Scams Targeting Seniors

Avoid 3 Common Scams Targeting Seniors!CareLinx contributing writer Connie Chow provides advice on being vigilant and how to spot and stay clear of scams. Have you had a chance to read Consumer Report's November issue? It's cover story, "A Crying Shame," is on how to stop elder abuse. Last week (10/2/15), CareLinx CEO Sherwin Sheik posted an article in praise of Consumer Reports for both covering the elder scam crisis and for also featuring examples of heroes who took action. Scams and fraud affects 40% of U.S. seniors Almost 4 out of 10 older adults in the U.S. are affected by financial abuse. This adds up to $36 billion in stolen assets each year! These fraudsters destroy seniors’ lives by stealing their hard earned savings. The first line of defense against these heartless criminals is YOU. Protect your older adult by finding out about the most common scams targeting seniors and prevention tips from the FBI. Many seniors could never imagine that anyone would do things like this. Tell them about these popular scams so they’ll be on the lookout as well. 3 common scams targeting seniors

1. Medicare or health care fraud There are many ways scammers try to take advantage of the insurance system and stick unsuspecting seniors with a big bill or a long fight with their insurance company.Watch out for:

• Medical equipment manufacturers offering “free” products. Insurance companies or Medicare are charged for products that were not needed and might not have been delivered.
• Unnecessary or fake tests given at health clubs, retirement homes, or shopping malls and billed to insurance companies or Medicare.
• Fake or altered medical bills are submitted to insurance or Medicare.How to avoid Medicare or insurance fraud:

• Never sign blank insurance claim forms or give blanket authorization to bill for services.
• Ask medical providers what they charge and what you’ll be expected to pay out-of-pocket.
• Carefully review your benefits statement. Call your insurer and medical provider if you have questions.
• Never do business with door-to-door or telephone salespeople who tell you that services of medical equipment are free. (There’s no such thing as a free lunch!)
• Only give insurance/Medicare info to people who have actually provided you with legitimate medical services.
• Make sure you know if your doctor has ordered medical equipment for you.

2. Counterfeit prescription drugs Selling fake medication is a big business. At best, seniors lose money (which is already bad). At worst, their health could be in serious danger. Who knows what’s actually in counterfeit pills?!How to avoid these scams:

• Pay attention to how medication is supposed to look. This includes the packaging and the medication itself.
• Ask the pharmacist or doctor if the prescription drug looks suspicious or different.
• Immediately tell the pharmacist and doctor if the medication causes side effects or if your condition does not improve. (Fake meds are a serious health danger!)
• Be very careful when buying medicine on the Internet. Don’t buy from unlicensed online distributors or those selling drugs without a prescription.
• Reputable online pharmacies have the Verified Internet Pharmacy Practice Site (VIPPS) seal of approval, which is provided by the Association of Boards of Pharmacy in the United States.
• Watch out for promotions, discounts, or “special deals.” These might be fake drugs!

3. Reverse Mortgage Scams Legitimate reverse mortgages do exist, but there’s also a huge amount of fraud with this type of financial product. That’s why everyone, but especially older adults, need to be extra extra careful when considering a reverse mortgage.Seniors are usually targeted through local churches, investment seminars, TV, radio, billboard, and mailed ads.Common reverse mortgage scams:

• Seniors are offered free homes, investment opportunities, and foreclosure or refinance assistance.
• Seniors are used as straw buyers in property flipping scams. That’s when the senior pretends to apply for the mortgage and they’re supposed to be paid for the use of their financial identity.How to avoid these scams:

• Don’t respond to unsolicited advertisements.
• Be suspicious of anyone who says that you can own a home with no down payment.
• Never sign anything that you don’t fully understand.
• Don’t accept money from anyone for a home you didn’t purchase.
• Find your own reverse mortgage counselor through HUD.gov’s Home Equity Conversion Mortgages (HECM) counselor locator (that’s what a reverse mortgage is officially called).

Next Steps >Get more info about these common senior scams at FBI.gov>Report Medicare Fraud to the U.S. Department of Health & Human Services and Department of Justice "StopMedicareFraud" at stopmedicarefraud.gov> Review, share and discuss the StopMedicareFraud public service ads and toolkit from the U.S. Department of Health & Human Services and the Justice Department. >If you see Medicare or other elder fraud, please report it! By Connie Chow, Contributing Writer and Founder of DailyCaringImage: The Salvation Army