June is Elder Abuse Awareness Month, a crucial time to spotlight the growing threat of scams targeting older adults—especially those involving Social Security and Medicare.
And the numbers are staggering: In 2023 alone, Americans lost over $100 million to Social Security scams. Meanwhile, improper Medicare payments reached an estimated $31.2 billion—and the Department of Justice recovered over $3.4 billion related to healthcare fraud and abuse. These are not isolated incidents; they’re part of a growing trend that puts older adults at real financial risk.
At Mercer Savings Bank, we believe that awareness is the first line of defense. Whether you’re a senior or a caregiver, understanding these scams can help protect your finances and peace of mind.
Social Security Scams: Know the Red Flags
Scammers often impersonate officials from the Social Security Administration (SSA), claiming issues with your Social Security number or benefits. Their goal? To steal your personal information or money. Be wary of:
- Unsolicited calls or emails claiming to be from the SSA.
- Threats of arrest, legal action, or suspension of benefits.
- Demands for immediate payment via gift cards, cryptocurrency, or wire transfers.
- Requests for your Social Security number or banking information.
Remember, the SSA does not contact individuals by phone or email to demand personal information or payments. If you suspect fraud, hang up or delete the email. Verify any claims by contacting the SSA directly at 1-800-772-1213 or visiting ssa.gov.
🔗 https://www.ssa.gov/scam/ – Visit the official Social Security Administration site to learn more about how to recognize and report scams.
Medicare Fraud: Protecting Your Benefits
Medicare scams often involve fake representatives offering services or products in exchange for personal details. In some cases, fraudsters bill Medicare for unnecessary or nonexistent services, stealing from the program and jeopardizing your benefits. Be cautious of:
- Unsolicited calls or visits from individuals claiming to be Medicare representatives.
- Offers of “free” medical equipment, testing, or services in exchange for your Medicare number.
- Pressure to sign up for additional plans or services you didn’t request.
- Receiving bills for treatments or services you didn’t receive.
To protect yourself, never share your Medicare number with anyone who contacts you unexpectedly. Review your Medicare Summary Notices (MSNs) regularly to ensure all claims are accurate. If you notice suspicious charges, report them to Medicare at 1-800-MEDICARE (1-800-633-4227).
Taking Action Against Scams
If you believe you’ve been targeted by a Social Security or Medicare scam, act promptly:
- Report Social Security scams to the Office of the Inspector General at oig.ssa.gov.
- Notify Medicare of suspected fraud at 1-800-MEDICARE or through the Medicare website.
- Share your experience with trusted family members or local authorities to raise awareness.
The Senior Medicare Patrol (SMP) offers free assistance in identifying and reporting Medicare fraud. Visit smpresource.org to find a local program.
Social Security and Medicare scams can have devastating effects on seniors, but awareness is a powerful defense. By staying vigilant, recognizing red flags, and reporting suspicious activity, seniors can protect themselves and these essential programs from exploitation.
At Mercer Savings Bank, we’re committed to your financial security. If you have questions or need assistance, please reach out to our team.
