Your Health and Your Finances are at Risk

Did you know that the healthcare sector has become one of the top targets for data breaches? In 2024 alone, the healthcare industry experienced 725 large-scale breaches, exposing over 275 million records, a 60.5% increase in compromised data from the previous year.¹

According to the Federal Trade Commission (FTC), if fraudsters get ahold of your health insurance information, they could seek medical attention, get prescription drugs, file insurance claims, and more, all under your name.²

How can medical identity theft affect you?

When your personal information is stolen and your medical records are altered, the consequences can be both financially and physically dangerous. For instance, if someone uses your identity to receive medical treatment, you could end up with the bill, and worse, their medical information could get mixed into your health history, potentially leading to misdiagnosis or incorrect treatment in your own care.

Recovering from medical identity theft is no easy feat. Victims spend an average of 200+ hours and $13,500 resolving the issue.³

How do you know if you’re a victim?

Look out for red flags like:

• Medical bills for services you didn’t receive
• Insurance statements showing unfamiliar claims
• Debt collection notices for unknown medical expenses

For example, let’s say you get denied for a loan and find your credit score has dropped. Upon reviewing your credit report, you discover delinquent medical bills that you never incurred. This may indicate that someone else is using your identity.

How can you protect yourself?

You can reduce your risk of medical identity theft with the following habits:

• Regularly review insurance and medical statements for unfamiliar charges
• Check your credit reports for suspicious activity
• Avoid sharing insurance details over the phone or via email unless you initiated the contact
• Store personal documents securely, and shred anything with sensitive information before discarding them, even prescription labels

Is it enough?

Unfortunately, threats to personal information don’t stop at medical fraud. Cybercriminals can use stolen data for many things:

• Open new credit lines
• Drain your bank accounts
• Access Social Security benefits
• Sell your information on the dark web

So, what do you do?

Consider enrolling in an identity theft protection program that offers a holistic approach:

• Monitoring of credit reports, personal info, and high-risk transactions
• Real-time alerts about suspicious activity
• Immediate assistance if you become a victim
• Financial counseling and legal guidance

Talk to your Money Coach about identity theft protection services available to you, including 24/7 identity monitoring.

Protect your health. Protect your finances. Protect your financial life. Schedule a session with a Money Coach today.

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¹ HIPAA Journal. (2025, January 24). 2024 Healthcare data breach report. https://www.hipaajournal.com/2024-healthcare-data-breach-report

² Federal Trade Commission. (n.d.). Medical identity theft. https://www.consumer.ftc.gov/articles/what-know-about-medical-identity-theft

³ Ponemon Institute. (2023, March). Medical identity theft: The hidden epidemic. https://www.ponemon.org/library/2023-medical-identity-theft-study

My Secure Advantage® does not monitor every transaction at every business. No service can stop all identity theft events. This content is for informational purposes only and does not guarantee eligibility for the program or its services. My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here. The information presented is not a substitute for seeking advice specific to your situation from a legal or financial professional.