Posts Tagged ‘senior financial abuse’
Applying for VA Benefits: Don’t be Scammed!
Tuesday, December 21st, 2010Medicare Scams: Watch Out!
Thursday, December 16th, 2010This the second video on Medicare fraud. It’s an excellent intro on the types of scams created by the bad guys.
Preventing Medicare Fraud
Friday, December 10th, 2010This a great video about health care fraud from SMP, and how to avoid being victimized…
Beware of Medicare Fraud!
Monday, November 29th, 2010Last October, more than 40 members of a crime syndicate were arrested and charged in an extensive Medicare fraud case. The suspects stole the identities of thousands of physicians and patients, and used these information at more than 100 fake health clinics in 25 states to bill Medicare for more than $100 million. In another case, a Miami mental health organization was charged with filing $200 million fake claims for therapy sessions.
These are the large scale scams that make the news.
However, there is a lot of fraud happening below the radar, so to speak, that can affect us directly.
For example, criminals often offer unsuspecting patients medical equipment and supplies they don’t even need, or even qualify for, to collect Medicare information. These swindlers then bill for other supplies and services the patients never received and pocket the reimbursements. Sometimes they even offer “free services” like cholesterol screening or diabetes check-ups, to get Medicare numbers. Though seniors trapped in these criminal set-ups rarely face financial liability, the fact is their medical records get compromised. This can negatively affect their health benefits in the future, without them even knowing that something bad has happened to their file.
For example, one senior needed a wheelchair, but was denied one by Medicare. Her records indicated that she already had a wheelchair for the last five years. In fact, the individual’s Medicare number had been already compromised — and she didn’t even know when it happened!
Sometimes, Medicare recipients apply for long-term care, and their application gets denied due to that fact that their medical records are full of bogus tests and medical treatments. This affects not only these individuals directly in need of these services, but also the rest of the population. Fraud raises premiums. Also, whenever there are “crackdowns” to assuage the public about the rising incidence of these scams, it makes it extra difficult for people with true medical needs to apply for the care they require and deserve.
In our next post, we will cover some practical steps you can take to prevent these kinds of abuse…
Stop Senior Financial Abuse
Tuesday, April 27th, 2010Learn the warning signs to protect yourself and your family.
The improper or illegal use of an elder person’s resources is what’s known as financial abuse of seniors. Seniors are often targeted for these types of crimes because of their lack of awareness, fear of retaliation and loss of personal independence which may put them at risk. Often once something happens, the senior may feel pressured to not say anything because of putting more burdens to fix the problems on their family members or friends.
Empower yourself! By knowing the signs of these crimes you can take charge of your finances and be able to prevent or stop things like this from happening. And the sad truth is, elder financial abusers can often include: immediate family members such as spouses, children or their kin, unethical business professionals, physicians or financial advisors, unscrupulous service providers such as contractors, caregivers, storekeepers and of course- unknown predatory scammers and con-artists. With so many different sources to keep a watchful eye on, learning the early warning signs can be a major start to winning this battle and stopping financial abuse altogether.
Common Warning Signs Include:
- Newly authorized signers on financial accounts. Prevent this by checking all bank and credit card statements and opening all letters. Financial institutions will often mail the primary account holder an additional notification when this type of transaction occurs.
- The unauthorized use of ATM or credit cards. Again, watching your statements can help stop this from the beginning if caught early.
- Abrupt changes in wills, trusts or powers of attorney. Any of these types of changes should be brought to the senior first for approval.
- Unexpected changes in named beneficiaries. Again, approval or acknowledgement should be given by the senior first.
- Bank or credit card statements sent to a different address.
- Dwindling funds with repeated unpaid bills. If your money is disappearing but bills are not being paid on time- you may have a problem. Contact a trusted attorney, family member or caregiver to find out what’s really going on.
- Missing property such as jewelry, art or collectibles of value.
Work with trusted family members or friends to protect yourself and your assets from these types of scams. Utility, insurance and some mortgage companies allow seniors to name other people who may be alerted should missed or insufficient payments occur. Also, ask to be notified when unusual cash withdrawals or out of the ordinary financial activities occur on your accounts. Banks are getting better all the time at spotting abnormal activities early and flagging your accounts for review.
Protect Yourself By:
- Use direct deposits for receipt of checks: social security, pension plans and other income
- Do not sign blank checks- ever
- Review banks and credit card statements each month
- Do not sign papers you do not fully understand and have been reviewed by someone you trust
- Before donating to a charity, check if it’s a state-recognized nonprofit organization first
- Place outgoing mail inside, not outside, a covered mailbox while awaiting pickup
These basic steps can make a huge different for your safety and financial security.
