Medicare Scams: What to Watch for During Open Enrollment
During the Medicare annual open enrollment period, those who are enrolled in Medicare have the opportunity to alter their Medicare health plan, Medigap plan, and prescription drug plans. This is the only time during the year that they have the opportunity to do so.
Unfortunately, scammers, identity thieves, and pushy insurance agents use the open enrollment period as an opportunity to prey on senior citizens. Every year there is a record number of Medicare scams that take place during the open enrollment period. Monson Savings Bank is sharing tips to help stop the public from falling victim to a Medicare open enrollment scam this year.
How can you avoid falling victim to a Medicare open enrollment scam?
Know where you can find reliable information about insurance plans.
Visit www.medicare.gov or call 1-800-MEDICARE to get accurate and trustworthy information about Medicare plans.
Beware of unsolicited phone calls.
Do not share any of your personal information with someone who calls you. Even if the caller ID seems legitimate, you do not know who is on the other end of that phone call. If you receive a phone call from someone asking for your Medicare Number or other personal information, end the phone call immediately, and call 1-800-MEDICARE to report the situation.
Think twice before opening your door to someone claiming to work for Medicare.
At home Medicare services are always scheduled in advance. Furthermore, Medicare does not send sales representatives to your home. If someone comes to your home unannounced claiming to be a Medicare worker, do not open your door.
Understand your rights.
Private insurance companies oversee, market, and sell Medicare Advantage and prescription drug plans. They do not set enrollment deadlines or hand out extra benefits. Do not let an insurance broker or agent take advantage of you. Everyone has the same enrollment deadline. Agents cannot set a time limit for you to sign up for a plan. There are no rewards or benefits for signing up early.
Where can you report a Medicare open enrollment scam?
Medicare open enrollment scams can be reported to the Federal Trade Commission (FTC) by visiting reportfraud.ftc.gov.
The first step to avoiding any scam is awareness. Being aware of Medicare open enrollment scams and how they happen is the first step in keeping you and you loved ones from falling victim.
Monson Savings Bank Is Here to Help
At Monson Savings Bank, we’re here to help you stay one step ahead. We offer secure digital banking tools, fraud detection services, and personalized support to help protect your information. If you ever suspect fraud or need guidance, please contact us.
Visit our Personal Security Center or our Business Security Center for more information and check out more Safety and Security blog posts to stay informed.
This content is provided for informational purposes only and does not constitute legal, financial, or cybersecurity advice. Personal banking customers should consult with qualified professionals regarding their individual financial and security needs. Monson Savings Bank is not responsible for any losses or damages resulting from the use of this information.
