It was announced yesterday that Blue Cross and Blue Shield health plans recovered close to $350 million thanks to a very efficient 2008 anti-fraud investigation. The total money recovered added up to a 43% increase from the previous year. Fraud activities included false claims, improper billing practices and non-covered procedures.

WellPoint – an independent licensee of Blue Cross and Blue Shield – also announced that they recovered $75 million due to waste, fraud and abuse in their system. According to their estimates, for every $1 spent on investigating fraud the company saves or recovers $11.

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If insurance companies can find ways to combat waste, fraud and abuse in their systems, Medicare and Medicaid need to find more productive methods. An estimated $68 billion every year – or 3% – of all healthcare expenditures is stolen. The government could insurance millions with that “extra” money.

Scammers have found yet another way to swindle unknowing consumers out of their money – healthcare discount cards.

2 to 4 million people have purchased what they thought to be medical discount cards, only to later learn they had been misled and ripped off. Consumers buying these cards are likely to not have insurance from their jobs and can’t afford it on their own. These cards seem to be a winning solution.

Make sure you’re not a victim.

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