Being aware and cautious can save your money.
Unfortunately, the local stories you hear on the news about seniors in your community being victimized by scammers, relatives or caregivers are not isolated events.
They happen everywhere, and anyone can become a victim.
Abusers do not discriminate.
According to The Hillsdale (MI) Daily News article, titled “Understanding Elder Abuse,” the Administration for Community Living found that hundreds of thousands of elderly individual—roughly one out of every 10 people age 60 and older who live at home—are exploited, neglected or abused each year.
Even more sickening?
These statistics reflect the minimum number of cases.
Why?
Many victims will not report abuse out or embarrassment or fear.
What can you do to protect yourself?
Hang up or do not reply.
Scams can come through a variety of avenues: phone, mail, email or in person.
Whether the scammers use charm or intimidation, stick to your guns.
The answer is always "no" when it comes to giving your credit card information.
Consider this example.
The IRS calls to explain you owe money and will do prison time unless you pay.
This cannot be.
Why?
The IRS never makes phone calls.
Keep tabs on your Medicare.
Every quarter you will receive a Medicare Summary Notice (MSN).
Be sure to open and review it.
Why?
It provides detailed information on services you received and what Medicare will cover.
By keeping record of your own doctor visits, tests or treatments, you can check to make certain they are in alignment with your MSN.
Do not be manipulated.
Whether it be a caregiver or a family member with financial or personal problems, it can be tempting to want to help or try to solve the issue with money.
You have a big heart, but you need to be careful.
If you cannot afford to give financially, do not provide any monetary gifts.
The caregiver may not even need the money.
There is, after all, a big difference between needs and wants.
Inventory your medications.
If you take prescription medications, they are probably vital to your health.
And they are not cheap.
Unfortunately, because they are so costly, they can also be a target of theft.
In fact, family members or their friends are the most common offenders.
Although there is no need to be paranoid, a little caution never hurt anyone.
Remember the old saying: Just because you are paranoid does not mean they are not out to get you!
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Hillsdale (MI) Daily News (July 13, 2016) “Understanding Elder Abuse”
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