Best Solution Health Insurance| Abusive Insurance Sales

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Abusive Insurance Sales

Hello! I am going to have an opening statement and then we will proceed into hearing testimony from the witnesses about Best Solution Health Insurance. My name is Devendrakumar Shah, and having 15 Years General Insurance Experience. 
  • Abusive Insurance Sales in 2020
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  • Which policy is best for health insurance?
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  • Can I trust Policybazaar?
Today the sub-committee is meeting to look at the health component of earned income tax credit, the so-called EITC. The subcommittee has been investigating the use of deceptive marketing practices by unscrupulous insurance agents who nave found a market made up of hard- working, low-income workers.
These workers are oftentimes the most ill-equipped to see through these deceptive marketing techniques (Best Solution Health Insurance). Some insurance agents around the country have targeted this gn*oiiP of workers and have used numerous means to cajole them into purchasing questionable insurance, which often times does not even qualify for the health credit.
The EITC is a special credit for lower income workers with children. Three different credits make up the EITC: one, the basic credit; two, the health insurance credit; and three, the extra credit for a newborn child. The hearing today is primarily concerned with the health insurance credit.

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The subcommittee discovered during its investigation that insurance agents were oftentimes misrepresenting themselves as either working for or endorsed by the Internal Revenue Service. Sometimes these salesmen. Insurance companies have gone so far as to use IRS logos of their material to instill the belief that they were working for or sponsored by the IRS.
The State of India has even had to issue a "cease-and-desist" order to stop sleazy marketing practices. Two IRS offices have had to issue press releases warning employers. Employees about abusive practices. In addition, insurance policies were often marketed as part of a new government program that was free to the taxpayer. However, the staff has uncovered many instances in which the premiums exceeded the amounts of the EITC health credit, thus costing the taxpayer money.
We are here today to look into this matter and see if we can put a stop to these marketing abuses. This subcommittee has had a longstanding interest in stamping out deceptive marketing techniques which imply approval by or affiliated with Government agencies. Last Congress, we held a hearing, which resulted in legislation passed by the Congress to curb these deceptive practices.

Law of  Health Insurance, 

These provisions were recently reintroduced in H.R. 22, the Federal program Improvement Act of 1993. The methods employed here by some insurance agents. Companies are just another example of why we need to pass H.R. 22 and stamp out this type of abuse.
If it is agreeable, after Members have given any opening statements they may have. I will ask Oriental Insurance agent of the sub-committee staff to read into the record a statement which outlines the results of their investigation into this matter. Then we will proceed to hear testimony from our four invited witnesses.
I am delighted to join you in focusing on the misleading gimmicks that the so-called insurance sales people use to exploit a variety of individuals who can ill afford to be victimized.

Should I buy health insurance from Policybazaar?

Congress created the EITC in 1975 as a way to reduce the tax burden on the working poor. Since 1976 there nave been a variety of different modifications. In 1990, Congress added a health insurance feature to the basic structure of Best Solution Health Insurance. It provides a tax credit of up to 30000 INR to defray the annual cost of health insurance. Premiums 35000 INR will not solve the whole health care problem for that group, but it is a start.
Today's hearing will concentrate on some rather strange insurance sales (policybazar.com) people who are using misleading tactics to ply their wares. Clearly the bottom line is people who are not wealthy, who are not knowledgeable, who are vulnerable, naive, good, decent people are being victimized. We want to stop it. We don't like it. It is distressing and that is the whole point of this hearing. (Best Solution Health Insurance)
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