Avoid These Common and Costly Senior Scams

Seniors, particularly those who may be living alone, are vulnerable to costly senior scams. The following article provides information on three scams that families and aging loved ones should be aware of so that they do not fall victim.

Avoid These Common and Costly Senior Scams

Scams aimed at seniors can range from fraudsters who pedal bogus anti-aging products for less than $30 to a fake “cash award” racket that empties a $300,000 nest egg. In all, seniors lose an estimated $3 billion a year to scams and other financial abuse. Here are some of the common swindles, according to experts:

Medicare Open-Enrollment Ploy

What it is. In the fall, a few weeks before Medicare Open Enrollment begins, individuals claiming to be from the Centers for Medicare and Medicaid Services (CMS) call seniors saying the agency is issuing new Medicare ID cards. But to receive the card, seniors must confirm their identity by volunteering their bank account information and often their Social Security number. The callers then use that information to debit the seniors’ accounts and commit other forms of identity theft.

How to protect yourself. Never respond to a phone request to confirm your identity. Medicare will never call, email, or visit you to ask for your personal information.

Veterans’ Pension Scam

Continue reading HERE about costly senior scams.

Thanks for visiting us at Advocare of South Florida. Advocare helps families create and implement a plan of care to promote healthy aging or address illness of loved ones. Our Life Planning services can provide the oversight needed to help avoid the traps of costly senior scams.