By Brandy Bauer | 8.1.2019
Whether it’s a telephone call from a government impostor or a
promise of free medical equipment, scam artists continue to target older adults
in an attempt to get rich quick. The U.S. Senate Special Committee on Aging
notes that current estimates suggest older Americans
lose $2.9 billion each year to financial scams.
But you don’t need to be the next victim. Here are four tips to
help detect and prevent financial exploitation.
1. Hang up on government impostors
It starts with a call from someone claiming to be from the IRS,
or Social Security, or Medicare. Maybe the telephone number even matches the
toll-free number for these agencies, or comes from a Washington, DC area code
(202).
The caller tells you that your account is locked. Or they say
you need to provide some information to get a refund or service, like your
Social Security benefits reinstated. Or that you face possible arrest for
unpaid taxes. It may be scary—but so is losing money to these fraudsters. The
Federal Trade Commission (FTC) notes that since 2014, Americans have lost over $450 million to government impostor scams,
with those aged 80 and over losing the most—a median $2,700.
The best way to avoid these scams is to not accept calls from
unknown sources. Also, don’t call back numbers you don’t recognize if they have
not left a message. If you do accept one of these calls, hang up immediately if
you suspect it is a scam. A big red flag is if the caller requests payment via
gift card or wire transfer or threatens arrest for non-payment. Be sure to
report the call to your local law enforcement or register a
complaint with the FTC.
2. Don’t accept offers of “free” medical equipment or tests
Medicare covers a range of preventive services and durable
medical equipment (DME) at no/low cost to beneficiaries. But it’s important to
remember that there are rules for receiving these services, and you should only
accept them from trusted providers.
The Office of the Inspector General (OIG) of the U.S. Department
for Health & Human Services reports that advertisement of free
orthotics continues to be a popular scam targeting people with
Medicare. Fraudsters may:
·
Call you directly to offer
a neck/back brace
·
Send a postcard to your
address with a toll-free number to call and place an order or
·
Advertise on television or
radio to encourage you to order Medicare-covered braces by calling the phone
number provided.
Similarly, scammers are exploiting seniors’ worries about
dementia, cardiovascular disease, and cancer to offer Medicare-covered genetic
testing. (Stay tuned for an upcoming post in our My Medicare
Matters® blog for more details about genetic testing
scams.)
In both scenarios, the scammers obtain your personal information
and Medicare number, which can be used to steal your identity and bill Medicare
for thousands of dollars. While you may receive a back brace, test swab kit, or
genetic report in exchange, these products will not be of the quality that you
would receive from a DME provider or genetic specialist.
If you suspect this or other types of Medicare fraud, report it to your state Senior Medicare Patrol.
3. Check your Medicare Summary Notice
Relatedly, your Medicare Summary Notice (MSN) is a critical tool
in combatting scams. The MSN is a notice that Medicare sends to beneficiaries
every three months that explains what services and providers billed Medicare on
your behalf, what Medicare paid them, and any amount you might owe. (If you
don’t receive any services or medical supplies during that 3-month period you
won’t get an MSN then.)
Be sure to check your MSN regularly to identify any suspicious
activity, such as a bill for equipment you didn’t receive or from an unfamiliar
provider. Contact 1-800-MEDICARE or your Senior Medicare Patrol if you do spot
something awry.
4. Protect your identity
Anyone can become the victim of a data breach or hacking, even
if you safeguard your personal information. Once scammers have your sensitive
information, they can use it to open new lines of credit, file fake tax
returns, and more.
There are several steps you can take to protect yourself, from
freezing your credit to setting up alerts and monitoring your accounts. The
Office of Older Americans at the Consumer Financial Protection Bureau (CFPB)
has published the guide Protect Your Identity: What Older Adults Should Know which
includes helpful tips and can be downloaded or ordered from their site.
If you suspect you’ve already been a victim of identity theft,
the FTC has tools at IdentityTheft.gov that allow you to report a theft
and make a recovery plan.
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