Elder Fraud, Scams, and Medicaid: How to Protect Yourself
Platinum Benefit Services, Inc.
For more information about the author, click to view their website: Platinum Benefit Services Inc.
Jun 07, 2026
Florida - Southwest
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Every year, older adults lose billions of dollars to scams involving romance fraud, fake investments, lottery schemes, cryptocurrency fraud, impersonation scams, home repair fraud, and financial exploitation by trusted individuals.
Unfortunately, the financial damage often continues long after the scam itself. Families frequently attempt to “fix” the loss in ways that can create additional problems when applying for Medicaid long-term care benefits.
The Medicaid Problem Most Families Don’t Know About
When applying for Florida Medicaid Long-Term Care or Nursing Home Medicaid, the state reviews financial transactions during the five-year look-back period.
If money or property was transferred for less than fair market value, Medicaid may consider the transfer a gift rather than a legitimate loss.
Examples include:
- Selling a home worth $300,000 for $150,000 to a friend or family member
- Adding someone to an account and allowing them to withdraw funds without documentation
- Giving money to children after realizing retirement funds are running low
- Signing over assets because a scammer convinced the senior to do so
These transactions can result in a Medicaid penalty period, delaying eligibility for benefits.
What To Do If Fraud or Exploitation Occurred
If you believe an elderly individual has been scammed or financially exploited:
Step 1: Gather Five Years of Financial Records
Collect:
- Bank statements
- Investment statements
- Credit card statements
- Property sale records
- Vehicle sale records
- Wire transfer records
- Cryptocurrency transaction records
- Check registers
Create a spreadsheet documenting:
- Date of transaction
- Amount lost
- Recipient
- Description of the scam
- Supporting documentation
Calculate the total amount lost over the five-year Medicaid look-back period.
Step 2: Document Property Sales
If real estate, vehicles, boats, or other assets were sold below market value:
- Obtain appraisals or market valuations
- Gather closing statements
- Calculate the difference between fair market value and actual sale price
This information helps establish the amount of financial exploitation that occurred.
Step 3: File a Police Report
Contact local law enforcement as soon as possible.
Provide:
- Copies of statements
- Transaction summaries
- Property sale documents
- Names of suspected scammers
- Timeline of events
Ask that the report clearly document the estimated total loss amount.
A detailed police report can become an important piece of evidence when explaining questionable transfers during the Medicaid application process.
Step 4: Report Elder Exploitation
Financial exploitation of a vulnerable adult should also be reported through Florida’s Adult Protective Services system.
Florida Abuse Hotline:
1-800-962-2873
Reports can be made 24 hours per day.
Step 5: Work With an Experienced Medicaid Planner
Not every transfer results in a Medicaid penalty.
When properly documented as theft, fraud, exploitation, or scam activity, supporting evidence may help explain transactions that otherwise appear to be gifts.
The stronger the documentation, the stronger the case.
Common Scams Targeting Older Adults
- Grandparent scams
- Romance scams
- Cryptocurrency investment scams
- IRS impersonation scams
- Medicare scams
- Sweepstakes and lottery scams
- Tech support scams
- Contractor and home repair scams
- Caregiver theft
- Financial exploitation by family members
Prevention Tips
- Never send money based on urgency alone.
- Verify requests independently.
- Use a trusted family member as a second reviewer for large transactions.
- Monitor accounts regularly.
- Freeze credit when appropriate.
- Question requests involving gift cards, wire transfers, cryptocurrency, or secrecy.
Final Thoughts
A scam can devastate a family’s finances, but failing to properly document the loss can create additional challenges when Medicaid assistance is eventually needed.
Families should focus on three objectives:
- Stop the fraud.
- Document every dollar lost.
- Create a paper trail through law enforcement and protective services.
Proper documentation today can prevent costly Medicaid delays later.
About the Author
Hilary Hayes is a Certified Senior Advisor (CSA), licensed insurance professional, and long-term care planning specialist serving families throughout Southwest Florida. Through her work with Platinum Benefit Services, she has helped hundreds of families navigate the financial, emotional, and logistical challenges associated with aging, long-term care, Medicaid eligibility, and asset protection planning.
Hilary works closely with seniors, adult children, healthcare professionals, skilled nursing facilities, assisted living communities, and financial advisors to help families understand their options before a crisis occurs. Her passion is educating families on how to protect their dignity, decisions, and dollars while preparing for the realities of aging and long-term care.
For questions about Medicaid eligibility, long-term care planning, or protecting assets while qualifying for benefits, Hilary can be reached at 941-993-0087, [email protected], or www.PlatBen.com.
Important Disclaimer
The information contained in this article is provided for educational and informational purposes only and should not be construed as legal, tax, financial, or Medicaid eligibility advice. Medicaid rules and regulations are complex and subject to change. Every individual’s circumstances are unique.
Readers should consult with a qualified elder law attorney, tax professional, financial advisor, or Medicaid planning professional before making decisions regarding asset transfers, property sales, Medicaid applications, or legal matters involving elder exploitation or fraud.
Nothing contained herein creates an attorney-client relationship, financial advisory relationship, or guarantees eligibility for any government benefit program. The author and publisher disclaim any liability for actions taken or not taken based upon the contents of this article.
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