With countless senior scams doing the rounds, we would like to share 14 tips to avoid senior scams.
The amount of seniors who fall prey to senior scammers is staggering. A recent article from Options for Senior Living noted that in 2020, senior citizens lost more than $1 billion in senior scams. This massive amount underlines the need to be hypervigilant, so your senior loved one does not fall prey to financial fraudsters. Below, we break down 14 tips to avoid senior scams.
Health insurance scams
- Never give blanket permission to a medical provider to bill you for services rendered.
- Ask your medical providers directly what they will charge and what you will be expected to pay out-of-pocket.
- Call your insurance provider directly if you have questions about their services and benefits.
- Never do business with door-to-door or telephone salespeople who tell you that services of medical equipment are free.
Medicare scams
5. Do not share your Medicare number with anyone except known and reputable healthcare providers and apply the same vigilance you would with your credit card numbers.
6. Be highly cautious of salespeople trying to sell you something they claim will be paid for by Medicare.
7. Regularly review your Medicare Summary Notices to be sure you have, in fact, received the services billed.
Telemarketing scams
8. Don’t buy from an unknown company. Learn more about reputable companies from the Better Business Bureau.
9. Always ask for written material about any offer or charity.
10. Obtain a salesperson’s name, business identity, telephone number, street address, mailing address, and business license number before you transact business.
Home repair or contractor fraud
11. Be an informed consumer. Take the time to call and shop around before making a purchase. Take a friend with you who may offer some perspective to help you make difficult decisions.
12. Carefully read all contracts and purchasing agreements before signing. Ensure that all of your requirements have been put in writing.
13. Make sure you understand all contract cancellation and refund terms.
14. Do not allow yourself to be pressured into making purchases, signing contracts, or committing funds.
What to do if you suspect financial abuse
Please don’t be afraid or embarrassed to talk about it with someone you trust. You are not alone; there are always people, organizations, and local agencies who can help. Keeping quiet may only worsen the problem and cause more seniors to fall victim to senior fraud. Keep handy the phone numbers and resources you can turn to, including the local police, your bank (if money has been taken from your accounts), and Adult Protective Services.
