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Money and Markets: Investing Insights

Medigap: Watch out for illegal practices.

Weiss Ratings | Monday, February 27, 2012 at 7:00 am

The following activities are illegal, and you should call the Inspector General’s hotline at 1-800-HHS-TIPS if you believe one of these laws has been broken. No one can:

  • Pressure you into buying a Medigap policy

  • Lie to or mislead you into switching from one company or policy to another

  • Sell you a second Medigap policy when they know you already have one, unless you tell them in writing that you plan to cancel your existing policy

  • Sell you a Medigap policy if they know you have Medicaid

  • Sell you a Medigap policy if they know you have a Medicare Advantage plan unless your coverage will end before the Medigap policy goes into effect

Read more …

Weiss Ratings is the nation’s leading independent provider of bank, credit union and insurance company financial strength ratings and sovereign debt ratings. WeissRatings.com is a destination site helping consumers and professionals make informed financial decisions.

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Weiss Research, Inc., founded in 1971, has a long history of providing research and analysis designed to empower investors with information and tools to make more informed, independent decisions along with an equally long history of public service. [More »]