INSURANCE FRAUD
The Coalition Against Insurance Fraud estimates insurance fraud costs U.S. individuals a whopping $80 billion per year and Medicare fraud costs the government $179 billion per year.
How does this affect you? Insurance fraud costs individuals because they are charged higher premiums by their insurance companies to cover their losses. Individuals also have to pay higher taxes to cover Medicare fraud. In addition, if an individual is a victim of insurance identity fraud they can incur loss of assets, property, higher premiums, denial of future coverage and poor credit ratings.