Is That Really Your Health Insurance Calling?
Medical fraud is one of the fastest-growing categories of scams targeting consumers today. Fraudsters use health insurance information, Medicare accounts, and medical billing systems to steal money and personal data, often without victims realizing anything is wrong until the damage is done. Here's what to watch for and how to protect yourself.
How Medical Scams Work
Medical scammers typically make contact in one of several ways. They may call or send mailers posing as Medicare or insurance representatives, offer "free" medical products or services in exchange for your insurance information, send fraudulent bills for services you never received, or use stolen medical data to make unauthorized charges to linked bank accounts or HSAs.
What makes these scams particularly effective is that health care billing is already confusing. Most people receive EOB statements and medical bills they don't fully understand, which gives fraudsters room to operate undetected.
Warning Signs to Watch For
- You receive an unsolicited call, text, or mailer offering free genetic testing kits, medical braces, or other equipment in exchange for your Medicare number or insurance ID.
- Someone claiming to represent Medicare or your insurance company pressures you to act immediately or asks for payment over the phone.
- Your Explanation of Benefits shows charges for services or equipment you never received.
- You notice unfamiliar charges on your bank statement tied to a medical provider, pharmacy, or health care company.
- A caller asks you to confirm your Medicare number, Social Security number, or banking details to "verify your coverage."
How to Protect Yourself
Guard your Medicare number like a credit card number. Your Medicare ID is as valuable as your Social Security number to a fraudster. Share it only with providers you have chosen and trust.
Review your Explanation of Benefits regularly. Your EOB is sent after every Medicare or insurance claim is processed. Read it carefully and compare it to your bank and HSA statements. Any charge for a service you don't recognize is worth investigating.
Set up account alerts. F&M Bank offers account alerts that notify you of unusual or unexpected activity. Turning them on is one of the simplest steps you can take to catch unauthorized charges early.
Hang up on pressure tactics. Legitimate Medicare and insurance representatives will never demand immediate payment, ask for your banking details over the phone, or threaten to cancel your coverage if you don't comply. If a call feels off, hang up and call the number on the back of your insurance card.
Talk to family members and caregivers. Older adults are disproportionately targeted by medical scams. If you help manage a loved one's finances or medical accounts, check in regularly and look for anything unusual in their statements.
If You Think You've Been Targeted
Act quickly. Contact F&M Bank immediately if you believe any of your financial accounts have been affected. Report suspected Medicare fraud to the Office of Inspector General at oig.hhs.gov or by calling 1-800-HHS-TIPS. You can also file a complaint with the Federal Trade Commission at ReportFraud.ftc.gov.
If you have any questions or think you may be a victim of fraud, please contact us or visit your nearest F&M Bank office. We're here to help.
For more security resources, visit our Security Center.