I live in Central Massachusetts, and was almost conned into purchasing this useless Health Insurance. I am a current HMO user, and was trying to find cheaper health insurance for my family. I googled some stuff, and sent my name on-line for a quote. The very next day I was contacted by an agent for "HealthMarkets".
My search for HealthMarkets turned up the UICI information, but I was pretty clueless from there.
I listened to the agents spiel, and wanted to clue you guys in on what I percieve as a new tactic, which almost got me and my wife to join on the spot. They call it "Premium Re-Imbursement", and it works like this: It is a seperate rider on the plan (It seems the whole plan was a bunch of riders) that would reimburse you a percentage of your paid premiums, minus any benefits paid, after a certain number of years of remaining with the plan. The percentage reimbursed increases over time. The "maximum example" he showed us was if we stayed on the plan for 25 years (until I turned 65) at an approximate monthly premium of $800, we would get a check for approx $830,000 minus any benefits paid over that time.
My wife wanted to hand the agent our credit card right then and there, but I was suddenly a little skeptical. I even told the agent that it was too good to be true. On top of that, my MEGA monthly premium would be $400 less per month than what I was paying now. Hell, I almost gave him my credit card right then and there.
But, I told him I had to contact my HMO on how to cancel and how long it would take. The agent wanted me to fill out the paperwork right then and there, and I refused.
When he left my house, after making another appointment for the following day, I immediately went to my computer and did a google search for MEGA health insurance and "fraud". I found this webpage, among others, and am so glad I did.
After spending 3 hours reading all the good and the bad, I decided against MEGA health, and am staying with my HMO. It might be overpriced, but I and my family are covered for everything. No riders, no deductibles, no scams.
Thank you all for your input here. You probably saved my family's financial future.
PS When I cancelled the appointment for the next day, the agent said he felt I would not join, but asked me why anyway. I resisted the urge to call him out on the scam and instead pointed to the glaring coverage problem: If, God forbid, cancer intruded on my family, MEGA would pay the first $2,500 of each chemo treatment each day. On paper it looks great, until you actually research the cost for a chemo treatment and realize the average cost is closer to $16,000 in Massachusetts. I would be out $14, ooo EACH TREATMENT. When I told him that was a risk I could not take, he had no answer.
Again, thank you all for your input.
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