Scammers Targeting Veterans, Promising Help for Long-Term Care
Another Aid and Attendance scam is fleecing veterans, reports NBC12 news in central Virginia.
Aid and Attendance is a special pension for veterans with limited resources who need long-term care. Last year, we talked about a bait-and-switch scam some were falling victim to. Now, NBC12 reports on a scam in which so-called financial planners are disappearing with some of the veterans’ money:
Here’s how it all works: [Debbie Burak, who runs Veteranaid.org,] said the financial planners promise tens of thousands of dollars to the veteran by way of this pension. They promise to file the paperwork to get it for them, but say they’ll need to move to a retirement community. They also say the veteran will only qualify for the pension if the planner moves enough money to a trust or annuity, making the veteran look financially eligible for the benefit.
The veteran doesn’t get the pension, and the financial planners disappear, with a commission from the money they moved.
“As soon as someone says they guarantee you 100% and that you absolutely will qualify,” said Burak. “As soon as they start moving any assets, time out, that’s it. You’re done. It’s a scammer looking to make a commission off the money they’re going to move.”
To learn more about the real process of applying for Aid and Attendance, click here.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.