Insurance Companies Know What’s in Your Medicine Cabinet
Understanding health insurance plans and choosing the right one can be very challenging to most people. Complicating matters is the fact that health insurance carriers not only have access to your medical records, they also can obtain a detailed history of your prescription usage.
The two companies that dominate the field of selling prescription information to insurance companies are Medpoint and Intelliscript. Both will provide a five year history of prescription drug purchases, dosages, refills, and more. Insurance companies can obtain this information for as little as $15 per search. The original intent of these data bases was to help inform doctors treating patients, especially in emergencies, but that use did not really catch on. Instead, insurance carriers are using the data to help identify potentially high risk applicants.
The Federal Trade Commission (FTC) investigated Medpoint and Intelliscript and found their practices violated federal law by keeping the system under the radar and hidden from consumers. Full disclosure is required and both companies insist they are in full compliance with the law. However, very few consumers are aware of the existence of these companies and their use by the insurance industry.
Insurance companies insist that they are being responsible in their use of this information. Most health insurance carriers will call the applicant if there is a discrepancy on their application and the information they receive from these data sources. However, there is so much data out there in today’s world that you must be proactive and serve as your own advocate to make sure your information is accurate.
With the rising cost of group health plans, more and more Americans will be purchasing their own individual health plans. In most cases, these plans are far less expensive than group plans because they are underwritten while group plans typically are not. Individual plans are portable which means that you take the plan with you even when you change jobs.
As an independent broker, I represent all the major carriers in my state of Maryland which means I am able to help my clients navigate the system and choose the plan that will best meet their needs. Your broker comes to you free of charge and using a broker will not have any affect on your premium. Contact an independent health insurance broker to learn about the plans that are available in your market so that you and your family are protected.
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