Insurance Fraud: The $80 Billion Cost of Lying [Infographic]
What could you buy with the $80 billion dollars that is lost each year on insurance fraud? – The answer you might be looking for is…a lot!
However, insurance policy holders and claimants are not the only contributors to this rising problem for insurers. A statistic from the Utah Insurance Department says that nearly a third of doctors “exaggerate the severity of a patients illness to help the patient avoid early discharge from a hospital.” Conversely, 2 in 5 Americans don’t feel punishment is justified for people that intentionally defraud insurance companies.
This infographic from the insuranceAgents.com Blog shows some staggering statistics surrounding how much is wasted on insurance fraud and the affect it has for the average insurance policy holder.
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