A recent report from Kiplinger’s Personal Finance magazine calls attention to financial elder abuse by unscrupulous agents who push insurance products that are high-priced and often bogus (story online at Kiplinger.com: http://www.kiplinger.com/printstory.php?pid=13294). 

Anyone working with older adults should be aware of these scams and keep an eye out for signs that these seniors are being targeted. According to Kiplinger’s, current laws allow Medicare beneficiaries to choose from dozens of Part D prescription drug plans to supplement Medicare, or they can opt out of traditional Medicare and enroll in Medicare Advantage to get both medical and drug coverage from a private insurer. That’s led to fraudulent practices such as the following:

·         Insurance agents selling seniors Medicare Advantage plans without explaining the limitations, and even signing people up without their knowledge;

·         Unscrupulous agents posing as Medicare representatives, and then touting high-priced insurance policies people may not need;

·         Fake drug-discount cards: individuals may be offered cards that offer costs that are less than those associated with Medicare Part D; however, agents don’t disclose the fact that these cards may provide very limited coverage—or even none at all; and,

·         Crooks have even sold older people bogus contracts for home-health care.

Compounding the problem is the fact that according to story source Paul Greenwood of the San Diego district attorney’s office, most cases of financial elder abuse aren’t discovered or reported until six to nine months after the initial losses have occurred.