Protect Yourself from Medicare Fraud: Avoid Phone Scams and Identity Theft

I recently talked with a client who received a fraudulent phone call asking for his Medicare number. This was a new scam to me, so I helped him research why they asked and what they can do with this information. Medicare fraud is a growing concern, with fraudsters constantly finding new ways to steal personal information for financial gain. Two of the most common tactics involve deceptive phone calls or the theft of purses or wallets that contain one’s Medicare card and other Personally Identifiable Info (“PII”) info. Understanding these risks and taking proactive steps can help protect you and your loved ones from identity theft and fraudulent Medicare activity.

How Scammers Target You

1. Phone Call Scams

Fraudsters frequently pose as Medicare representatives or healthcare providers over the phone, claiming they need to verify or update your Medicare number. They may use scare tactics, saying your benefits could be suspended or that you must confirm details to receive a new Medicare card.

What to do:

  • Hang up immediately if someone calls asking for your Medicare number or personal details.
  • Do not share your Medicare number, Social Security number, or banking details over the phone.
  • Medicare will never call you unsolicited to ask for your personal information.

2. Stolen Purses or Wallets

If your purse or wallet is stolen, fraudsters can use your Medicare card, credit cards, and identification to open accounts, steal money, obtain medical services in your name, or, most commonly, get prescriptions from online pharmacies.

What to do:

  • Report the theft immediately to local law enforcement and file a police report.
  • Contact Medicare at 800-633-4227 to report a lost or stolen card and request a replacement.
  • Freeze your credit to prevent scammers from opening fraudulent accounts in your name.
  • Monitor your financial and medical records regularly for any suspicious activity.

How to Report Medicare Fraud

If you suspect that you have been targeted by Medicare fraud, take action quickly:

  • Call the Medicare Fraud Hotline: 800-HHS-TIPS (800-447-8477) or Medicare directly at 800-633-4227.
  • File a complaint with the U.S. Department of Health and Human Services: Report Medicare Fraud

Protect Yourself and Your Loved Ones

Preventing Medicare fraud requires both common sense and vigilance. Share these tips with family members and friends to help protect their personal information. By staying informed and reporting suspicious activity, we can work together to stop fraudsters in their tracks.

At Total Wealth Planning, we care about your financial security and well-being. In order to have peace of mind with your finances, you will need to seek out ways to secure your financial fortress from those who wish to defraud you of your hard earned security.

About the author: Rob Siegmann is a partner and chief operating officer of Total Wealth Planning, a fee-only fiduciary financial planning firm in Cincinnati (Blue Ash), Ohio. He is often quoted in industry publications such as The Cincinnati Business Courier, Wall Street Journal, Yahoo finance, Financial Planning Magazine, Cincinnati Enquirer as well as others. Rob is grateful to serve others, including his team of CERTIFIED FINANCIAL PLANNER™ practitioners and the clients they serve, so they can live their greatest life through well informed and prudent financial decisions. Rob can be reached at rsiegmann@twpteam.com

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