Every day, Medicare fraud affects people with Medicare and their families across the U.S. – regardless of background – robbing them of hard-earned money and peace of mind. By remembering some simple but effective tips, you can protect yourself against scams, including identity theft and prescription drug fraud.
3 Steps to Protect Yourself from Medicare Fraud
Scammers know the ins and outs of the Medicare system and their attempts can be well thought-out enough that it’s not always easy to know when and where fraud is occurring. By remembering some simple but effective tips, you can protect yourself against scams, including identity theft and prescription drug fraud. Remembering to protect, detect and report fraud helps everyone, including you.
Protecting your personal information is your best line of defense against health care fraud. Treat Medicare, Medicaid and Social Security numbers like credit card numbers. Never give them to a stranger and don’t carry your cards unless you need them for appointments. Medicare doesn’t call or visit to sell you anything. Outside of a trusted health care setting, never give this information to anyone who asks for it.
No matter how careful you are, you may be targeted for fraud. Always review your Medicare statements closely. Things to look for include charges for something you didn’t purchase or receive, duplicate charges and charges for services not ordered by your doctor. Compare these documents to your personal records and receipts. Recording medical visits and procedures in a journal or on a calendar can help you keep track of what happened at each appointment and make it easier to spot inaccuracies.
If you suspect you’ve been a target of fraud, report it. This can help you and others at risk for fraud. If you have questions about your Medicare statements, call your health care provider.
If you’re uncomfortable calling or are not satisfied with the response, help is available through your local Senior Medicare Patrol (SMP). SMP volunteers work with Medicare beneficiaries and their families and caregivers to stop health care fraud, errors and abuse. You can also report suspicious calls and direct general questions through this resource. You can find your local SMP program by calling 1-877-808-2468 or at SMPresource.org.
Suspected fraud can also be reported to 1-800-Medicare or by calling 1-800-HHS-TIPS.
Don’t hesitate if you need help
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Administration for Community Living
No matter how diligent you may have been about saving for retirement, unexpected life changes and economic realities can negatively impact your retirement budget. Many retirees are surprised to learn that one of the most valuable assets in their portfolios may be something that they no longer need.
Maximizing Your Assets in Retirement
(Family Features) No matter how diligent you may have been about saving for retirement, unexpected life changes and economic realities can negatively impact your retirement budget. Sustained low interest rates have suppressed yields on income from bonds and rising health care expenses have affected retirees of all ages.
Many retirees are surprised to learn that one of the most valuable assets in their portfolios may be a life insurance policy that they no longer need.
It’s not uncommon for people to outlive their need for life insurance, and if you no longer need the policy or can no longer afford the premiums, you could consider selling the policy through a life settlement. This is a financial transaction in which a policy owner works with a company, such as Coventry Direct, to determine if they qualify to sell their life insurance policy. The policy seller receives an immediate cash payment while the buyer assumes all future premium payments. Most life insurance policy types qualify, even convertible term life policies.
Consider this story about a financial advisor who recently retired from a long, successful career. He decided the money he was spending on the rising premiums for his $799,975 life insurance policy could be used to help fund his retirement. After some research, he called Coventry Direct and was happy to learn he had an option other than just letting the policy lapse. He sold his policy through a life settlement for $25,000, which was more than four times the value he would have received if he surrendered the policy back to the insurance company.
If you don’t own a life insurance policy or still need your coverage, you may want to evaluate the real estate you own. Think about downsizing to a smaller home or selling other property you no longer need. Many retirees discover that they have significant equity tied up in real estate – equity that could be used to help fund expenses.
Another useful exercise is reviewing your investments. If your retirement income is failing to produce the amount needed to maintain your lifestyle, you may need to rebalance your portfolio in order to meet your changing needs.
If you find your retirement income is insufficient, there are options available to maximize your assets. For many retirees, an existing life insurance policy may be a hidden asset that can be utilized to generate cash. To learn more about life settlements, visit coventrydirect.com/lifesettlements or call 888-858-9344.
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