Robert Wagner Insurance September 2022 Newsletter

There has long been a debate over the best way to maximize the benefits of your exercise. Everything from hyper-specific exercise routines to guided gym classes and more, almost everyone has their own strategy they swear by. But there’s an ongoing discussion about the most effective way to workout at the fundamental level. How long is the perfect workout session? Logic would dictate that the longer you work out, the more exercise you’re getting. More exercise means more calories burned and more results, right?

That argument is at a bit of a standstill, though. As you’ll read in this article, there is a growing body of evidence that shorter, but more intense workouts may be more effective than longer, less intense exercises. However, it’s not as simple as that, because there is also recent evidence that may point to the opposite, which is that moderate exercise done at length is better than short but intense workouts. So, what can we make of this, and how should you be working out to get the most out of your exercise?   Read more

You receive an urgent text message, "Grandma, I need money for bail. Please don’t tell mom! ” or an email purportedly from a major retailer "We need you to confirm your personal/billing information." These are a couple of examples of a common scam and a phishing attempt.

These fraud attempts targeting all of us are on the rise because perpetrators know they can catch isolated or unaware adults who may get caught up in the moment and not spot the red flags.

“With these scams, there’s a combination of pulling heartstrings, danger, and urgency. Everything operates in extremes when it comes to fraud,” said Andy Collins, a principal business consultant with Wells Fargo’s Consumer and Small Business Banking’s Fraud & Claims Management department. “The bad guys try to find that vulnerable individual who will send money.”

When it comes to preventing scams, knowledge is power. Staying on top of the latest fraud schemes is one of the best ways of avoiding losing money to them.

Three common phone or internet scams are:

1. Tech Support - You get an email or a pop-up alert on your computer. It says your computer has a virus or other security issue. You are told you must call a tech support company. This company asks for remote access to your computer so they can fix the problem. Once they have access, they say your computer has many different viruses that they can take care of—if you pay them a large amount of money. Or they may install malware—a program that steals your personal data, like usernames and passwords, or even whole computer files.
2. Imposters - An “imposter” is someone who pretends to be someone else. Scammers may email or message you and say they are a family member or someone who wants to be your friend. They may even say they love you. They try to win your trust and ask you to send them money.
3. Phishing - Scammers pretend to be from credit card companies or banks. They trick you into giving them your personal information. They may send you an email or text like this:

   Warning: We have detected an unauthorized transaction on your account. To ensure your account is not compromised, please click the link below and confirm your identity.

   Our records indicate that your account was overcharged. You must contact us immediately to receive your refund.

How to Avoid Phone and Internet Scams

• If a caller says you must act right now to receive a special offer, don’t do it. Ask them to give you contact information and send you information in writing so you have time to research the organization and review the offer.
• If the caller says they’re with a company you recognize, but you’re still not sure they’re telling you the truth, hang up. Call the company using a number from their official website or the phone book.
• Look out for websites with misspelled words or logos and pictures that are hard to see or read. They may be fake sites run by scammers. Check the URL (site address) to see if the web address matches the one for the real company.
• Only enter banking or other sensitive personal information on secure websites that you trust. The web address should start with https:// and the web browser should display a closed padlock, which means the connection to the server is encrypted. This will protect your information so no one else can see it or use it.
• Only share your financial and personal information with callers that you know and trust.
• Pay with a credit card. Don’t send cash, use a debit card, or send a wire transfer. When you use your credit card, you may have protections against fraud through your credit card company.

You could get hit with much higher Medicare premiums today because of something that boosted your income two years before.

When we ask who’s heard of IRMAA, few people raise their hands. For those who haven’t and are getting closer to Medicare eligibility (age 65 is the earliest unless you have a disabling medical condition). IRMAA is one of those unwelcome surprises that can confront you as you near retirement or are in the early stages of it.

For single Medicare beneficiaries who earn over $91,000 or married who earn more than $182,000 and who are enrolled in Medicare Part B and/or Medicare Part D, IRMAA is important to understand. It’s a surcharge added to the Part B and Part D premiums.

This is how it works. If you are a single filer on your income tax return, the base premium for Part B of Medicare is $170.10 per month in 2022. But as soon as your modified adjusted gross income (MAGI) goes over $91,000, your Medicare premiums are going to start going up.

For those single filers in the MAGI range of over $91,000 to $114,000, that means your Part B premium is $238.10. For those in the over $114,000 to $142,000 bracket, the premium is $340.20. IRMAA surcharges for Part D (the Medicare prescription drug benefit) are also added to the regular premium for the enrollee’s plan.

You’ll receive a notice from the Social Security Administration if you’re being assessed IRMAA. What’s really confusing is that IRMAA is determined based on your income from two years earlier. In other words, for your 2022 Medicare premiums, your 2020 income tax return is used. The amount is recalculated annually.  Read more

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