Update 8/31/2018: Residents of Alabama on Medicare or Medicaid will start receiving new Medicare cards from the Centers for Medicare & Medicaid Services (CMS) soon. All Alabama residents should have their new card by the end of September.
Medicare Cards Historically Displayed Recipient’s SSN
Ever wonder why the government tells you not to carry your Social Security card, cautions you to protect your SSN, but then uses it on your Medicare card that you need to carry with you? Well, finally the government is wondering that too and taking potential identity theft issues seriously by removing your SSN on your Medicare card.
New Medicare Cards No Longer Display Social Security Numbers
Starting in April 2018 the Centers for Medicare and Medicaid Services (CMS) will begin issuing new Medicare cards with new identifying numbers for all Medicare beneficiaries. These identifying numbers will be known as MBI, or Medicare Beneficiary Identifiers.
New Medicare cards with the MBI will be issued to all currently active Medicare recipients and new beneficiaries between April 2018 and April 2019. Deceased or archived Medicare beneficiaries will also receive new MBI numbers. Your gender and the requirement for your signature will also be removed from the new cards containing the MBI numbers.
When Should You Receive Your New Medicare Card?
The CMS, all insurance providers, and related business partners that use your SSN for Medicare claims have a lot of system updates to do to accommodate the use of MBI. Because of this, the CMS has a transition period beginning as early as April 1, 2018 through December 31, 2019 allowing providers to use either the beneficiary’s SSN or the MBI to process claims.
For more great information on Social Security and Medicare, visit our Meld University page or attend one of our complimentary public events (registration link above and below this article), or schedule a meeting with one of our team.
For more information on the CMS change to MBI, please see their website at: https://www.cms.gov/Medicare/SSNRI/index.html
Securities offered through Triad Advisors, LLC . Member FINRA/SIPC.
Advisory services offered through Meld Financial, Inc.
Triad Advisors and Meld Financial are not affiliated.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
1 – fool.com/retirement/2018/01/02/lifetime-income-retirees-need-it-and-heres-how-to.aspx [1/2/18]
2 – ssa.gov/planners/retire/r&m6.html [1/25/18]
3 – cbsnews.com/news/the-top-retirement-decisions-facing-older-workers/ [1/25/18]
4 – nber.org/papers/w24226.pdf [1/18]
5 – ssa.gov/planners/taxes.html [1/25/18]