Financial Red Flags and Scams to Watch Out For
Unfortunately, where there is big money involved, there are scams. Seniors are often targeted with confusing or misleading information about health coverage. Here are a few red flags to watch for to protect your assets and identity.
1. High-Pressure Sales Tactics
A legitimate insurance agent or broker will give you time to think and review materials. Scammers create a false sense of urgency. Be wary of anyone who says things like, “This special rate is only available today,” or “You have to sign up right now to get this benefit.” Never enroll in a plan under pressure. The enrollment periods are set by federal law, and there are no secret, limited-time deals. A good insurance tips is to always take your time and read the fine print.
2. Unsolicited Calls Asking for Your Medicare Number
Your Medicare number is as valuable as your Social Security number or credit card number. Be extremely cautious of anyone who calls you out of the blue claiming to be from Medicare and asking you to “verify” your number. This is almost always a scam. Medicare will very rarely call you directly, and they will never call to sell you something. If you receive such a call, hang up immediately. If you are concerned, you can call the official Medicare number (1-800-MEDICARE) yourself. To protect yourself from scams and for consumer information, consult the Consumer Financial Protection Bureau (CFPB) and the FTC.
3. “Official” Agents Who Show Up Unannounced
No one from Medicare or any other government agency will show up at your door uninvited to sell you a health plan or ask for personal information. Insurance agents are not allowed to come to your home without a scheduled appointment that you initiated. If someone does this, do not let them in, and do not give them any information. It is likely a scammer trying to get your personal details or pressure you into a plan that is not right for you.
