Law enforcement authorities warn of a new scam targeting the pension and benefits of U.S. veterans that puts their Medicaid eligibility at risk.
The scam bilks veterans out of their money by conning them into transferring their assets into a special trust account before having them wrongfully apply for extra allocations, and special programs.
Here’s how the new scam works:
Initially, the scam artists reach out to veterans posing as attorneys or financial advisers offering to help veterans with their pension allocations.
After securing permission to work with the veteran, the scam artists attempt to convince veterans to put their assets into trust accounts or to make investments into certain insurance products.
The scam artists explain that the “asset reallocation,” will allow the veteran to qualify for Aid and Attendance benefits from the Department of Veterans Affairs (VA).
According to VA officials, this is not true and in fact, will cause the veteran to be ineligible for Medicaid and other health care benefits programs.
The scammers charge enormous fees for their bogus advice, ranging from a few hundred dollars to thousands of dollars.
Veterans must remember, it is free for them to apply for benefits, and many veterans organizations will help with the lengthy and complicated paperwork.
If you feel you have been a victim of this scam please contact local law enforcement or the Federal Trade Commission at 1-877-FTC-HELP.