What You Need to Know About the New Medicare Cards
New Cards Increase Identity Protection, But Also Fraud Attempts
Beginning in May, the Centers for Medicare & Medicaid Services (CMS) will begin mailing new identification cards to beneficiaries. The Medicare cards have been redesigned to help reduce the potential for identity theft — Social Security numbers and other personal information have been removed and now feature a randomly assigned 11-digit Medicare Beneficiary Identifier (MBI) that is unique to each person and not tied to someone’s personal information.
The aim of this initiative is to offer protection. Fraudsters, ironically, are using the newness of the program as an opportunity to get recipients to give up their MBI and personal and financial information.
Amy Nofziger, a fraud expert with AARP, says: “Anyone who is calling you for personal or financial information, hang up the phone.” She recommends that anyone who is contacted should report the scam by calling 1-800-MEDICARE.
It’s important to note that while the cards are new, Medicare benefits are remaining the same. We encourage you to visit the official Medicare website for more information about the new cards, tips to avoid scam attempts and a state-by-state timetable for when the cards will be delivered.
Copper Leaf Financial is a fee-only, fiduciary firm and we can help you by providing advice on all financial matters. With offices in Williston and Rutland, Vermont, we develop a customized wealth management (financial) plan designed to integrate every aspect of your financial life. This is "true wealth management" - a holistic, all-encompassing approach that goes beyond just investment advice. Call us today at (802) 878-2731 to schedule a strategy session and begin building your road map to financial success.
Information provided by the BAM Alliance.