Dozens Charged in Massive Insurance Fraud Scheme in New York.

Federal and local authorities in New York unveiled charges today against 36 defendants — including 10 doctors and three attorneys — allegedly involved in a systematic scheme to defraud auto insurance companies of more than $275 million under New York’s no-fault insurance law.

According to the indictment, the scheme involved creating fraudulent medical clinics to defraud insurance companies under the state’s no-fault law. The charges include conspiracies to commit racketeering, healthcare fraud and money laundering dating back to around 2007.

The majority of defendants were arrested on Wednesday morning, according to news reports.

http://www.insurancejournal.com/news/east/2012/02/29/237602.htm 

(Insurance Journal News February 29, 2012)

LTCi sidelined?

When it comes to long term care insurance (LTCi), many insurance agents claims that getting their customers to purchase it is a difficult sale. Getting a life insurance is easy because it financially supports a family incase of a sudden premature death. In case of long term insurance its the longevity risk that matters. According to National Center for Health Statistics, the life expectancy of a new born American male today is 75, but it was 46 in 1900. With increase in life expectancy, long term insurance might have gained more importance. 

                                 A 2011 study sponsored by Genworth found that most adults believe that LTCi should be purchased between the ages of 45–64, yet 82% of this age group has not purchased a policy. The study also found that since the 2008 financial crisis, only 20% of adults have taken any action on their financial strategy. This means there is a large group of people who realise that they should take action, but need to learn about their options. People also have misunderstanding about Medicare’s coverage for long-term care. Agents should clearly explain to their clients about the benefits of LTCi like its received income tax free.

 (Ref: IA Magazine, Cover story Feb 2012 issue) (What’s Keeping LTCi from Achieving its Full Potential?)

The right choice!

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