized.

Make doubly-sure that the plan has a toll-free phone number for customer service, a reasonable complaint procedure and clear refund and cancellation policy.

5. medical savings card “Red Flags” Here are some warnings against possiblefphony plans:

• The card plans are often advertised through blast faxes, spam e-mails, Internet pop-ups or signs posted on telephone poles.

• The medical saving card company claims you can save a bunch on medical insurance.

• Hidden list, The savings card company or agent will not give you a list of providers until after you purchase the insurance savings card.

• High-pressure marketing and an extreme sense of urgency, telling you that you “must act now” or “this one-time offer” is used by the company.

• You are asked for debit or credit card information or a large up-front fee. Legitimate medical savings cards will not mandate large application fees or up-front costs.

• Legitimate health savings card issuers will state on all their marketing material “This is not insurance.”

• Legitimate insurance savings card issuers will never suggest you drop your medical insurance.

• If it seems too good to be true, it probably is! It is so much more simple to sign up for Guaranteed Issue Health Insurance which is a real health insurance backed by the government.

We welcome you with arms and shoulders wide open to real health insurance that will accept you for who you are.

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