We strive to keep you informed about the latest Medicare news. Each month, we recap the top information you need to know about recent developments in the Medicare industry. This month, we cover a bill that, if passed by Congress, will allow Medicare Medicare beneficiaries to contribute to HSAs, Medicare-covered services and an estimate for the 2020 cost-of-living adjustment!
Did You Know? Medicare Covers Pneumococcal Shots
Medicare Part B covers two pneumococcal shots, the first at any time and the second if you get it more than one year after receiving the first one. These shots are provided at no cost if your provider accepts Original Medicare.
If you haven’t gotten your shot this year, it may be time to schedule a visit to your health care provider.
Medicare Beneficiaries Able to Contribute to Health Savings Accounts? Maybe in the Future
A bipartisan bill called the Health Savings for Seniors Act was introduced to Congress in July for review. The bill would allow Medicare beneficiaries to contribute to health savings accounts (HSAs). Currently, once an individual enrolls in Original Medicare, they are no longer able to contribute to an HSA.
However, if this bill is passed, those who choose to contribute to their HSA after enrolling in Medicare would not be able to use this money to pay for their Medicare premiums. Using these funds to pay for any non-Medicare approved expenses would result in a penalty. We’ll keep you posted as this story unfolds.
Beware: Scammers Lurking on Online Dating Sites
As online dating becomes more prevalent, scammers are using these sites to lure people into giving them personal information over time. If you use websites like this, you should keep your personal details private before meeting in person.
Social Security says these red flags might suggest a person is not who they claim to be:
- A mismatch between their name and the name embedded in their email address.
- There are obvious spelling and grammar errors.
- They asked if you would send or receive money/packages on someone else’s behalf.
- They need money right away due to a medical emergency, or they need a visa or air tickets. Or, a business opportunity arose that was too good to turn down. Can you wire a loan?
Remember, do not give your Social Security number to anyone online. If someone claims to be from Social Security, you can report the incident to the Office of the Attorney General at 1-800-269-0271 or online.
2020 Cost-of-Living Adjustment (COLA) Expected to Be Minor
Kiplinger anticipates that the 2020 COLA will be around 1.6% next year, which is a decrease from the 2019 COLA of 2.8%. We will let you know when the official cost-of-living adjustment is released. Learn more about COLAs, Kiplinger’s estimate and how the official COLA is calculated.
We’d Love to Hear from You!
If you are not yet a client and have questions about how these topics may affect you as you approach Medicare eligibility, contact one of our advisors at 1-855-804-8397.