Scams targeting Medicare recipients can come in many forms, but they are all designed to steal your personal information. The National Health Care Anti-Fraud Association estimates Medicare and Medicaid fraud combined total more than $100 billion a year.

Here are a few examples of common scams targeting Medicare recipients.

Medicare Imposter Scam

This happens when someone contacts you claiming to be from the Medicare Enrollment Center, if they contact you by phone the number may display as a legitimate Medicare phone number, but the number has been spoofed. They offer to help you enroll in Medicare or help you find a better plan or price. Don’t give them any information and hang up the phone.

Medical Supplies

Someone posing as a government official or a Medicare or health care associate calls and offers free medical supplies such as glucose meters, diabetic test strips, or lancets, heating pads, lift seats, foot orthotics, joint braces or other medical equipment.

You might receive these supplies without ever receiving a phone call or you might find the supplies listed on your Medicare Summary. The scammer has charged Medicare for these supplies. This is always a scam, if you receive this type of phone call hang up immediately and do not provide the caller with any information or answer their questions.

Fake Genetic Testing

You are contacted by phone, email or in person at places like health fairs or wellness clinics, senior centers, assisted living facilities, malls, farmers markets, parking lots outside retail stores, home shows and other venues with an offer to receive free genetic testing. If you accept the scammer will obtain your name and Medicare number and bill Medicare for the test and other unauthorized services. Don’t fall for this scam, Medicare rarely pays for genetic testing.

Hospice Fraud

Scammers trick Medicare recipients into signing up for hospice care even though they don’t meet the requirements. They may tell them they are signing up for other benefits such as medical assistance or cleaning or personal care services. Some scammers never contact the Medicare recipient, they open fake hospice care centers and with stolen information bill Medicare for services that were never provided. And it can happen when someone is enrolled in hospice care, but Medicare is billed for services the patient never received. Always carefully review your Medicare Explanation of Benefits to ensure everything listed is legitimate.

New Medicare Card Scam

Someone contacts you claiming to be a Medicare representative saying that Medicare is issuing new cards, they might say the cards are updated plastic chip cards, the scammer will tell you that you need to verify your identity including your Medicare number, this is an attempt to gain your personal and financial information, it is a scam and you should hang up immediately. Beware of unsolicited phone calls, email or text messages or letters from anyone claiming to be from Medicare. Medicare will never call you requesting personal or financial information in order for you to receive a new Medicare card, legitimate Medicare cards are paper stock and you can print an official card from your online Medicare account at any time.

Telemedicine Fraud

With the expansion of telehealth services, scammers have taken advantage and have found new ways to submit fraudulent claims to Medicare, it may be for telehealth sessions or services that the Medicare recipient never received. Pay close attention to your Medicare Explanation of Benefits and report any errors you find to Medicare.

Medical Identity Theft

Medical identity theft happens when someone steals personal information such as a beneficiary’s name and Medicare number and uses the information to receive medical treatment, medical supplies, prescription drugs, surgery, or other services and then bills Medicare and Insurance companies for those services. Again, you want to review your medical bills and Medicare Explanation of Benefits to check for any charges for care you never received. Medical identity theft adds fraudulent information to the victim’s medical health and insurance records which can have far reaching financial and medical consequences. You may have medications, treatments, conditions, and procedures listed on your medical records that you never had, which can compromise the health care you receive. You can be denied medical services and treatments because of a medical condition listed in your records that you do not have, and you could be contacted by debt collectors for medical bills you do not owe.

How to Protect Yourself

Guard your Medicare Card, never share your Medicare number with anyone other than your health care providers and don’t carry your card in your purse or wallet unless you need it for an appointment, instead memorize the number or keep the number in a password manager on your phone.

Create a Medicare account, once your account has been created you can login and view your Explanation of Benefits and other information, go paperless, pay your premiums online, personalize your drug and pharmacy list to help when comparing your Part D options during open enrollment and review your Medicare claims as soon as they’re processed. Create a Medicare Account

Sign up for a Social Security online account. With an online Social Security account you can access current and past statements, estimate your monthly benefits if you claim them early or at the full retirement age, update your contact information such as your address and phone number, verify your lifetime earnings, check for any errors in your statement and take the steps to correct any mistakes that are found, setup direct deposits, check the status of a pending claim, request a verification letter as proof of income,  and request replacement tax forms. Signing up also prevent someone else from signing up for an account in your name. Register for Online Access with the Social Security Administration

Request copies of your health records at your doctor’s office and hospital and review them for errors.

Read the Centers for Medicare & Medicaid Service’s Protecting Yourself & Medicare from Fraud free online booklet

Never provide your Medicare number, Social Security number or financial information to anyone who contacts you by mail, phone, text message, email, or in person. Medicare won’t call you unless you call them first. Anyone who calls you out of the blue saying they’re from Medicare or comes to your door is a scammer.

If you are buying a Medicare plan, document any calls you have with the company about plan benefits. Write down the name of the person you spoke with, the date, what the person said, and any other relevant information.

If you receive a call offering medical equipment or services that will be billed to Medicare, hang up immediately.

If medical equipment is delivered to you, don’t accept it unless it was ordered by your doctor and you were expecting the delivery. Refuse the delivery or return it to the sender. Keep a record of the sender’s name and the date that you returned the items.

Carefully review Medicare’s Explanation of Medical Benefits, look for any supplies or medical services you did not receive, or for double billing mistakes, report anything suspicious to Medicare.

If You Are the Victim of a Scam

Report the scam to your local police or sheriff’s department.

Report the scam to the Office of Inspector General (OIG) Hotline at 1-800-HHS-TIPS or online at Office of Inspector General

To the Internet Crime Complaint Center (IC3)

The United States Department of Justice Criminal Division, they can refer you to the proper agency to report your specific type of fraud.

The Federal Trade Commission (FTC)

If your Social Security and Medicare numbers were stolen report it to the Social Security Administration and Medicare.

Social Security Administration

Medicare

If you provided your financial information to a scammer report it to your bank, credit card company and other financial institutions.

Contact AARP Fraud Watch Network Helpline: 877-908-3360

This free service is available Monday through Friday, 8 a.m. to 8 p.m. ET to everyone, not just AARP members, the helpline is staffed by trained fraud specialists.

Final Thoughts: These are just a few examples of the numerous Medicare scams that take place, other examples are ambulance fraud, Covid fraud, home health care and nursing home fraud and pharmacy and prescription drug fraud. Open Enrollment is prime time for Medicare beneficiaries to be targeted but it can happen at any time.

Retirement is the perfect time to go over your current banking practices and make any adjustments and updates that make banking safer and more efficient moving forward.

Set Up Online Banking

If you don’t already use online banking, consider doing so. It is convenient and safer than receiving your bank statements and other financial documents in the mail. You can easily manage your accounts, setup security, transfer money, reduce the number of trips you make to the bank and pay your bills online. Mobile banking is very secure and gives you 24/7 access to your money and financial information.

Watch Out for Scams & Fraud

According to The Better Business Bureau older adults lose more than $36 billion to financial fraud every year and this is not just related to online banking, mail fraud is also a problem. Personal documents and checks stolen from mailboxes can lead to financial and identity theft.

Never provide confidential information like account numbers, Social Security numbers, debit or credit card numbers or PINs over the phone or email. Your bank will not call, text, or email you asking for this information. When in doubt call your bank directly using the phone number found on your bank statement or other official document.

Don’t send or receive checks in the mail and keep your checks in a secure location. If you order checks pick them up at the bank, don’t have them delivered by mail. Have your Social Security, pension, paychecks, and other payments directly deposited into your account.

Use a strong, unique password for each financial institution and never share your password with anyone. Your bank will never ask you for your password. Enable multifactor authentication on all of your accounts.

Shred personal and sensitive documents before throwing them away.

Check your credit reports often to be sure they are free of errors, inaccurate information on your credit reports can be a sign of fraud or identity theft.

Shop Around

Although it may be inconvenient to switch banks, do shop around to find the best rates and lowest fees on banking products. Your cash should be working for you. Look for a bank that offers free checking and competitive interest rates.

Avoid Promotions

While shopping around for the best bank can be beneficial to your wallet don ’t be tricked by promotional offers, some may be legitimate and worth looking into while others are not.

Instead of promotional offers, look for a bank that has consistently high rates across banking products instead of choosing a bank based on a temporary promotion. If you decide to investigate a promo read the agreement completely to be sure you understand the exact details of the offer.

Update Your Beneficiaries

Review the beneficiaries you have setup on your bank accounts so that your assets are passed on to your designated beneficiaries as intended. Your situation may have changed since you originally setup your beneficiaries, for example a divorce, death of a spouse, remarriage or birth of a child could change how you allocate your assets. It’s not enough that you have a will, because a beneficiary designation will override it.

Review Your Checking & Savings Accounts

Many banks offer special checking and savings accounts for people over 50 that earn a higher interest rate. Check with your bank for any discounts or perks for seniors.

According to the Federal Trade Commission (FTC) older adults reported losing more than 1.6 billion to fraud in 2022.

Scammers often target older adults because they are more likely to have significant financial assets and a good credit score. They may also be less tech savvy and more trusting than younger people.

When older adults have been the victim of a scam or identity theft, they may be hesitant to report the crime for several reasons.

Fear is one explanation why they may not report the crime. They may worry that if they admit they have been scammed their family members may think they are unable to manage their own finances, make their own decisions and live independently. The fear of losing their independence is a concern for many seniors so they don’t inform their family or the authorities when they have been scammed.

They may also feel embarrassed when they realize they have been taken advantage of.

If they have been the victim of identity theft, they may be unaware that it has happened, often identity theft goes undetected until there are warning signs such as being denied credit, receiving calls and letters from bill collectors, or receiving bills and charges that they do not recognize.

How to Avoid Being Scammed

Don’t open links or attachments in email messages unless you know they are legitimate. Delete any messages that seem even remotely suspicious.

Keep the operating system, programs, apps and security software on your computers and phones up to date.

Never send money to anyone you don’t know, even if you do know them be extremely cautious of anyone asking for any type of payment.

Romance scams are extremely common. Be wary of online connections who profess their love, ask for money, or ask that you keep the relationship secret.

Pay close attention to web addresses, look at the domain name, scammers use domain names that are very similar to legitimate addresses.

Government agencies will not contact you through email, social media or by text messages.

Avoid sharing your personal information on social media, keep your private life private.

If you receive a text message, phone call or email message that looks like it is coming from a legitimate source such as your bank, call the business directly at a number you know to be true instead of responding to the message or contacting them using the information contained in the message.

No legitimate business or agency will threaten you or demand payment.

Don’t answer calls or text messages from numbers you don’t know.

If someone contacts you claiming to be a family member or friend in trouble, don’t respond. Instead contact the person directly.

Scammers spoof caller ID so even if a number appears to be legitimate be cautious.

Never give personal information, such as your Social Security number or bank account number, over the phone or in an email message.

Never let anyone you don’t know into your home.

If you are having work done in your home lock up your valuables, have someone there with you when they arrive and insist they show ID to verify their identity.

Install security cameras throughout your home.

Never purchase anything from someone who shows up at your door.

Freeze your credit with the three major credit bureaus, Equifax, Transunion and Experian.

Review your credit reports often to check for inaccurate or false information.

Never put anything confidential in your mailbox, mail theft is a common occurrence. Eliminate mail coming to your home by signing up for online bill pay and choose to have any statements sent electronically.

Sign up for email or text alerts at your bank, credit union, credit card company and other financial institutions so that you know when any account activity takes place.

What to Do if You Are Scammed

Report the scam to your local police department.

Report scams to the Federal Trade Commission

Contact all financial institutions you do business with to report the theft.

Change the passwords and security questions for all your online accounts.

Monitor your accounts for any unusual activity.

Get copies of your credit reports from all three bureaus, Equifax, Transunion and Experian, and check for any errors or inconsistencies. Get new copies of your reports every three months as it may take some time for fraudulent activity to show up on your reports.

Contact the Bureau of Motor Vehicles and the Social Security Office to report the scam or identity theft.

Here are a few ideas that most seniors would enjoy and that won’t clutter up their home.

Time

Not every gift needs to be purchased at a store, give the gift of time. It can be anything the other person would enjoy. Invite them to dinner or take them to their favorite restaurant, go to a movie or visit a museum, plan a shopping trip or trip to the park. Just spending time with someone can have an extremely positive impact on their life. 

Apple Air Tags & Samsung SmartTags

These are great little devices that help you locate items they are attached to. You can use them for almost anything, keys, a backpack or purse, luggage, a vehicle or even a pet. They are tracked using a phone app.

Adult Coloring Book

Coloring is not just for kids anymore. You can find a wide assortment of adult coloring books. Paired with colored pencils, markers and crayons these make great gifts.

Memory & Keepsake Journals

Memory journals that feature guided prompts to help people record the details of their lives (to share with future generations) make such wonderful gifts. Most journals also include pages for documenting the family tree and pages for storing photos and keepsakes.

Robotic Vacuum

Seniors may struggle with vacuuming the floors, robotic vacuum cleaners are a great gift idea. Some include Alexa connectivity. These work great in homes where the rooms are open and uncluttered.

LED Page Magnifiers

These are great for reading books, magazines and newspapers. They magnify the text on the page and light up so that reading is easier.

Gift Cards

These can be unique and tailored to the person. Hair salons, massage and spa services, favorite restaurants, coffee and donut shops, grocery stores, gas stations, cinemas are all nice gift card ideas.

Tickets

Tickets to concerts, zoos and museums, theaters, community and sporting events are something many people would enjoy,

Video Doorbell

Controlled by an app on a smart phone these allow you to see who is at the door and communicate with them without opening or unlocking the door. Great security tool for anyone.

Monthly Club Delivery Services

With so many options available it should be easy to find a service the person will enjoy, chocolate, meats & cheese, wine, fruit, flowers, groceries, pizza, cookies, popcorn, cakes & pies, house plants, magazines, books and more.

Home Services

Cleaning, yard work, laundry, errands, meal preparation, dog walking, pet grooming are just some of the services that would be helpful and appreciated.

eReader or Tablet

These make great gifts and are not as expensive as a laptop or desktop computer. They can be used to read eBooks which can be borrowed from the library for free, you just need a library card, and the Libby app. Tablets can be used for reading, video communication with physicians, family and friends and web access.

Heated Clothes & Blankets

For anyone who gets cold easily there are tons of options available for heated clothes and bedding. Socks, gloves, slippers, jackets and vests, mattress pads, blankets and throws, back massagers and neck warmers are just a few options.

Gadgets to Make Life Easier

The possibilities here are endless, base the gifts on what the individual would benefit from. Reacher’s and grabbers, home security devices, electric can openers, jar openers, Google Home or Amazon Alexa devices, medical alert systems, bathroom and kitchen safety devices, chair lifts, night lights or anything else that would make life safer and more comfortable.

Streaming Subscriptions

With so many to choose from you can pick one that provides them with the content they would enjoy watching.

Ancestry DNA Kit

These can make great gifts. Not only can they find out more about their ancestry and heritage many offer health information as well. Once they have this information, they can build a family tree and explore their ancestry.

Fitness Trackers

Fitness trackers can monitor sleep and track steps, distance, calories, resting heart rate and more.

When seniors move to a new living space, there is a period of adjustment. Changing locations can be stressful at any age but for seniors there may be additional challenges and anxiety involved.

They may mourn the loss of their independence and the home and life they have built. Some experience a great sense of loss even if the move was their choice.

If the senior struggles with mental health issues they may become confused and disoriented when changing physical locations.

As a relative or caregiver there are steps you can take to make the transition easier for them.

Start the conversation before the need for assisted living arises, if you have not already discussed the options that are available do so, then if that time comes, they will feel more prepared. Most people want to stay in their homes as they age, and many do but talk about different scenarios, so you understand what they want.

Determine the cost, the senior may have set money aside for long-term care, options for payment can include private funding, long term care insurance, Medicaid, Medicare and VA benefits.

Do some research on assisted living facilities in their area, narrow your search to 3-4 communities. Make a list of the pros and cons of each facility. Get referrals from friends, family and the seniors physician.

Before the move take them for a visit to meet the staff and other residents. Schedule a tour so they can become familiar with the facility.

Prepare them for the move by talking about it, answer any questions they have. Keep the conversation positive by pointing out aspects of the move that will benefit them such as the unique amenities, making new acquaintances, the support they will receive and anything else that will make their life easier and more comfortable.

Knowing what to expect reduces stress, go over their new daily schedule such as meals, socialization, events, activities, and downtime, write it down and post it where they can reference it.

Help them establish new relationships and get involved with the community. Making new friends will help to ease the transition.

Although they may need to downsize and get rid of some of their belongings, help them choose the items that are most meaningful to take along. Being surrounded by things they are familiar with can reduce stress and help them feel more at home. Wait to purchase new items, they may already be feeling overwhelmed, adding to many new things could cause stress. Wait a bit and then talk to them about what they want and need.

Meet with the staff and communicate their needs, concerns, and preferences.

Be supportive and understanding during the transition. The senior may feel anger or resentment about the move. Make sure they have a way to contact you at any time and visit often, they may feel alone especially for the first few months. During your visit you can offer support and help them meet new people. Ask friends and relatives to visit them often.

Assisted living professionals say it can take between 3-6 months and sometimes longer to adjust to the new environment. Remind them of the benefits of the move, safety, assistance, security, community, and other positives but also allow them to talk openly about their fears and concerns and acknowledge them. If they feel understood and heard, they will feel more at ease.

Financial fraud targeting the elderly is on the rise. In October 2022 the Justice Department announced that it would be stepping up its efforts to combat criminals who target older adults. Justice Department

The efforts include increasing the number of U.S Attorney’s Offices included in the DOJ’s Transnational Elder Fraud Strike Force. Other members of the Department of Justice’s Transnational Elder Fraud Strike Force consist of the FBI, the U.S Postal Inspection Service, Homeland Security Investigations, and the departments Consumer Protection Branch.

As an older adult or as someone who cares for an older adult there are steps you can take to safeguard against financial fraud.

Appoint a Trusted Contact for Financial Accounts

The Financial Industry Regulatory Authority, the North American Securities Administrators Association and the U.S. Securities and Exchange Commission have partnered together to encourage investors to setup a trusted contact at their financial institutions.

The FINRA under rule 4512 requires members to ask customers to appoint a trusted contact when they open or update an account. A customer is not required to setup a trusted contact.

A trusted contact is a person you appoint that the financial firm can reach out to if there is a problem with your account and they are unable to contact you.

The contact can be a trustworthy friend, family member, caregiver, attorney, or another person 18 years of age or older. You can have more than one trusted contact and you can add or change a trusted contact at any time.

A trusted contact cannot access or make changes to your account. They have no authority to act on your behalf. Their role is very limited. They are just a point of contact between you and your financial institution to protect you from fraud.

In the event your account has been compromised in some way you must act quickly to prevent financial loss and identity theft. If the financial institution is unable to reach you immediately, they will call your trusted contact so that they can alert you to the potential problem.

Why is it important to appoint a trusted contact?

Identity and financial theft are a major problem. By appointing a trusted contact, it adds another layer of security to your account.

For seniors it is important to add a trusted contact before any health or cognitive issues arise that may prevent them from making decisions about their account.

How can you add a trusted contact?

When you open a new brokerage account you will be asked if you would like to appoint a trusted contact.

If you already have an account, some brokerage firms are contacting their customers asking if they would like to add a trusted contact. Be aware that scammers are taking advantage of the trusted contact service. Never respond to an email or phone call from someone claiming to be a financial firm. Instead call the firm directly or log in online to make changes to your account.

You can add a trusted contact at any time by calling your financial institution or by logging into your account online.

You will need to know the persons full name, phone number and physical address. Any additional contact information is also helpful such as an email address.

In what situations would a financial firm reach out to a trusted contact?

In the event they are unable to reach you they will call your trusted contact if they notice any uncharacteristic changes to your account such as large or repeated withdrawals or transfers.

If they notice any sudden or unexpected changes to financial documents.

If they believe you are acting in an unusual manner that may signal a problem with your health or wellbeing.

If they suspect any kind of financial exploitation.

Designate a Financial Power of Attorney

This should be done while you are still in good health. If you become disabled, the person who is your designated Financial Power of Attorney can make financial decisions on your behalf. Meet with an attorney who can help you draw up the document. You can specify who is authorized to act on your behalf and what powers you want them to have.

Monitor Your Financial Accounts

Sign up for online access to all your financial accounts and monitor those accounts regularly for any unusual activity.

Review your monthly statements.

Setup fraud alerts on your accounts, sign up for email and text transaction alerts.

Prevent Mailbox Theft

According to the United States Postal Inspection Service there were 33,000 reports of incidents involving mail carrier robberies and mail theft in 2021.

Sending or receiving any mail that is confidential or contains financial information can be dangerous. Avoid putting anything in your mailbox that can lead to identity or financial theft. Sign up for online bill pay and electronic statements so that those documents are no longer sent to you in the mail. Have all of your checks directly deposited into your bank account.

Sign up for USPS Informed Delivery. This is a free service through the United States Postal Service that allows you to view greyscale images of the exterior, address side of letter-sized mail pieces and track packages in one convenient location. You can view notifications from any smartphone, tablet, or computer. You can sign up for a daily email that shows you the mail that will be delivered to you that day so you will know if something is missing.

USPS Informed Delivery

Other steps you can take to keep your mail safe;

Take anything confidential directly to the post office to mail.

If you are sending mail from your home put it in the mailbox as close to pick up time as possible.

Retrieve mail from your mailbox promptly.

If you are going to be away from home for an extended period of time sign up for USPS hold mail service. You can sign up online USPS Hold Mail Service

If you suspect mail has been stolen from your mailbox, report it to the USPIS on their website uspis.gov/report, or by calling 877-876-2455.

Report any stolen mail to your local police department.

If a check you wrote is stolen report it to your bank. If it was a check sent to you report it to your bank and the institution who issued the check.

Freeze your Credit Reports

If you have not already done so place a security freeze on your credit reports. This can be done online or by calling the three major credit bureaus, Transunion, Equifax and Experian.

Transunion

Equifax

Experian

Placing a security freeze on your credit reports is one of the best ways to protect yourself against identity and financial theft.

Request a copy of your credit reports from the three major credit bureaus and check them for accuracy. If errors are found report them to the agencies. You are entitled to a free copy of your credit report with all three credit bureaus.

https://www.annualcreditreport.com/index.action

Sign up for Credit Karma

Credit Karma

and

Credit Sesame

Both sites offer free credit and financial monitoring tools. You can check your credit score regularly using either site.

Other Steps to Stay Safe

Protect your personal data such as bank account numbers, Social Security number, debit and credit card numbers and other information. Don’t leave these items laying around where others can access them.

Stay connected with family, friends and the local community.

Password protect your phone, computer and other devices.

Lock your valuable documents in a fireproof home safe.

Don’t carry private or financial documents and information in your purse or wallet where they can be easily stolen.

Use a strong, unique password for all the websites you visit. Never use the same password twice and use a password manager to store your login information.

Enable multi-factor authentication for all of your financial and email accounts.

Don’t click on links that you are unsure of. Be cautious opening attachments.

Place a fraud alert on your accounts with the three major credit bureaus, Transunion, Equifax and Experian.

Scam Warning Signs

Email messages, text message or phone calls requesting any kind of personal or financial information. Even if the message looks like it is coming from your bank, credit card company or someone else you do business with do not respond to the message. Instead call your financial institution directly using a number you know to be true.

You receive a phone call, email or text message pressuring you into making a quick decision. Scammers often try to instill a sense of urgency or panic to trick victims into providing private information. 

You notice changes or charges to your bank accounts that you did not make.

There are unauthorized charges on your credit cards.

You receive an email invoice for items you did not purchase.

If You Have Been the Victim of a Scam

Contact your states Attorneys General Office to report the scam.

Attorneys General Office

Report scams to the Federal Trade Commission.

Federal Trade Commission

Report scams to your State Consumer Protection Office.

State Consumer Protection Office

Report fraud to the Department of Justice

Department of Justice

Call your local police department to report the scam and file a police report.

Request a copy of your credit reports from the three major credit bureau’s Transunion, Equifax and Experian and check for any errors. You are entitled to a free copy of each report annually. Go to Annual Credit Report to request a copy of your reports.

Contact the creditors and financial institutions you do business with. Let them know that your accounts may have been compromised.

Change the passwords and security questions on all of your online accounts.

Keep a record of the steps you take to report and document the scam.

Many retirees decide to downsize during retirement, some have larger homes and multiple vehicles that are no longer practical or necessary, some would like to relocate to an area that is more suitable for them.

Whatever the reason, it may be possible to lower your monthly expenses by downsizing.

Selling Your Home

Although the current housing market is volatile, you may still be able to save money by selling your home and moving to something smaller. How much equity you have in your home might be the deciding factor for you. You may be in a position in which selling your home leaves you with enough money to put towards a substantial down payment on a smaller home which may reduce your monthly mortgage payment.

If you have already paid off your mortgage you can purchase a new home outright and depending on the price end up with money left over.

There are numerous ways you might save money when moving into a smaller home.

Lower Utility Payments

Smaller homes often have lower utility bills since there is less space to heat and cool and smaller homes in general use less electricity. The appliances in your new home may also be more energy efficient and if the home is newer or has been updated with windows, doors and insulation that can also lower your utility bills.

Minimizing

Most people purge the clutter when moving from a large home into a smaller home. You can sell unwanted furniture, appliances and other items you have and make some extra money. And moving forward you will be less inclined to purchase new things because you will have less space.

Lawn Care & Outdoor Maintenance

A smaller home may also mean less property to maintain and care for. You can save on landscaping services and other outdoor maintenance costs.

Reduced Homeowners Insurance Rates

The size of your home can determine your homeowner’s insurance rates. Smaller homes and fewer outbuildings typically cost less to insure.

Location also impacts rates, some areas are less expensive than others, you can take this into consideration when deciding where to live.

You may also be able to take advantage of insurance reductions in your new home, for example the new home may be more energy efficient, have better security, or have other features that would qualify you for insurance discounts.

Reduced Property Taxes

The two main factors that determine the amount you pay in property taxes are the home’s value and location. If you move to a smaller home with less square footage and acreage you may pay less. And moving gives you a chance to research the area and possibly choose a location with a lower tax rate.

Pay Off Debt

Since your overall cost of living will be reduced you will have more available cash to put toward paying down any outstanding debt.

More Money to Put into Saving & Investing

You can put the money you would have been spending on higher utility bills and other expenses into your savings or investment accounts.

Reduced Stress

Having fewer possessions to care for, a smaller home and property to maintain, reduced debt, more available cash on hand can all reduce stress.

Having less to worry about can bring a great sense of relief and peace. Moving gives us a chance to purge and organize.

More Activities You Enjoy

When choosing a new location, you have the opportunity to select a home that is in an area with more to offer. You might select an area that is closer to parks, pools, fishing, hiking, community events, bird watching, camping, golfing, shopping, dining, theaters, community and senior centers, libraries, museums, zoos and other places that you can enjoy.

Fewer & Smaller Vehicles

Reducing the number of vehicles you own or trading a larger vehicle for something smaller can save on insurance, gas and maintenance costs.

If your new home is closer to shopping, medical care facilities, and other amenities you will have less travel time and lower fuel costs. Most insurance companies will offer discounts if your travel time is reduced. If you move to an area where public transportation is easily accessible, or you are within walking or biking distance to town you may be able to use those options and sell your car.

Aging in Place

Several surveys, including a survey by AARP estimates that 3 out of 4 adults age 50 and older want to remain in their own homes after they retire.

Moving during retirement gives you the opportunity to select a home that will better suit your needs as you age. A home that is safe with features that make life easier for older adults.

Companion animals have been shown to reduce stress, lower blood pressure, ease depression, provide comfort and companionship, promote physical activity and prevent loneliness.

Studies have shown that owning a pet may slow cognitive decline in seniors.

Do pets have a positive effect on your brain health? Study shows long-term pet ownership linked to slower decline in cognition over time — ScienceDaily

A study done by the American Heart Association showed that owning a dog may promote longer life and lead to better cardiovascular outcomes for heart attack and stroke survivors who live by themselves.

https://www.sciencedaily.com/releases/2019/10/191008083121.htm

Another study showed that owning a dog reduces loneliness in older adults.

Pet Ownership may Attenuate Loneliness Among Older Adult Primary Care Patients Who Live Alone – PMC (nih.gov)

There are numerous benefits to owning a pet. Our animal shelters are overcrowded with animals in need of a loving home. According to the ASPCA, “Approximately 6.3 million companion animals enter U.S. animal shelters nationwide every year. Of those, approximately 3.1 million are dogs and 3.2 million are cats”

Paring companion animals with seniors can benefit both. The seniors benefit in the ways I have described, and the pets benefit by being able to leave a shelter and live in a loving home.

Often it is the expense that prevents seniors from adopting a pet. Adoption fees, veterinary care, food, and other costs associated with pet care can be expensive.

Fortunately for seniors there are options to mitigate some of these costs.

Pets for the Elderly

Pets for the Elderly Foundation is a public charity that started in Cleveland, Ohio in 1992. It is now nationwide. They have placed over 100,000 shelter animals with seniors.

They help pay shelter adoption fees at participating shelters for people 60 and older. They help with pre-adoption veterinary exams and spaying and neutering if these are part of the adoption fee.

Also included are shelter programs that cover veterinary services, retention services, food shortage support, and other services for animal adopters. That PFE funding is implemented through a certified PFE partner shelter and includes routine veterinary care, surgery, food, home visits and grooming.

They work with 53 shelters in 31 states. You can find a list of their participating shelters on their website. Pets for the Elderly Foundation

They also accept donations to help support their work.

https://petsfortheelderly.org/

FACE Foundation

The FACE Foundation, based in San Diego, California provides medical care for pets owned by low-income families, senior citizens, veterans, military families, people experiencing homelessness, students, and the disabled.

They work with veterinarians throughout the country to provide lifesaving medical care for pets.

They also accept donations to support their foundation. FACE Foundation

Meals on Wheels

Meals on Wheels provides nutritious meals, check-ins and support for seniors. Widespread throughout the United States they have over 5,000 independently run local programs. Each Meals on Wheels program offers different services based on the needs of the local community. Some offer pet supplies including food and cat litter. Some offer financial assistance to help cover the cost of veterinary care and grooming. Some volunteers will even walk dogs and drive seniors and their pets to veterinary and grooming appointments.

Check with your local Meals on Wheels to see what services they offer.

Meals on Wheels

PetVet

PetVet partners with Tractor Supply Stores and offers vaccinations for puppies and kittens, adult vaccines, testing for heartworm, Lyme disease and other pest-born illnesses and other routine pet care.

Walgreens & ShotVet

Some Walgreens pharmacies are partnered with ShotVet. They host pet clinics that offer low-cost pet vaccinations. They also offer low-cost flea control products and heartworm medication.

While this is not available in every state, check with your local Walgreens or visit ShotVet online to find a list of participating locations. ShotVet Locator

Pet Food Pantries

Pet food pantries and other low-cost pet care assistance programs are available throughout the United States.

Alley Cat Allies provides a list of pantries.

http://Alley Cat Allies Pet Food Pantries

Also check with your local animal shelters and Humane Society. They may offer a pet food pantry, or they may be able to put you in touch with one. Many local communities offer pet food pantries and other services.

Talk to your Veterinarian

Talk to your veterinarian about low-cost options. Many offer senior discounts or discounts if you fall below a certain income level. They may also know of other low-cost services in your area.

Spaying and Neutering

All pet owners should have their cats and dogs spayed and neutered.

Millions of cats and dogs are euthanized or suffer as strays each year. According to the ASPCA approximately 920,000 shelter animals are euthanized (390,000 dogs and 530,000 cats) each year in the United States.

Having your pet spayed or neutered can help reduce that number.

See my article on spaying and neutering your pets. I talk about several low-cost services.

Social Security scams and other Government imposter scams are nothing new. They have been at the top of the scam list for quite some time. The scammers intent is to gain your trust and steal personal and financial information from you.

According to the Federal Trade Commission, Social Security scams are now among the top imposter scams affecting a United States agency. It is estimated that there were over 700,000 complaints about these scams in 2020 which was a significant increase compared to the previous year where there were about 470,00 reported. And these are just the ones that were reported, many more go unreported.

Let’s talk about some warning signs and how to protect yourself from falling victim to this type of scam.

Scam Warning Signs

• If someone calls, emails or texts you and any of the following happens it is a scam.
• They tell you there is a problem with your Social Security number or your benefits.
• They request that you send money in any form. It could be a debit or credit card, gift card, wire transfer, PayPal or other form of payment. Never pay them or give them any kind of information related to your finances.
• They may use scare tactics and threats to pressure you into making a rush decision. They may threaten you with legal action or arrest.
• They may tell you that your Social Security number has been frozen, and you will not receive your benefits unless you provide them with the information they are requesting.
• They may tell you that you are entitled to additional benefits or Covid-19 relief payments.
• The scammers can easily disguise the number they are calling from, so it looks legitimate.

The Social Security Administration may contact you by email or text message but only if you have opted in to receive those notifications and only in a few limited situations. They may contact you if you have signed up with them to receive updates and notifications related to your account or as part of their advanced security when you are accessing your account.

How To Protect Yourself

Do not provide your Social Security number unless absolutely necessary, not even the last 4-digits, even if it is a legitimate business, doctors office, utility company or anyone else who asks for it. Explain to them that for security purposes you will not provide that information. When you provide your Social Security number it is logged and saved in their computer system. So even if it is a legitimate business that has it on record a dishonest employee could use it in a malicious way or if the company is part of a security breech and your personal information is stolen, they have your Social Security number along with any other personal information you provided to that company.

Never return a text, email or phone call that you are suspicious of. Never use contact information provided in the message. Don’t click on any links within the message and if you are unsure, call Social Security directly. Visit the Social Security website for contact information. Social Security Administration

Don’t feel embarrassed if you believe you have been the victim of a scam. Report it immediately.

Place a security freeze on your credit reports. This is one of the best ways to protect yourself from identity theft. Doing so prevents someone else from opening an account in your name. Do this at the three major credit bureaus.

Equifax

Experian

TransUnion

Innovis is another, not well-known credit agency. You are entitled to a copy of your credit report from them as well. You can also place a security freeze with Innovis. Innovis

To request a copy of your Innovis credit report, call the company at 1-800-540-2505 or request a copy by mail at the following address PO Box 1640 Pittsburgh, PA 15230-1640

Check your credit reports regularly. You are entitled to a free copy of your credit reports from the three major credit bureaus. TransUnion, Equifax and Experian. You can request a copy online at Annual Credit Report You will be required to provide your name, address, Social Security number, and date of birth to verify your identity.

You can also sign up at Credit Karma and Credit Sesame to monitor your credit and view your credit score.

Sign up for online access at your bank, credit union, utility companies, credit card companies and others you do business with so that you can monitor the activity on your accounts.

Shred any sensitive documents you are disposing of.

Don’t share personal information on social media. Scammers scour these sites for personal information that they can use to steal your identity and even break into your house when you are not home.

Don’t respond to any pop-ups in your web browser.

At the first sign that a phone call seems suspicious hang up and block the number.

Register for Online Access with the Social Security Administration

Social Security Administration

You will be asked a series of questions that only you should know the answers to.

You will select a username and password and verify your email address or phone number by entering a security code that they send to you.

If you have a credit freeze or fraud alert on your credit reports, you will be required to temporarily lift those to create your account. Once your Social Security account has been successfully created you can reinstate the credit freeze and fraud alert.

If you don’t want to provide this information online you can visit your local Social Security office in person and they will assist you in setting up your account.

Registering for online access to your account prevents someone else from falsely setting up an account in your name. If you have been part of a data breach and your name, Social Security number and other personal information has been stolen a scammer can use that information to setup an account in your name.

Benefits of Setting up your Social Security Account

Access to current and past statements.

Estimate your monthly benefits if you claim them early or at the full retirement age.

Update your contact information such as your address and phone number.

Verify your lifetime earnings.

Check for any errors on your statement and take the steps to correct any mistakes that are found.

Setup direct deposits.

Check the status of a pending claim.

Request a verification letter as proof of income.

Request replacement tax forms.

In the past Social Security mailed you a copy of your statement annually a few months before your birthday, they no longer do this, now they only mail statements to workers age 60 and older who do not have a “My Social Security Account”

You can file a request to have your statement mailed to you. Go to Social Security Administration Forms and fill out form SSA-7004.

If you suspect you have been a victim of fraud, go to the Federal Trade Commission’s Identity Theft website and file a report. Federal Trade Commission

Also file a report with the Social Security Administration Office of the Inspector General Social Security Administration Office of the Inspector General

Additionally, notify your bank, credit union and credit card companies that you may have been a victim of identity theft.

Points to Remember

Social Security will never ask you to verify your identity by giving them your Social Security number over the phone or in a text message.

They will never ask for your bank or credit card information.

They will never ask you to send them money or any type of payment.

Seniors return to the workforce for a variety of reasons, some out of financial necessity, some just like to stay busy and stay connected socially and others may want to supplement their income. Whatever the reason there are resources available online and in local communities to help those seeking training and employment.

The National Council on Aging (NCOA)

Offers a program called Job Source. It assists older adults who are seeking employment. They help to identify the skills and interests of each person and then provide training using over 30 free online courses to learn new skills and earn free job certifications.

They also provide resources to help find jobs, write resumes and help prepare for the interview process.

The National Council on Aging

The Senior Community Service Employment Program (SCSEP)

The Senior Community Service Employment Program provides job training for older adults. Those who enter the program receive paid training. They offer a variety of different types of jobs. To quote their site, “Participants must be at least 55, unemployed, and have a family income of no more than 125% of the federal poverty level. Enrollment priority is given to veterans and qualified spouses, then to individuals who are over 65, have a disability, have low literacy skills or limited English proficiency, reside in a rural area, are homeless or at risk of homelessness, have low employment prospects, or have failed to find employment after using services through the American Job Center system”

The Senior Community Service Employment Program

AARP

AARP offers several different programs to help older adults train for and find employment.

Their Back to Work 50+ program offers free training, job seeking skills and job guidance.

Back to Work 50+

Their Work for Yourself program helps low-income seniors who want to start their own business and become self-employed.

Work for Yourself

AARP also works with Older Adults Technology Services (OATS) a nonprofit organization that offers free training to older adults to help them obtain the technology skills they need to gain employment.

Oats Senior Planet

Seniors can also go to college for free. All 50 states have schools that provide free classes to seniors. Free College Classes

U.S. Department of Health & Human Services

Seniors can also contact the U.S. Department of Health & Human Services who can put them in touch with training opportunities to meet their specific needs.

U.S. Department of Health & Human Services

Career One Stop

Career One Stop offers resources and links to help anyone, not just seniors with job training and assistance. They are sponsored by the U.S. Department of Labor.

Career One Stop

U.S. Department of Labor American Job Centers

The U.S. Department of Labor American Job Centers provides a wide range of employment assistance.  Training referrals, career counseling, job listings, and similar employment-related services.

The U.S. Department of Labor American Job Centers

Jobs for Veterans State Grants Program (JVSG)

Jobs for Veterans State Grants Program (JVSG) helps veterans with job placement by providing employment services. A senior must be a veteran to qualify.

Jobs for Veterans State Grants Program

And don’t forget local resources, check with your public library, senior center and other agencies to find out what kind of training they provide for seniors looking for work.