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Consumer
Warning
HEALTH INSURANCE: CANCELLED!
Most of us have health insurance in case we get sick and require medical care.
But, if you're not careful how you fill out your application, your insurer
can go back and cancel you…retroactively…and leave you with piles
of medical bills! It's called rescission. Experts say insurers are allowed
to revoke individual policies in cases of fraud and, in most states, for misleading
or omitted information on an application. Getting sick early on in a policy
can prompt a review by your insurer to see if there's any reason to believe
you knew about that condition before buying the insurance . The insurance
industry says it must rely on openness and honesty on an application since
there isn't a central place to obtain a person's medical history. They say
rescission rarely happens… but some consumer advocates argue the practice
is now being overused with hundreds of court cases filed. The National Association
of Insurance Commissioners is getting involved and is looking into the idea
of a uniform application. They say making the forms clearer and less confusing
could lead to fewer rescissions. What every person with health insurance needs
to know….
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Consumer
Money Alert
RATE CHASERS
It's the latest craze among investors… They're not trading stocks, bonds
or commodities. Instead, they're hunting for the best interest rates at banks
and credit unions and stashing their cash in high yield savings accounts and
CDS. Then, when they find a better offer…they transfer the money to the
new account. They're called rate chasers. Unlike the day traders that came
before them, these investors shy away from risk. Rate chasers say the practice
offers the same excitement you get with regularly trading stocks, but it's
safer because most of the accounts are FDIC insured. We speak to one rate
chaser who says he earns about $5000 extra a year by moving his money around
from account to account. He even uses borrowed money from credit cards to
invest this way. What do financial planners think about this practice? Is
this how you should be managing your money?
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Consumer Alert
OPT OUT OPTIONS
We all know about the National Do Not Call Registry. Millions of Americans signed
up to block telemarketers from harassing them at home. But most people don't
know that there are dozens of other opt out programs to protect their privacy…and
stop all the mass mailings! We asked some experts what opt out options you need
to know about… and how to know whether they're right for you. Topping the
list: opt outs that prevent lenders, credit card companies and some other financial
institutions from sharing certain personal information (like bank account balances)
with non-affiliated companies. But, Pam Dixon with the World Privacy Forum says
it can be tricky since each institution has its own policy. In this age of identity
theft, experts say more people want to stop all the prescreened credit card
and insurance offers since it's simple for anyone to steal the offers and open
credit. There's a toll free number run by the credit bureaus that allow you
to stop the mass mailings. Another opt out now available nationwide: a credit
freeze, which allows the bureaus to freeze your reports so no one can open credit
in your name. Be careful, though …a freeze means you can't get credit either!
If catalogues are what make you crazy or email spam has your head spinning,
there are opt outs for those too. Should you always opt out? It's a matter of
weighing the benefits and the risks and we'll tell you everything you need to
know.
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