Attention, seniors: Here's how to avoid getting victimized.
Maurie
Backman (TMFBookNerd) Nov 15, 2019 at 6:16AM
Medicare's open enrollment runs from Oct. 15 through
Dec. 7 annually, and it's a great chance for seniors to change their health
benefits and, ideally, save themselves some money in the process. But there's a
downside to open enrollment, and it's that scammers tend to use it as an opportunity
to steal from otherwise unsuspecting seniors.
This year, unfortunately, is no exception. But
if you're careful, you can avoid falling victim to a Medicare scam.
Don't be fooled
Seniors tend to be particularly susceptible to
financial scams, so it's crucial to be vigilant and understand the anatomy of a
scam. In a nutshell, Medicare scams generally involve a random person reaching
out to you by phone or email and demanding pieces of personal information to
either help you capitalize on a so-called great offer or prevent you from
losing your benefits.
Here's a common version: You'll get a call saying
that your Medicare benefits are about to be suspended if you don't provide your
billing information. You'll then be asked to supply your Social Security number and bank account
details to correct the "problem" and avoid a gap in coverage. Give
out that information, and you're effectively signing up to be a victim of
identity theft.
Another common scam involves fake Medicare
agents calling you and offering to help you sign up for a new Medicare plan.
Just like with the suspended benefits scam, you'll be asked to provide personal
information that can then be used to do everything from steal your identity to
access funds from your bank accounts.
And then there's the classic equipment scam.
Callers will contact you with "unbeatable deals" on commonly used
medical equipment like wheelchairs, walkers, and braces. If you give out your
bank account details to secure a "great price" on these items, you'll
risk a host of negative consequences.
Avoiding Medicare
scams
The best way to not be a victim
of a Medicare scam? Never give out personal information to an unsolicited
caller or emailer. As a matter of course, Medicare representatives do not reach
out to enrollees by phone, so if someone claims to be an official Medicare
employee, don't believe it. The only way a Medicare representative will contact
you is if you initiate that communication (such as, if you call 1-800-MEDICARE
with a question and representative returns your call).
Also, be on the lookout for scare tactics.
Anyone who warns that you're about to lose your benefits or face a penalty if
you don't provide personal information is simply trying to scare you into
making a big mistake.
If somebody does try to scam
you this year during open enrollment, report it at Medicare.gov.
In doing so, you may prevent other seniors from getting taken advantage of.
Finally, though you should never trust a random
caller who claims he or she can help you find the best Medicare plan, you should trust
Medicare's plan finder tool. It
includes ratings for Part D drug plans and Medicare Advantage plans to help you make
the best healthcare decisions for the coming year.
The Motley Fool has a disclosure policy.
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