As Q4 approaches, there are changes ahead to existing programs for 2019 that may impact you and/or your families. So we stay on top of what’s happening to consider how best to proceed, let’s take a look at what has been announced thus far.
- Medicare Supplement Plans
Reuters reported this week that Medicare Supplement Plans are changing. Plan F plans will change will take effect at the end of 2019, participants already in the plan by the end of next year will be able to stay in the plan. IF you turn 65 after the beginning of 2020, you will not be able to buy Plan F.
This plan is known as Medigap and is considered a high-end plan covering services that Medicare does not cover. The elimination of Plan F for new Medicare enrollees is a cost-control measure. Now is a good time to review policies to determine which plan is best for you/your loved ones.
- Credit Freezes
The Associated Press and USA Today announced consumers in the US can now freeze their credit free of charge under a new federal law. Congress passed this law that requires that credit freezes be free for consumers across the country in response to last year’s massive Equifax hack. If the request is made over the phone or online, the freeze must be completed within a day. If the request is made by mail, within three days of receiving the request.
Consumers who want to freeze their credit should visit the websites of all three credit reporting agencies — Equifax, Experian and TransUnion to make their request at each. The FTC also will have links to those pages on its identity theft information website: ID Theft Recovery
Additionally, the law allows for a free credit freeze for children under age 16, something that was not previously allowed in all states. This helps prevent criminals from creating fraudulent accounts under a child’s identity, a problem that often goes undetected until they are adults and seek credit of their own.
A credit freeze is considered one of the most effective ways to protect criminals from opening credit in your name. It is different than credit monitoring, which tracks a person’s credit and alerts them of changes in activity.
To place a freeze, it is necessary to sign up at each of the three credit bureaus.
Step 1: Go to the credit bureau websites and locate the “security freeze” link.
For Equifax: www.equifax.com/personal/credit-report-services/
For Experian: www.experian.com/freeze
For TransUnion: www.transunion.com/credit-freeze
Type in your name, address, social security number and date of birth. (Note: You can also submit a credit freeze request via phone or in writing.) You may be asked to provide a previous address if you have lived at your current one for less than two years.
You also may need to answer a few questions about your background, including loans you’ve taken out, credit cards you hold or previous addresses to confirm your identity.
Step 2: Select the security freeze option. (Or if you already have a freeze in place, select whether you want to temporarily “unfreeze” it or remove the freeze permanently
Step 3: Jot down your PIN number, as you will need it to change the status of your freeze, like when you want to “thaw” or unfreeze it to get a loan for a new car or apply for a mortgage.
If the credit bureaus cannot sufficiently verify your identity based on the information you’ve provided, you may need to mail in copies of your driver’s license, utility bills or other supporting documentation to validate your identity and execute a freeze.
For the coming weeks, look for additional changes ahead for your planning and preparation. I’ll keep my eyes peeled and relay to you 🙂
Helping you assess where you are today and what’s important to consider moving forward is what I love to do. Let’s get ready together!
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