Getting better health insurance coverage, for the cheapest price, is a subject that has been weighing heavily upon the hearts, minds, and pocketbooks of Americans for a very long time. With financial distress a commonplace in today’s day and age, it can be very tempting to tell what seems to be a “little white lie” in order to pay cheaper premiums.
However, while this may seem like a good idea at the time, it could end up being a highly financially disastrous “little white lie”. Not to mention that nowadays, it isn’t as necessary to lie on your application just because you have a pre-existing condition. Through 2014, individual insurance companies will no longer be allowed to hike up the premiums, or refuse coverage entirely, due to a pre-existing condition.
WHAT ARE THE CHANCES OF GETTING AWAY WITH THE LIE?
Slim, but possible. If you’ve managed to keep the condition out of your medical records, then you’re more likely to get away with it.
When you apply for life insurance, the insurer may go over your medical history to insure that you provided truthful information. At the outset, they might not go through your application with a fine tooth comb. However, if something happens to you down the line and you need to file a large claim with the insurance company, they will immediately pull up your application, request all of your records, and actually try to find discrepancies that will void your contract.
Insurance companies have reviewers on their payroll whose job description is to find those discrepancies and save the company money by not having to pay out your claim.
WHAT HAPPENS IF IT’S UNCOVERED THAT I LIED ON MY APPLICATION?
If a reviewer finds that little nugget of information that can completely void out your contract, they will absolutely void out that contract and there won’t be much that you can do about it.
Furthermore, they will void the contract all the way back to the date that it was created. Which means that if you currently have any other outstanding bills that your insurance company is assisting with, they will be dropped and you’ll be left with the full brunt of the cost.
Also, the insurance company may actually sue you for bills that they have previously covered for you.
MORALE OF THE STORY
Between the lawsuits, the extravagant bills laid at your feet, and the future hardship of being able to obtain health insurance anywhere else again, is that “little white lie” really worth it?
It’s always a good idea to first consult with a health insurance advisor and discover if you even have a reason to lie at all; you might find that it isn’t even necessary to get the coverage that you want, at a price that is affordable.
To find out more about health insurance policies, visit the HBF website here & you will be able to get any questions answered as well as find suitable coverage for you & your situation.
HBF are a leading insurance provider and have been a trusted resource for many years.