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How Aging Adults Can Prevent Insurance Scams

By Jeff Hill, 9:00 am on March 6, 2017

Many seniors appreciate the importance of health insurance and life insurance, but some unethical people take advantage of their interest in insurance. An increasingly popular method of scamming seniors is to sell them a fake or exploitative life insurance policy.

Planning your loved one’s finances can be time consuming. It may be best to let a professional caregiver look after your senior loved one while you tend to important matters. If you are the primary caregiver for a senior family member and are looking for professional home care in Phoenix, reach out to Home Care Assistance. Our dedicated and compassionate caregivers are committed to helping older adults manage their health and enjoy a higher quality of life in the golden years. Use these tips to ensure your senior loved one does not end up being scammed by fake insurance brokers. 

Only Buy Insurance from Reputable Companies

The main type of insurance scam is a fake company that talks seniors into giving them payments, but the company never delivers on the benefits. One of the best ways to prevent this is to go with a company that has existed for a while and is highly reviewed by other people. You can check with the National Association of Insurance Commissioners to make sure the company is reputable, and a quick search of the company on the internet can reveal informative reviews by its previous customers.

Get a Second Opinion

Another common scam involves a broker selling a senior a reasonable policy and then constantly pressuring him or her to add more expensive coverage. If the agent tries to change your loved one’s existing policy, do your research before agreeing to the change. Talk to trusted experts and ask if they would recommend changing or upgrading the coverage. 

Shop Around Before Making Decisions

It is very important to do research before buying insurance. Check with both smaller local businesses and larger national firms to get a good idea of what a reasonable insurance policy ought to include. Remember, if a company seems too good to be true, it probably is. 

If you are the primary caregiver for a senior loved one in Phoenix, respite care is available when you need time away from your important caregiving duties. At Home Care Assistance, our respite caregivers are available 24 hours a day, 7 days a week to help your loved one manage everyday tasks in the comfort of home while you have the chance to take a much-needed break.

Thoroughly Read Any Policy

Even if the agency is reputable, they may try to sell your loved one an expensive policy that may not actually provide the assistance he or she needs. Do not just take an agent’s word that a policy will cover all your loved one’s requirements. Look over everything yourself, and do not be afraid to ask for assistance from a legal expert if you need help understanding the complicated terms and conditions. 

Talk to Both the Company and the Broker

One particularly convincing scam involves a fake broker who pretends to work at a reputable insurance company. Only contacting a single broker and never hearing anything from the insurance company itself is a red flag. It is wise to make at least one call to the insurance company and confirm they are the ones actually receiving the payment.

Be Aware of Aggressive Tactics

Insurance agents often try to pressurize the elderly into buying expensive and unnecessary policies by playing on their fears. If the agent keeps suggesting your loved one may end up without healthcare or become a burden on the family, be cautious. These coercive and manipulative tactics are often a sign of something unethical.

Aging in place can present a few unique challenges for older adults. Some only require part-time assistance with exercise or meal preparation, while others are living with serious illnesses and benefit more significantly from receiving live-in care. Phoenix, AZ, Home Care Assistance are leaders in the elderly in-home care industry for a good reason. We tailor our care plans based on each senior’s individual needs, our caregivers continue to receive updated training in senior care as new developments arise, and we also offer comprehensive care for seniors with Alzheimer’s, dementia, and Parkinson’s. Call us at 602.388.1085 to hire a dedicated caregiver for your senior loved one.