We strive to keep you informed about the latest Medicare news! This month, we discuss Amazon’s newest health care feature, rising prescription costs and how to save, and the latest Social Security phone scam to watch out for.
Amazon Now Accepts HSA and FSA Payments
Last month, Amazon rolled out a new feature to customers which allows them to pay for a wide range of eligible over-the-counter items like cold medicines and glucometers with their health savings accounts and flexible spending accounts.
Around 6 percent of individuals in the U.S. pay for their prescriptions with cash, which equates to about $450 billion each year. Amazon’s new process will enable people to use a portion of their pre-tax income to cover prescription expenses that would have been out-of-pocket.
Skyrocketing Drug Prices and Potential Upcoming Bills
The government is talking heavily about the cost of prescription drugs and will be moving forward with some type of change in the next 24 to 36 months.
This comes in the wake of Americans having to pull savings from their retirement funds, refinance their homes, to cover their soaring prescription drug costs. Some individuals are being forced to stop taking necessary medications altogether because they simply cannot afford them.
The chairman of the Special Committee on Aging, Senator Susan Collins, recently stated that “In 2017, brand name prescription drug prices increased four times faster than the rate of inflation.”
In addition, a recent Congressional Budget Office report found that net spending on specialty drugs to treat chronic, complex or rare conditions in Medicare Part D rose from $8.7 billion in 2010 to $32.8 billion in 2015.
Luckily, the Senate is working to pass bills that protect us. For a list of some of the bills that could be enacted in the next two to three years, click here and scroll to the section “A Senate Drug Price Bill Sampler.”
This serves as a good reminder that it’s important for those of you who are starting to consider your Medicare options to work with our team of advisors to compare plans based on your unique prescriptions, primary care physicians and preferred pharmacy. We do the research, so you can retire with confidence! Schedule a phone call with our team of advisors today.
Social Security Alerts Public about Telephone Impersonation Scheme
A recent press release by the Social Security Administration warns the public about a telephone scam in which the caller falsely claims to be a Social Security Employee. The Administration will be sharing a Public Service Announcement (PSA) across the country cautioning the public to remain on alert for potential fraudsters.
This is a reminder to not share sensitive information like your Social Security number or bank information with any unknown people over the phone. If you receive a call that seems suspicious or threatening, report the information to the Office of Inspector General Fraud online at oig.ssa.gov/report.
View the new PSA below:
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If you are not yet a RetireMEDiQ client and have questions about how these topics may affect you as you approach retirement, contact our team of advisors at 1-866-600-5638.