Author: Dan Hoelscher

Dan Hoelscher founded Seniormark in 2007 in an effort to help individuals make a successful transition into retirement. Dan is a Certified Financial Planner™ Practitioner and holds Certified Senior Advisor (CSA)© and Certified Kingdom Advisor™ certifications. Since founding Seniormark, Dan has helped thousands of retirees throughout Ohio.

Attention Retirees: Stay on Top of Your Health Insurance With This Helpful Online Tool

Posted on September 12, 2019 by - Uncategorized

Attention Retirees: Stay on Top of Your Health Insurance With This Helpful Online Tool

Life is complicated and hard to manage. And what younger people don’t realize is that it doesn’t just all stop once you retire. As long as you’ve got goals and dreams, you’ve got schedules and things to keep track of—especially when it comes to Medicare.

 

This is why the Medicare program set up a site to help you say on top of all things health insurance. It’s called mymedicare.gov. We recommend it to our clients, and now we are recommending it to you.

 

Among other things, this site has some wonderful, time saving features including:

 

A Claim Library

Right on the home page, the site shows your most recent claims all the way back to claims made 36 months ago. In a three-column chart, the site displays

  • What you were charged
  • What Medicare approved and paid for
  • What you might be billed (not considering your Medicare Supplement)

 

This is particularly helpful when budgeting for health care costs. If you know you’ve got a health care bill on the way, you can set aside some extra cash to pay for it. Otherwise, you might be caught unaware.

 

It is also helpful for detecting Medicare Fraud. If you start noticing claims in your claim library for services you never received, it is time to report fraud. You will be doing yourself and your country a favor by turning the bad guys in.

 

Your Current Plan Information

The site also shows you relevant information about your current health care plan including your prescription drug plan and any supplemental insurance.

 

This is really useful around the Annual Enrollment Period. Knowing the plans you have in place is the first step in deciding if you want to switch and what you want to switch to.  (Click here to read our thoughts about shopping around.)

 

Your Deductible Status

Under the “claims” tab, you can click on your deductible status link and find out how close you are to meeting your deductible. After you meet your deductible, plan benefits will begin. This is why your deductible status is important. You’ll have an idea what a service is going to cost before you receive it.

 

Your Preventative Care Scheduling

Medicare alone covers a lot of preventative services such as screenings and tests and certain types of counseling. They cover them in full, so you don’t have to pay a dime! Some are offered ever 2 years, some every 4, and some only every 6 or more years. It is difficult to know which ones you are eligible for on which years.

 

The preventative services page under the “my health” tab shows exactly what you are eligible for at any moment. This makes it extra easy to take advantage of the preventative services that are available to you. You’ve paid into Social Security for all those years for the benefits, so you might as well use them!

 

And overall, I think the best part of the site is that it is all in one place. Most—if not all— of the information you need to know about your health care is organized and at your fingertips. For the retiree like you who still has a lot going on, it’s a wise choice.

 

Have any concerns about your current plan? Looking to switch? Call Seniormark at 937-492-8800 to set up a free consultation.

 

What Is My Full Retirement Age? (And Why Does It Matter to My Social Security Check)

Posted on September 5, 2019 by - Medicare, Medicare Advantage, Medicare Supplement, Retirement Planning, Social Security

What Is My Full Retirement Age?

(And Why Does It Matter to My Social Security Check?)

 

Laws, guidelines, tax codes, regulation, health care—pretty much everything involved with the government—is constantly evolving. And the full retirement age is no different.

 

Life expectancy has been rising. So that means that retirees are drawing on their Social Security for much longer than they used to. Couple this with shockingly high spending for other programs, and you’ve got yourself a little budget problem on your hands. Social Security has to remain solvent somehow!

 

This is why the full retirement age is creeping up. Ever since Ronald Reagan signed the 1983 Social Security Act amendments, the government has been inching its way to a full retirement age of 67, like peeling off a Band-Aid nice and slow.

 

But What’s My Full Retirement Age?

Your full retirement age depends on when you were born. The younger you are, the closer your full retirement age will be to 67. But if you’re retiring soon, your full retirement age is likely 66. Check out this chart from SSA.gov to find out for sure:

 

Why Does it Matter to My Social Security Check?

Your full retirement age is when you qualify for full Social Security benefits (not to be confused with your Medicare eligibility)[LINK TO WARNING: CONFUSING MEDICARE AND SOCIAL SECURITY ELIGIBILITY]. You can apply as early as age 62, but you will receive reduced benefits, only 75% of what you would’ve received had you waited until your full retirement age.

 

But there’s another side to this coin. You can also delay your benefits, leading to bigger benefits. For every year you delay beyond your full retirement age, you get an extra 8% tacked onto your Social Security check every month.

 

These options leave a lot up to you, and I wouldn’t take them lightly. Deciding when to start your Social Security takes a lot more than just understanding your full retirement age; it calls for a carefully planned strategy, another step along the way to a successful retirement.

 

Looking for some strategies to help you get the most out of Social Security? Click here.

3 Reasons to Start Medicare Planning NOW!

Posted on August 29, 2019 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning

3 Reasons to Start Medicare Planning NOW!

Every last one of us is pretty much the same in this respect: we don’t take now for an answer. When the task is daunting, overwhelming, or complex, we always manage to escape doing it now by putting it off for tomorrow. We’re like a gaggle of Houdinis. Just when you think time constraints have us trapped, we magically free ourselves into an enchanted tomorrow land of channel flipping, Internet surfing, and power naps.

 

But some things are just too important to put off. Even for one more day, one more catnap, one more rerun of I Love Lucy. Medicare planning is one of these things. Not convinced? Here are three reasons why you should start the Medicare planning process now:

 

Reason #1 Mistakes Happen

Glitches. Mistakes. Goofs. If there is a way something can go wrong, Lord knows it probably will. Just like a customer service call can turn into several hours of God-awful hold music, a small slip-up in the Medicare process can turn a five minute solution into a month long ordeal.

 

This is because you are just one of the 10,000 people turning 65 everyday. Medicare has a lot to handle; little things can slip through the cracks. Even if you are fortunate enough to not make any mistakes, you still have to plan in advance for theirs.

 

Reason #2 You’ve Got a Ton of Decisions to Make

Do you need a med sup? Or should you go the Medicare Advantage route? Should you sign up now? Or wait until you are done working? When are the deadlines? What are the penalties? What is a donut hole and how do I navigate it?

 

Take these questions along with deciding between 24 drug plans, 11 supplement plans and a legion of Medicare Advantage options, and you’ve got yourself a to-do list you can’t leave until the last minute.

 

Reason #3 Your Hairdresser Is Not a Retirement Advisor

Getting advice from your family or friends over coffee at church or in-between hands of euchre won’t cut it.  And no, your all-knowing hairdresser won’t do either.   Although your loved ones and acquaintances may have your best interests at heart, they simply do not know the ins and outs of Medicare. What was right for them may not be right for you. And what they overheard at the grocery store is (gasp) probably not watertight advice.

 

This is why seeing an expert is a great (dare I say the only) way to make sure you are on the right track, ensuring you a smooth, penalty-free transition to retirement. But you may find it difficult to schedule an appointment if you wait last minute. We will still help you out, of course, but it will save you a lot of stress to plan an appointment weeks or months ahead.

 

So—when should you start the Medicare Planning process? If you are within 6 months of turning 65, the answer is…you guessed it…Now!

 

Well……

Maybe not now, right?

 

Not sure what to do next? Give us a call at 937-492-8800 for a free consultation!

The Part D “Donut Hole” Is Not as Tasty as You Might Think

Posted on August 23, 2019 by - Medicare, Medicare Advantage, Medicare Drug Plan

The Part D “Donut Hole” Is Not as Tasty as You Might Think

 

Apple is a 605 billion dollar company. Blackberry is a pocket-sized desktop computer. Yes, it’s true. You can now add one more item to your list of foods the 21st century has complicated. You may be used to eating a donut hole with your cup of joe in the morning, but keep in mind that the Part D “donut hole” is not nearly as powdery, chocolately or delicious. In fact, it could be costing you on your prescription drug plan.

To clarify, The Part D donut hole is a gap in your prescription drug coverage. In the donut hole, you continue to pay normal premiums but Part D covers less. This means higher drug costs and less expendable income for you.

 

There are 5 main things you need to know about this mysterious pseudo-food:

 

1. The Donut Hole Starts When You Reach $3,820 in Total Prescription Drug Costs.

The key word here is total. $3,820 is not what you pay for drugs. It is not what Part D pays. It is the sum of both. The only cost not included in the $3,820 threshold is your monthly premium.

 

2. Once You Are In the Donut Hole, You Will Pay 30% For Brand Name Drugs and 37% For Generic Drugs.

 

3. The Donut Hole Ends When You Reach $5,100 in Out-of-Pocket Prescription Drug Costs

 Again, this tidbit of info has a keyword. In this case, it is “out-of-pocket”. The amount of money Part D pays is irrelevant. The $5,100 figure only includes what you pay for prescription drugs, minus the monthly premium, of course! Once you exceed $5,100 for out-of-pocket costs, you enter into what is known as “catastrophic coverage”. At this point, you only pay 5% of your prescription drug costs.

4. Medication Costs are Rising.

This might seem obvious. But what might not be obvious is the effect it can have on your entry into the donut hole. The higher the cost of drugs, the sooner you pay the higher 30 or 37 percent coinsurance rate. For example, in the Pittsburgh Post Gazette’s article about rising drug costs, they tell the story of retiree Milly Scott. This seasoned Medicare beneficiary was used to her usual copays until the rising costs of drugs put her in the donut hole late in the year, October.  The very next year she entered the donut hole 3 months earlier, in July! Part D coverage gaps paired with higher costs can wreak havoc on your finances, so plan accordingly.

5. The Donut Hole Is Closing

 

 

I made sure to save the best news for last. Although the donut hole is not gone yet, it is on its way out the door. Regardless of your opinion of the Affordable Care Act, it is shrinking the coverage gap dramatically. Beneficiaries used to pay the full amount of their drugs in the donut hole, and now they only have to pay 30-37%. The plan is to close the coverage gap completely by 2020!

 

In light of this news, I suggest breaking out some Krispy Kremes to celebrate!

 

Have more questions about the donut hole?  Contact our office for a one-on-one appointment and we can tailor an appointment for you!  Call Seniormark at 937-492-8800.

 

The #1 Investing Mistake Soon-to-be Retirees Make

Posted on August 8, 2019 by - 401(k) planning, Financial Planning, Retirement Planning

The #1 Investing Mistake Soon-to-be Retirees Make

I’ll cut right to the chase. The #1 investing mistake soon-to-be retirees make is investing like a 25-year old. Although age is but a number in most respects; in this case, it is so much more. It affects investment strategy. And, in turn, it affects another very important number to you: your retirement savings.

 

From Growth Emphasis To Preservation Emphasis

Here’s why. Age should affect your approach to risk. As you get older, your portfolio should evolve from one that emphasizes growth to one that emphasizes preservation. This means that—as you approach 65—you should avoid risky and aggressive investing strategies in favor of a more conservative approach.

 

Aggressive strategies work well for the previously- mentioned 25-year old because in his “growth-minded” portfolio, he has time to recover from losses. Those drops in in the stock market will eventually even out over the long haul of his working life. In other words, the risk will eventually reap reward.

 

But you don’t have a long haul anymore. Your nest egg can’t afford to suffer any catastrophic losses because you simply don’t have the time to recover. It’s true! Now is the time for more bonds and less stocks. It’s time to roost on that nest egg. At this point in life, high risk does nothing but set you up for a great fall.

 

Remember the Financial Crisis of 2008?

It was a bleak time for everyone, but especially for soon-to-be retirees. According to the U.S News and World Report, retirement savers suffered 2 trillion in stock market losses!

 

Imagine the regret as soon-to-be retirees watched their hard-earned money slip through their fingers. Imagine the frantic worry as they thought about their retirement savings. Would they have enough savings? Would they have to go back to work part-time? Would they have to delay their retirement?

 

In fact, the Huffington Post claims that back in 2008, a poll concluded that 63 percent of Americans were worried about not having enough for retirement. For older Americans, the fear was probably even more intense!

 

So What If It Happens Again?

I’m not saying it will, at least, not with the same severity. But business cycles are consistent. The stock market will fluctuate. It can only go up for so long before it takes a turn for the worse.

 

And where will that leave you? In the U.S. News and World Report article “How Did Your 401(k) Really Stack Up in 2008,” the author points out that during the financial crisis stocks fell 38% while bonds dropped only 8%. This just goes to show that more conservative strategies (like bonds) do better in a recession. You can’t avoid loss during stock market crashes, but you can lessen the impact by adjusting your risk!

 

 The Moral of the Story: Assess (and Reassess) Your Risk

Over the last couple of months, we’ve had half a dozen or so retirees come in with sky scraping risk scores. On a scale from 1-100 with 100 being the most aggressive, their scores were anywhere from 75-90. This is astounding! Why would they be so risky so late in life?

 

There are a number of reasons, but I think the most common one is that they simply don’t know. One of those previously mentioned clients told us that her portfolio was very conservative, and it turned out being a 76! Imagine if her stocks suddenly plummeted. With risk like that, it wouldn’t be surprising to lose 25-35%.

 

We don’t want this to be you! We want you to plan ahead, to become an expert on your investment strategy as you approach retirement. Because—although we want you to live like a 25-year old—we don’t want you to invest like one.

 

Want to perform a risk analysis? Contact Seniormark at 937-492-8800 to set up a free consultation.

 

Not Tech-Savvy? Here’s How to Sign Up For Medicare

Posted on August 1, 2019 by - Medicare, Medicare Advantage, Retirement Planning

Not Tech-Savvy? Here’s How to Sign Up For Medicare

 

You might feel comfortable surfing the net, but that doesn’t mean you are ready to brave the more serious aspects of the online world, like online banking or enrollment in Medicare.

 

As soon as a website starts asking for personal information like your social security number or place of residence, I can understand your hesitation. You want to talk to real people with real faces, not interfaces or cold, algorithm-driven databases. If this is you, you are at the right place. Here are a couple ways to sign up for Medicare… the old fashioned way!

 

Call the Regional Social Security Office at 1-800-772-1213

 

At one time, this was the tech-savvy option, but not anymore. Nowadays, in the world of texting and email, it is almost nostalgic to hear another person’s voice across the line. Of course, you won’t hear the local operator anymore; in fact, the person who picks up won’t even be local. They will be from the regional Social Security Office, which is in Chicago (if you are from Ohio). Just tell them you need help signing up for Medicare, and they should guide you through the process from there.

 

Visit Your Local Social Security Office

If you would still feel more comfortable sitting down with someone face to face, this option is the way to go for you. However, it’s quite time consuming. If you call and schedule an appointment, there could be a 1-2 month wait before you get in! And if you walk in without an appointment, don’t be surprised if you have to take a number and hang out in the waiting room for a while, 30 minutes or maybe more.

 

Of course, these two choices are not nearly as fast as signing up online, nor are they the most convenient. But there is something to be said about that personal interaction of a call or a face-to-face meeting. It provides an element of trust that is hard to find on the web.

 

If you run into any problems, questions, or concerns while signing up for Medicare, give Seniormark a call at 937-492-8800 or just walk right into our Sidney office right next to Culvers. We can guarantee you won’t have to take a number and wait!

 

Medicare Fraud Causes Patient Suffering and Death

Posted on July 25, 2019 by - Medicare, Medicare Advantage, News

Medicare Fraud Causes Patient Suffering and Death

Medicare fraud is not a victimless crime. It doesn’t just affect the government; it affects you and your family in the form of higher taxes and reduced benefits as the government struggles to keep Medicare from going bankrupt.

 

But did you know that it has killed people? Did you know that it has also caused much suffering to patients? In the light of these 3 cases that I’ve found, the financial burden of fraud is not nearly as costly as the loss of life and human dignity.

 

Case #1: Unnecessary Narcotics Prescribed

According to the Atlantic, one case of Medicare fraud involved a Michigan doctor who “prescribed unnecessary narcotics in exchange for patients’ identification information, which was used to generate false billings.” This then caused the patients to become hopelessly addicted to the narcotics. It kept them coming back for more, which kept his scheme well funded until it was busted along with 242 other Medicare fraudsters on June 18, 2015.

 

Case #2: Fake Doctors Employed

In the AARP’s June 2016 Bulletin, they tell of Dr. Rafael Chikvashvili, a man who employed fake doctors to “examine the X-rays, ultrasounds and cardiac examinations that his company, Alpha Diagnostics, provided to nursing homes throughout the mid-Atlantic.” This gross malpractice cost 2 patients their lives to congestive heart failure. The fake doctors didn’t have the skills or knowledge to interpret these important tests. As a result, they ended up misinterpreting the patients’ X-rays or failing to diagnose the issue. Both of the patients didn’t get the care they needed, and they both ended up dying from their congestive heart failure. Chikvashvili faces life in prison for his actions.

 

Case #3: Chemotherapy Falsely Administered

In July of 2015, CNN released a report about Dr. Farid Fata, a hematologist who “gave cancer treatment drugs to patients who did not need them — including some who didn’t actually have cancer”. According to the article, these chemotherapy treatments were both painful and life altering. One of the victims lost all but one of his teeth due to the harsh treatments. In AARP’s June 2016 Bulletin, they claimed that he “improperly administered” chemotherapy to over 550 patients! Needless to say, he is now serving 45 years in prison.

 

Most fraud doesn’t affect the health and well being of patients, only finances. But every once in a while, a malicious case of Medicare fraud causes someone to lose her life or experience intense suffering like those victims who underwent years of unnecessary chemotherapy.

 

This is why we need to band together against Medicare fraud. The best thing you can do is to educate yourself. You need to be aware of what it is, whom it affects, and how to recognize it, so you can turn the fraudsters in. This saves the government (and yourself money), but beyond this, it could also save lives.

 

For more information about how to recognize Medicare fraud, click here:  How to Detect Medicare Fraud.

 

If you feel you have been a victim of Medicare fraud, please contact Medicare at 1-800-MEDICARE.

 

As always, if you have other questions, please call our office at 937-492-8800.

4 Lightweight Tips to Prevent Medicare Fraud

Posted on July 18, 2019 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement

4 Lightweight Tips to Prevent Medicare Fraud

 

An ounce of prevention is worth a pound of cure. Very few people use this saying anymore, but the truth of it is still relevant—almost shockingly so. Especially when it comes to Medicare fraud.

 

No one wants to be a victim. No one wants to deal with some con down in Florida, racking up charges using their Medicare number. And no one wants to feel taken advantage of.

 

That’s why it’s much better to take the simple steps now. So let’s get started.

 

  1. Protect your Medicare Number!

First things go first. It’s the oldest tip in the book, but it works. This number is unique to you.  So protecting those 9 digits is doubly important: It’s your identity.

 

One way to protect your number is to avoid carrying the actual card unless you have to. And—this almost goes without saying—don’t share it with anyone except your doctor, health care provider, and your insurance agent, who will need it to write a policy.

 

  1. Take a Lesson From Sherlock Holmes.

This sounds like a pound-sized piece of advice, but it’s really not too heavy once you get into the habit. Be like Mr. Holmes and notice the small stuff. Check your Medicare Summary Notice for anything suspicious (i.e. billing to Medicare for care or services you didn’t receive). Check your pills before you leave the pharmacy to make sure everything is correct. Did you get your full prescription?

 

It pays off to notice things that no one else does. It’s elementary, my dear…umm…Medicare beneficiary?

 

  1. Strive to Understand for Yourself.

This is another tip that sounds heavier than it really is. So allow to me translate. For all intents and purposes, this means to ask questions. And I mean a lot of questions.

 

When you don’t understand your bill or your plan or your Medicare options, just ask. Ask your doctor’s office, or ask at your insurance agent’s office.  Shift the weight on the expert to help you understand. If he gives you a boulder-sized answer, give him another boulder-sized question. And don’t let down until you get a manageable answer. This might sound stubborn, but you have a right to know what you want about your health care. It’s the expert’s job to give you an understandable (yet accurate) answer.

 

Because knowing how Medicare works, your plan works, and why you were taken care of the way you were are excellent starting points for noticing and preventing fraud.

 

  1. Don’t go to the mousetrap for the free cheese.

Only a mousetrap has free cheese. This is the truth with all the sales and advertising junk pared away.

 

It’s not that I don’t understand the allure. Someone comes to your door or calls you to offers you something for free. Do you believe it? FREE! All you have to do is give them your Medicare number and then POOF…all your money saving dreams can come true.

 

But don’t fall for it. Don’t go for the cheese. This is a surefire way to get snapped into the metal jaws of Medicare fraud.

 

Stopping Medicare Fraud Ounce by Ounce

In closing, Medicare fraud is a crushing problem. The Medicare Fraud Strike Force is constantly hunting down the bad guys, trying to recover as many funds as they can. But it hardly puts a dent in the 60 billion dollar a year problem, according to AARP. This is why the government needs you to take the necessary measures of prevention. It’s a big problem, but I am confident that if enough people decide to get smart and do these small  “ounce-sized” things now, we can prevent another round of crushing Medicare fraud later.

 

Think you’ve been a victim of fraud? Want to make up to $1000? Then check out this post! 

 

Still have questions?  Call our office at 937-492-8800.  We can help!

Will You Outlive Your Nest Egg in Retirement?

Posted on July 11, 2019 by - 401(k) planning, Financial Planning, Retirement Planning

Will You Outlive Your Nest Egg in Retirement?

If this question is on the forefront of your mind as you approach retirement, you are not alone. According to recent studies, this is the primary concern of soon-to-be retirees just like you:

  • 43% of workers fifty or older say that outliving their money is their most significant retirement-related fear.
  • 57% of financial planners state that running out of money is their clients’ most pressing retirement concern.
  • 60% of older Americans fear outliving their savings more than death itself.

 

Truly, these figures speak to sleepless nights and anxiety of many older Americans, especially considering that many are less afraid of the grim reaper than an empty pocketbook.

 

But before you jump on the bandwagon of restless worry, I think it is important to step back and consider whether your fears are founded at all. Although there is definitely reason to believe that many Americans are financially unprepared for retirement, this doesn’t mean that you are. In fact, most of the clients I work with at my offices in Sidney and Troy have saved enough for a modest or beyond modest standard of living in retirement.

 

So, how do you find out? I have two words for you: income planning. In order to help ensure that you have enough money to last your entire life expectancy, you must analyze your situation and put an adaptable plan in place.

 

Although income planning is often a confusing and overwhelming process in all of the details, at its core, it is really only a few simple steps. Here is a rough sketch of what the income planning process looks like to get you thinking in the right direction:

 

  1. Check Your Income Sources

Almost everyone has steady sources of income that form the foundation of any good income plan. Start by figuring your Social Security benefit, and then add in your pension or income from rental properties (if you are lucky enough to have either of these). The key here is to add up any and all sources of reliable cash flow, perhaps even cash flow from part-time work in retirement (yes, I realize that seems crazy, but many retirees are choosing to work).

 

  1. Analyze Your Other Savings and Retirement Accounts

This includes investments and savings accounts as well as any qualified retirement account such as an IRA or 401(k). The idea is to calculate any lump sum amounts you will draw from to supplement your income sources. Once you’ve completed this step, you are ready to move on to the next (less enjoyable) step.

 

  1. Calculate Your Expenses

What I am talking about here is your basic expenses. This doesn’t include travel or big-ticket purchases such as boats or snowbird homes. This is about monthly necessities like food, water, shelter, car payments, mortgage payments, and the like. Start with what your bills are now, and then compare that to retirement. Will you have a car payment well into your retirement, or will you pay that off soon? What about your mortgage? How will your healthcare expenses change? For almost all retiring 65 and over, this means considering how much Medicare will cost them (read this blog to see) as opposed to their private insurance or employer plan.

 

  1. Run The Calculation

This step involves plugging all of those numbers into a system, either a homemade excel spreadsheet or an online program. This will help you figure out the chances of you making it your entire life expectancy without running out of money. With our clients, we use Money Guide Pro. This system runs a thousand different scenarios, calculating probabilities on various unknowns. It enables us to consider a wide variety of factors such as inflation, taxes, or potential dips or spikes in your investment portfolio that are difficult to calculate by hand.

 

  1. Add in Fun Extras

This is where it can get fun. If your chances of success are very high, you can add other “extra” expenses into your plan. Perhaps you want to go on a $5,000 trip every year to an exotic location. Perhaps you want to give back to your community so much every month. Whatever your dreams and goals are, you can add these in and rerun the calculation. You can continue to do this as long as your chances of success remain in a comfortable range!

 

Want Someone to Crunch The Numbers for You?

At Seniormark, we realize that income planning is easier said than done. But however difficult it may be, it simply must be done in order to answer the question weighing on so many minds: Will I outlive my nest egg in retirement?

 

Give Seniormark a Call for a free consultation at 937-492-8800 and put your fears to rest!

 

CONSUMER ALERT: Seniors Should Beware of DNA Testing Scam

Posted on July 3, 2019 by - Medicare, Medicare Advantage, Medicare Supplement, News, Retirement Planning, Social Security

COLUMBUS – Ahead of World Elder Abuse Awareness Day this Saturday, June 15, the Ohio Department of Insurance and the Ohio Department of Aging are warning Ohioans of a new scam targeting seniors. Ohio consumers should be cautious of genetic testing firms visiting senior communities or making unsolicited phone calls and mailings related to DNA screenings.

“Scam artists are always looking for new ways to steal money or personal information,” said Governor Mike DeWine. “We want people to be careful and to know the signs of a possible scam.”

 

In the scheme, which has been reported in Ohio and other states, firms reportedly collect consumers’ personal information under the pretense of DNA testing to screen them for cancer, Alzheimer’s, or other life-threatening diseases. Victims are told that Medicare will cover the cost of their testing. However, Medicare provides limited coverage for DNA testing (which is why consumers should consult their health care providers). As part of the scam, consumers often are asked for their Medicare card number and Social Security number.

 

“We want Ohioans to be aware and cautious as they consider DNA screening services,” said Ohio Department of Insurance Director Jillian Froment. “Consumers should never share their personal information, including Social Security number or Medicare card number, with anyone who reaches out unexpectedly. If you think you may be a victim of fraud or if you suspect potentially fraudulent activity, please contact us.”

 

“Scammers and shady businesses target older adults to steal money, get personal information, or in this case, improperly access individuals’ insurance benefits,” added Ohio Department of Aging Director Ursel McElroy. “As older adults get wiser to common scams, scammers are doing more to try to win their trust. Guard your Medicare or other insurance card like you would a credit card. To a scammer, it is just as valuable.”

 

To protect yourself, be alert if anyone conducting DNA cheek swabs requests that you agree to be billed for services in the event Medicare does not pay. These types of “testers” may be committing Medicare fraud because they are attempting to bill Medicare for a procedure that has not been ordered by a health care provider.

What Should Medicare Recipients Know About Genetic Testing?
  • In order for the testing to be covered by Medicare, it must be medically necessary.
  • Consumers should always confirm that their test has been ordered by their doctor, that it’s covered by their plan, and that it’s medically necessary.
  • If you are interested in DNA screening, talk to your doctor and determine if it is right for you.

How Can I Protect Myself from This Type of Scam?

  • If you or a loved one is approached by someone claiming to offer genetic testing, do not give your personal information (like your Medicare or Social Security information) to them.
  • Theft of Medicare card numbers may be used to commit identity theft or fraud.
  • Instead of receiving a DNA screening unsolicited from a firm not affiliated with your health care provider, talk to your doctor first and determine if the test is necessary.
  • Some consumers have reported receiving DNA testing kits in the mail without requesting them. Consumers should not use these kits but should instead talk to their doctor first.

If you suspect wrongdoing or if you believe you have been victimized, call the Ohio Department of Insurance’s Fraud and Enforcement Hotline at 800-686-1527 or the Ohio Senior Health Insurance Information Program at 800-686-1578.

Older Ohioans and their loved ones can learn more about scams and other forms of elder abuse and exploitation, along with ways to prevent and report them, on the Ohio Department of Aging’s website (www.aging.ohio.gov/elderabuse).

 

Source:  Ohio Department of Insurance