Benefits Fraud – It Impacts Your Plan!
I received an interesting email today from one of our valued partner clients. They had received and email from the benefit plan insurance carrier advising them that the carrier is updating their standard wording for their group contracts in 2019. Upon reviewing the amendments some of the wording changed was to impact the carriers ability to fight back against fraudulent claims.
Coincidentally, CBC news posted an article today (Dec 19, 2018) regarding benefit plan fraud. Benefit plan fraud costs both employers and employees substantial dollars every year. Although the insurance carriers have been combating this issue for as long as I can remember, I don’t think many employers and employees are aware of this trend that is ultimately impacting all group plans.
Following is the link to the CBC news article as well as a link the Canadian Life and Health Insurance Association (CLHIA) that has launched an awareness and reporting campaign.
Please take a few minutes to review these links. You may be quite surprised!
Please let us know if you have any questions.
Danielle Reece, GBA
Copperstone Benefits Manager