Last week I discussed the types of scams used to take your money! This week I want to share with you some methods that can help you beat the scammers at their game.
The first step in protecting yourself from scammers is to crawl under a rock… I’m just joking! But seriously, scammers are everywhere and target everyone. But the easier it is to find your information, the easier it is for them to contact you. Here are some things you can do today:
Opt out of “people” search engines. Here are the basic steps for opting out of people search engines: – First: Do an internet search on yourself. Where is your information listed? – Next: Find your listing on each website. Once you have the listing, write down the URL or ID number. – Finally: Use the IRL or ID for your listing and enter them into the opt out pages for each search engine.
Here are a few of the people search engine links to get you started:
While it may take a little time and effort, it is beneficial to your sanity to request your information be taken off of these websites!
Unsubscribe from email listings whenever possible. If you find you are suddenly getting emails for a business or organization you didn’t sign up for, simply label it “Junk” and move on. Your email provider will take care of the rest.
Do a privacy check up on your social media accounts. Set high limits on security and privacy on your social media accounts. Don’t let strangers message you. Unfriend anyone you don’t personally know.
The next step in fortifying your finances is to be overly cautious when talking to people you don’t know.
Don’t answer phone calls from numbers that are not programmed into your contacts. If it’s important, they will leave you a voicemail. If you accidentally answer the phone and you have no idea who is calling, don’t say anything other than normal pleasantries such as “hello” or “oh, that’s interesting”. Have a “refusal” script handy near the phone. It’s perfectly okay to say “I have to go now…” and simply hang up.
Create a “secret word” – The easiest way to protect yourself from a telemarketing or grandparent scam is to create a secret word. A secret word is a “code word” or phrase that only your loved ones will know. If the caller doesn’t know the secret word, then they don’t know you.
Follow the proper channels for communicating with government services. The IRS, Medicare, and Social Security will never call you! Nor will any correspondence be an emergency! There’s too much bureaucracy for urgency. For example, if the IRS wants to get in touch, they will send an official letter. That guy on the phone telling you that you owe past taxes and will go to jail is not from the IRS- he’s a scammer! And finally, never give your Medicare or Social Security information over the phone unless you initiated the phone call directly to the agency.
And finally here are some other very smart ways to stop scams:
Never click on a link within an email. I know this is a hard and fast rule, but the extra time it takes to navigate to a website outside of your email is worth your financial safety.
Don’t rush into making major financial decisions. Shop around and do your research before altering your home mortgage, making major home repairs, or changing your investments. Review all contracts until you are comfortable that you understand what you are required to do, what the other party must do, and what happens if something goes wrong. And finally, don’t hesitate to have someone else review your important documents.
Subscribe to a fraud monitoring plan. If you don’t want to fuss around with monitoring your credit or data on the web use a credit monitoring subscription instead. Companies such as LifeLock and EverSafe offer paid subscriptions that monitor your information and alert you to suspicious activity.
Set up safeguards at the bank. If someone else assists you with making purchases, consider giving them a credit or debit card with pre-set limits. Additionally, make sure your caregiver is being paid a fair wage and has fair amounts of time off- this will reduce the financial pressure on them to steal.
Create a trust. Creating a trust is a great way to have control over what happens to your assets, especially if you become incapacitated. Trusts aren’t easy to change and provide rules and limitations over who has access to your assets.
If possible, hire a team. Life is much less complicated when you have a professional accountant, financial advisor, and attorney on your side. Leave the legal and financial details to the people who keep up to date on the current federal rules and regulations.
And most importantly: Do not become isolated. No one gets through life alone. We all need a village to help more or less at certain stages of life. Just like you would have a neighbor keep an eye on your house during vacation, having a support system keeping an eye out for you is always a good thing. And you can do the same for them!
I hope this list has motivated you to reassess your financial security measures. There are so many actions that you can do today! Which one are you going to do first?
If you’re looking for an attorney who focuses on Elder Law, please don’t hesitate to reach out. It costs nothing to schedule a 15 minute consultation with the team at GALS!
As we gracefully age, we become targets for some crafty criminals who will entice you to give them your personal information and money. Most of the time we don’t realize it’s happening until it’s too late! Here’s a detailed list of the top scams commonly used on older adults to take their money.
1. Telephone Scams on the Elderly
Grandparent scam
This is one of the most popular telephone scams on older adults. It is a sinister scam as it preys on your emotions. Basically, a con artist will call posing as a frantic family member who is in serious distress or trouble. They may also pretend to be a lawyer or police officer that is calling on the behalf of the troubled grandchild. The goal is to get you to wire money immediately or give a bunch of cash to a courier. If successful, the scammers will likely continue to call for money.
Charity scam
If you receive a phone call asking you to donate to a charity for a recent disaster, it is likely a scam. Do your research and only donate to charities you’ve fully vetted.
Government impersonation
The IRS, Medicare, Social Security or other government offices will never call you! For example, if a fake IRS agent calls you with aggressive threats saying you owe money and must pay immediately, it is a scam! The government does not contact people this way and they don’t work this fast either (we all know this from personal experience). Typically, the government will contact you via USPS mail.
Unexpected prize and lottery scams
These scams bait you into thinking you must pay a “fee” to collect a prize you’ve won. This scam relies on you forgetting that you have entered the competition. These scams can come at you via telephone, email, mail, text message and social media.
Tech support scams
If you receive a phone call from someone claiming to be tech support, hang up! In this scam, someone will contact you via phone, pop-up, or email saying you have a security breach within your computer. They will ask you for your username and password or ask you for permission to remotely take over your computer. The goal of the scammer is to find your confidential information and use it to take your money!
2. Computer Scams on Older Adults
SMS or email phishing scams
Phishing scams come from well-known sources such as your bank or investment company. These messages look legit and prompt you to click on links that redirect to fake websites. Once you enter your username and password into the fake website, the hackers have your credentials and have control over your accounts.
Malware and ransomware
You will see this scam in emails and on social media. The goal of the scammer is to get you to click on a link in an email or an interesting article. Once you are on their website, they will ask you to download some software. Unfortunately the software contains a virus designed to steal your personal information. Sometimes the hacker will hold the information on your computer “hostage” until you pay a ransom. If you pay the ransom, there is no guarantee your computer will be unlocked.
Romance scams
There are a lot of scammers who pretend to be looking for love on social networking and dating apps. These scammers use a fake identity and manipulate you into giving them your money!
3. Fraudulent Business that Target Older Adults
Legitimate services with illegitimate businesses
As an older adult you will be heavily marketed for a reverse mortgage, credit repair, or refinancing. There are a lot of fake businesses that will offer you free homes, investment opportunities, and foreclosure or refinance assistance. If it’s too good to be true, it probably is!
Counterfeit prescription drugs
Not only does this scam hurt your wallet, it hurts your health. There are a lot of fake websites that are more than happy to sell you counterfeit prescriptions.
Fake Anti-aging products that scam older adults
Online shopping has made it easier for criminals to sell you anti-aging cosmetics. Unfortunately you might be buying a product that contains arsenic, beryllium, cadmium, aluminum, and biological contaminants. These products are unsafe and really gross!
4. Tricky People who “Help” Older Adults
Caregivers who scam the elderly
It’s natural to trust those who are close to you. This includes hired help and family members or friends who provide you with caregiving services. Unfortunately there are tricky people out there who will manipulate or outright steal your money and possessions.
Financial advisors
While most financial advisors are trustworthy, there are a few rotten ones out there that like to scam older adults. These “advisors” might make trades that line their pocket yet empty yours. They might try to involve you in a Ponzi scheme, promise unrealistic returns, or simply walk off with your money because they aren’t who they say they are.
Home repair
Beware the door-to-door salesman offering to repair your roof for cheap because they have leftover material from another job. Also beware the “repairman” who asks to inspect your home without you asking. These scammers want you to pay cash up front and are not bonded and insured. Never prepay for services you might not receive!
Funeral extortion
Another tricky person is the funeral director who tries to sell you something you don’t need such as a casket when your loved one is being cremated. These funeral directors are counting on you being confused because of your grief and loss.
In Conclusion
While this list was fairly detailed, it is not exhaustive! New methods to scam older adults appear every day. Make it a habit to check the federal agency websites to stay up to date about current financial scams. I want you to be aware of what’s out there!
And finally, I want you to think:
What steps are you taking to prevent yourself from becoming a victim of financial fraud?
Do you have a financial inventory? Are you aware of what you could lose?
Do you have a plan for protecting your finances in the future?
In my next blog I will discuss several methods you can use to protect yourself and your money!
We’ve been talking about Medicare for a few weeks now, but we haven’t gotten to the how-tos yet. That’s about to change. Today we dig into how you actually enroll in Medicare.
To sign up for Part A, go to the Social Security Administration’s Medicare portal here. It will be helpful to set up an account for when you come back to sign up for Part B or when you are ready to begin receiving retirement benefits.
If you are signing up for Parts A and B, the process is the same. You’ll sign up through the Social Security Administration’s website. Remember that if you enroll for Part B, your premiums will either be deducted from your Social Security retirement payment or you will receive a bill. The 2021 Part B premium is $148.50 for most people.
If you are looking for a Medicare Advantage plan, Part D, or a Supplement (Medigap) plan, you will want to compare plan options using a plan comparison service. There are insurance brokers like Kendall Chanley and Harry Perret here in town who can help you compare options and narrow things down. Once done, they will get you signed up. These services are free to you and it’s nice to have one agent who can help you each year.
If you prefer to do things yourself or just want to do some exploring, Medicare.gov will allow you to find plans in your area and narrow them down based on what you are looking for and price ranges. I recommend filtering plans by the star ratings (four or above) and then whether you are looking for dental, vision, and prescription medicine access.
Once you make it through your first enrollment period at age 65 (ideally), you’ll be eligible for open enrollment each year from October 15th through December 7th. You may also have options to select coverage during a special enrollment period if you lose other coverage.
Applying for Medicare isn’t nearly as scary as it sounds, but it does require advanced planning and research. You don’t want any deadlines sneaking up on you! Personally, I love using reminders on my calendar well in advance of any deadlines that I have. Maybe one to begin research, one to call an expert, one to compare plans, one to sign up….all before your birthday or November.
What’s your plan for Medicare enrollment? Head to our Facebook page to share your plans in the comments!
I don’t know about you, but I don’t plan to retire at 65. I mean, that’s only 25 years away. And I like my job. Maybe that’s you.
Even still, don’t put off signing up for Medicare when you turn 65. Here’s Why.
Mistake #1: Waiting until after you retire to sign up for Part A.
Why it’s a mistake: Medicare is basically free money. You paid for it with your taxes for the past forty-some years…but still.
Ultimately here’s the deal–you CAN wait. But since it’s no skin off your back, wouldn’t you rather set it and forget it? Think about that time you set up automatic payments into your savings account or 401k. You may not have missed the money, but when you got your tax forms, you saw the benefit of making a small change. It’s the same here. Signing up for Part A is easy, and makes the process of signing up for Part B or a Medicare Advantage plan much easier.
Mistake #2: Staying on private health insurance coverage instead of signing up for Part B, without doing further research.
Why it’s a mistake: The plan you are currently on may not provide enough coverage.
If you plan to stay on your current coverage instead of signing up for Part B as soon as you turn 65, you want to make sure that your health plan provides appropriate coverage. We’re talking about a qualified group health plan (as defined by the IRS). If you’ve ever had to provide proof of “creditable coverage” for plan enrollment, this is similar. Otherwise, you will pay a penalty when you sign up for Part B coverage. This penalty is paid with each premium payment and never goes away. The longer you are eligible for Part B without signing up, the more the penalty costs. Do your future self a favor and get HR to confirm (in writing) that your current coverage meets the requirements.
Mistake #3: Assuming that your current insurance plan will continue to be available after you become eligible for Medicare
Why it’s a mistake: Believe it or not, some insurance plans and employers will not cover you (or your spouse) if there is other coverage available elsewhere. That includes Medicare. Medicare enrollment begins three months before you turn 65 and lasts three months after. Start looking at your options early to make sure you don’t get left without insurance unexpectedly.
Whatever you decide about retirement, make sure that you have the information you need to make good, informed decisions.
Next week we’ll be getting into the nitty-gritty of how to actually sign up for Medicare. Make sure to follow us on Facebook or Instagram to see when the blog gets posted!
Healthcare in America is…..complicated. Medicare ensures that most people 65 and older have access to basic care for hospitalization and doctor’s care.
But what else does it include? That’s a great question….because it all depends on what you sign up for. Some of it will depend on the specific plan you sign up for but all plans include core services. If we talk about Part A or Part B coverage, a Medicare Advantage plan (Part C) automatically includes these same services. If you didn’t catch our Medicare 101 post last week, go catch up here.
I had the good fortune to go through a training hosted by the State Health Insurance Program a few years ago that really opened my eyes to how Medicare coverage works. It was one of my first steps into the realm of elder law.
Since then, I’ve helped clients who are on Medicare and helped my parents navigate the process too when my Dad turned 65. I wanted to share some of my favorite free resources to find out information about Medicare. Depending on whether you like to keep things old school, or want things as paperless as possible- there’s an option for everyone!
By mail- When you sign up for Medicare, you will get a Medicare and You handbook that is useful for helping you figure out what is included in Parts A and B. It is easy to read and understand exactly what your coverage includes.
By phone- As I mentioned above, the State Health Insurance Program (SHIP) is an awesome program that helps Tennesseans find the right health care plans for them. You can reach them at 1-877-801-0044 or, in the before times, at local health fairs. Just remember that they are staffed by volunteers and might take some time to call you back. If you’d like to become a volunteer, they would love to have you!
Online: Yes, I know that government websites don’t have the best reputation for having easily accessible information. But trust me….Medicare.gov is different. Whether you just want to learn about Medicare, compare plan options, or look for a new doctor, this website makes it simple to find what you’re looking for.
In your pocket- The Medicare “What’s Covered” App is available for Apple and Android user. You can open your phone to find out if a service or treatment your doctor recommends is covered and how much it is likely to cost out of your pocket. I’m pretty jealous that my insurance company doesn’t offer this.
All of these options now have online availability (check out those lovely blue links). Regardless of how you prefer to absorb information, I hope you’ll find one resource that is your favorite. We will be polling our social media readers on Facebook and Instagram this month to see what their favorite Medicare resources are…..we hope we’ll see you there!
As if choosing health insurance under an employer’s plan wasn’t difficult enough, figuring out which type of Medicare plan is best for you is even more confusing. I call Medicare an alphabet because there are 4 parts- A, B, C, and D. Oh, and you might want to consider a supplement too!
Don’t worry. With a little time and some guidance, you can master the Medicare alphabet just like you mastered your ABCs!
First, let’s go through the four types and what they cover.
Part A only covers emergency care, such as if you need to stay at the hospital.
Part B covers regular care like doctors visits, bloodwork, and any other testing or treatment that your doctor recommends.
Part C is often referred to as an “Advantage Plan”. It is administered by private insurance companies, just like an employer’s plan. It includes Part A and B coverage and may include other benefits as well, such as dental, vision, and prescription drugs.
Part D covers prescription drugs. That’s it.
When you approach age 65, ask yourself what your current health needs are, what family history might impact future healthcare needs, and what type of coverage you are used to receiving. Then look at your budget.
Part A is free for those who are eligible through their tax contributions. In 2021, most individuals will pay $148.50 per month for Part B, although the amount can be higher depending on your income.
If you anticipate that you will need something more than just emergency and regular doctor’s visits, there is another alternative. Consider a Part C “Advantage” plan or a Medicare Supplement (or “Medigap” plan), instead. This plan will provide coverage for those things that Parts A and B don’t, like such as prescription medications, dental, or vision care. Keep in mind that you still pay co-pays and deductibles on Medicare, so you will want to look at those amounts and not just your premium when considering your budget.
When thinking about the Medicare alphabet, I have a little way to help me remember what each part covers:
A is for an Accident that lands you in the hospital
B is for Bloodwork they do at the doctor’s office
C is for Comprehensive coverage you can get with an Advantage plan
D is for Drugs (They made that one easy!)
Now you know your ABCs….next week I hope you’ll join us when I share my favorite FREE resources to learn about Medicare before you sign up.
