Understanding Identify Theft and Theft Insurance

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Experient Health explains identity theft and insurance in its latest edition of the "Know Your Benefits" Blog series.

Experient Health has experienced professionals who help guide individuals through buying an Individual Health Insurance Plan.

As many as nine million Americans become victims of identity theft each year, Experient Health reported, thanks to statistics provided by the Federal Trade Commission, in its latest Blog series on understanding benefits.

"Identity theft occurs when someone obtains personally identifying information, such as your name, credit card number, birth date, Social Security number, home address and bank account numbers, and then illegitimately uses this information," Experient Health wrote. "This unauthorized use of your personal information can result in great financial loss as the thief amasses credit card debt and tarnishes your credit rating."

Repairing the damage from identity theft can be a daunting—and financially taxing—task.

That's where identity theft insurance can come in, Experient Health wrote. Experient Health is the health insurance arm of the Virginia Farm Bureau and in the Blog it launched earlier this year, it addresses healthy living on various fronts, including financial.

"After losing money to identity theft, you don’t want to spend more on the various fees and charges that accompany re-establishing your name and credit," Experient Health wrote. "Some employers offer identity theft insurance as a voluntary benefit that can help protect you in case you become a victim of identity theft."

Identity theft insurance is designed to relieve the victim of the financial burden of repairing damages after an identity has been stolen.

This type of insurance does not reimburse loss from theft such as stolen credit card numbers or forged bank checks, but rather prevents further loss once a victim has already suffered identity theft.

"Aside from some plans which may provide free credit monitoring, identity theft insurance does not work to prevent identity theft," Experient Health wrote. "Instead, identity theft coverage helps with expenses as you navigate the identity recovery process, which is useful whether or not you actually lost money to an identity thief."

What identity theft insurance does cover, however, includes the potentially costly and complicated process of recovering from identity theft, and most plans will cover basic expenses incurred during identity recovery.

Eligible expenses may include postage and certified mailing costs, phone bills, photocopying charges, notary and filing fees, legal fees and attorney fees, fees for reapplying for loans, grants or other credit lines that were denied due to identity theft, lost wages due to time away from work to meet with police, confer with attorneys or engage in other recovery-related activities, and cost of obtaining credit bureau reports.

"The insurance may cover fees for a fraud specialist who can support and guide you through the recovery process, and some plans may provide their own experts to assist you," Experient Health wrote.

Interested in learning more about identity theft insurance works or other personal and business insurance options? Visit Experient Health's "Know Your Benefits" Blog series.

About Experient Health:

For years, Experient Health, a Virginia Farm Bureau company, has helped people find the right insurance coverage and get the most for their health care dollars. The Richmond, Va.-based group is dedicated to providing high quality health insurance options to customers in Virginia, Maryland, and Washington DC. As a result, its consultants, with an average of more than 20 years experience, are intimately familiar with the states’ provider networks, products and regulations.

Representing the top national insurance carriers, Experient Health provides customers with multiple policy options designed to meet wellness needs and financial requirements.

Experient Health grew out of Virginia Farm Bureau and is a “hometown agency” in that it operates a network of more than 100 offices. However, it boasts the resources and technology of larger firms.

Consultants are available online, via phone and through their offices.

Learn more at http://www.experienthealth.com, utilize the online health insurance quote calculator or contact a consultant directly at 855.677.6580.

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Stephanie Heinatz
Consociate Media
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Brad Spence
Experient Health
since: 04/2013
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