Scamming our seniors.
My regular visitors know that since I am an old fart I try to keep an eye on the scams and policies that will effect most people as they retire.
The insurance industry is getting worse by the year….they have been scamming seniors for decades and it just gets worse with the passing of time.
Democratic Sen. Elizabeth Warren released a report Wednesday highlighting the splashy incentives—from luxury vacations to cash bonuses—that private insurance companies offer agents and brokers for enrolling seniors in potentially higher-cost Medigap plans.
Medigap is federally regulated supplemental health insurance offered by for-profit companies such as UnitedHealthcare, Humana, and Aetna.
According to Warren, the Medigap marketplace is rife with “incentive trips and other perks for brokers and agents” who—in pursuit of such rewards—could be motivated to “push seniors into the most expensive Medigap plans, regardless of whether those plans meet their needs.”
The senator found that the estimated 32 private companies that entice agents with vacations and other incentives to boost Medigap sales provided the supplemental insurance to around 6.6 million people in the U.S. in 2021 and raked in nearly $16 billion in premiums from beneficiaries that year.
Warren acknowledged that her report “may underestimate the prevalence of incentives and rewards in the Medigap insurance industry” given that insurers and third-party companies are often not transparent about their incentive practices.
In a statement, Warren lamented the weak federal and state regulations that are giving insurance giants “free rein to scam millions of seniors in Medigap, offering agents lavish vacations to steer unknowing beneficiaries into more expensive plans.”
“Regulators must act to make sure seniors aren’t getting fleeced,” said Warren, who noted that around 40% of Medigap enrollees had less than $40,000 in annual income in 2018.
I have always thought that these so-called “advantage’ plans were nothing more than a scam to screw seniors out of what money they have….these insurance toads are unfeeling ass wipes…..and that includes the senior’s best friend, AARP….which pushes their own brand of ‘advantage’ policies.
Keep an eye on your finances there are slugs that will come for your money.
I Read, I Write, You Know
“lego ergo scribo”