Uncategorized

March 18, 2022 / MONEYWATCH

By Aimee Picchi

Medical bills have become a source of major financial trouble for millions of Americans, amounting to the largest source of personal debt in the U.S. Now, the top three credit reporting agencies plan to drop most medical debt from consumers’ credit reports starting this summer. 

Equifax, Experian and TransUnion on Friday said that they are making a number of changes to the way they handle medical debt on credit reports, which is a record of a consumer’s borrowing and repayment. Lenders use credit reports to determine whether a consumer is a good bet for a loan, which means a poor credit score can make it hard to get a mortgage, car loan or other products. Credit reports can also affect people’s ability to rent an apartment and even get a job. 

The announcement comes as federal regulators and consumer advocates are increasingly scrutinizing the issue of medical debt, with the Consumer Financial Protection Bureau earlier this month criticizing the nation’s medical billing system for failing consumers. Errors related to medical debt are common on credit reports, and consumers often have difficulty clearing up the problems, the agency said. 

Roughly 1 in 5 U.S. households carry debt related to health care, according to the CFPB.

The three top credit reporting agencies said they are making several changes in how they handle medical debt. They include: 

• Paid medical debt will be dropped from consumers’ credit reports
• The time period before unpaid medical debts in collections will appear on a credit report will increase from 6 months to 1 year
• The credit bureaus will drop medical collection debt under $500 from credit reports

“Medical collections debt often arises from unforeseen medical circumstances,” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion, in a joint statement. 

The changes will allow “people across the United States focus on their financial and personal wellbeing,” they added.

Government on the case

Ted Rossman, a senior industry analyst at Bankrate, said in a email that removing paid medical bills from people’s credit report will boost their credit score. “The fact that new unpaid medical collections won’t be reported for at least a year is also a consumer-friendly change that will give patients more time to sort out these bills with their insurance company – which is often a time-consuming and frustrating process,” he added.

The CFPB, which was created in the wake of the 2008 financial crisis, supervises the credit agencies. Its March 1 report on medical debt warned that it planned to “hold credit reporting agencies accountable” for inaccurate medical debt on consumer reports. The agency also said it planned to determine whether unpaid medical billing data should be included in credit reports. 

Americans complain about the big three credit reporting agencies more than any other topic, according to analysis of complaints by the CFPB. More than 6 in 10 of complaints received by the CFPB in 2021 were related to Equifax, Experian or TransUnion, the agency said. 

Congress last year sought to address the problem of runway medical bills by passing the No Surprises Act, which protects people with health insurance from getting billed for receiving emergency medical care outside of an insurer’s network. Patients are still responsible for any deductibles and copays they normally would have to pay under their plan, but they may only be billed at their plan’s in-network rate.

Before the No Surprises Act, if you had health insurance and received care from an out-of-network provider or an out-of-network facility, even unknowingly, your health plan may not have covered the entire out-of-network cost. This could have left you with higher costs than if you got care from an in-network provider or facility. In addition to any out-of-network cost sharing you might have owed, the out-of-network provider or facility could bill you for the difference between the billed charge and the amount your health plan paid, unless banned by state law. This is called “balance billing.” An unexpected balance bill from an out-of-network provider is also called a surprise medical bill.

People with Medicare and Medicaid already had these protections and are not at risk for surprise billing.  When using an out-of-network service provider however, a Medicare Advantage plan member will pay the out-of-network coinsurance for the plan (often 40% of the Medicare approved amount for the service).

Greg Says would like to stress the need for Cancer or Critical Illness coverage to help avoid the problem of high medical debt.

A recent survey from the American Cancer Society Action Network reports that 50% of cancer patients or survivors say they have incurred medical debt related to cancer, and 73% of them worry about affording current or future care.  Other findings: 1) Women were more likely to report medical debt (57%) than men (36%).  2) African Americans (62%) were more likely to incur debt than white patients (52%).  3) Most respondents (62%) with medical debt delayed or avoided medical care for minor issues; nearly half (45%) delayed care for serious issues.  4) To afford care, respondents delayed major purchases (36%), went through most or all of their savings (28%), took on more credit card debt (28%), and borrowed from relatives and friends (20%).  And most of those surveyed had some type of health insurance.

Cancer and Critical Illness insurance coverage is relatively inexpensive but does require underwriting; so it’s best to apply while one is in good health.

3/16/2022 | Kiplinger’s Retirement Report

By David Rodeck

David Rodeck, contributing writer at Kiplinger’s Retirement Report, suggests that retirees need to build a retirement inflation hedge and makes several suggestions for protecting your retirement, including dividend stocks.

Soaring inflation, once a fixture of the 1970s and ’80s, returned with a vengeance in 2021, when prices skyrocketed 7% for the year, the highest in four decades.

For retirees, inflation brings two headaches: stretching a fixed income to meet rapidly rising prices and investing a retirement savings portfolio so that it keeps pace with the higher cost of living.

“The biggest fear for retirees is running out of money,” says Chris Miller, founder of the RIA South Pointe Advisors in New York City. “High inflation reduces their purchasing power and increases the likelihood that their portfolio cannot support their spending needs.”

The Federal Reserve expects inflation will subside and range somewhere between 2.5% and 3% by the end of 2022. That’s still higher than the 1% to 2% annual rate from the past decade, and the Fed could also be wrong.

Inflation also has its silver linings. The Social Security Administration increased its payments for 2022 by 5.9%, the biggest hike in four decades. “While this won’t fund all the projected price increases, it will help,” says Phil Michalowski, head of annuities with MassMutual. “Most importantly, when Social Security benefits are indexed up, it is a one-way adjustment. The benefits do not ever index down.”

Guidance for building a retirement inflation hedge

Many retirees also have assets that tend to rise with inflation. “If you’ve been fortunate enough to own stock or real estate, you’ve likely benefited from the inflationary climate,” says Gregory W. Lawrence, a certified financial planner in Estero, Florida.

Real estate income is income earned from renting out a property. Real estate works well with inflation. This is because, as inflation rises, so do property values, and so does the amount a landlord can charge for rent. This results in the landlord earning a higher rental income over time. This helps to keep pace with the rise in inflation. Lawrence believes for this reason, real estate income is one of the best ways to hedge an investment portfolio against inflation.  Income property ownership comes with significant property management responsibilities however which may not suit a retirement lifestyle.

Keeping up with inflation isn’t easy for fixed-income investments, like bonds and CDs, that pay paltry interest. Bonds also pose another risk. If interest rates rise, the prices of existing bonds will fall, so that if you sell them before they mature, you’ll lose money. If you invest in bonds for income, Miller suggests using a bond ladder by splitting your money among bonds of different maturities, like those with one-, two-, three- and five-year terms. Hold each bond until it matures to get your deposit back before reinvesting in a new bond and laddering it the same way.

Using Treasury inflation-protected securities to safeguard your principal from inflation would be a good move if the market hadn’t already priced in that benefit. Another option Lawrence likes is dividend stocks, especially in sectors that should respond well to inflation. “Oil companies and pipelines will benefit from high energy costs, which should continue going up,” he says. He also recommends commodity-based companies, like those that produce aluminum, copper, iron ore and precious metals. These stocks typically do well when inflation is high because the cost of the raw materials these companies produce also rises, increasing their revenues.

Gold has often been considered a hedge against inflation. In fact, many people have looked to gold as an “alternative currency”, particularly in countries where the native currency is losing value. These countries tend to utilize gold or other strong currencies when their own currency has failed. Gold is a real, physical asset, and tends to hold its value for the most part. However, gold is not a true perfect hedge against inflation. When inflation rises, central banks tend to increase interest rates as part of monetary policy. Holding onto an asset like gold that pays no yields is not as valuable as holding onto an asset that does, particularly when rates are higher, meaning yields are higher.

To build a portfolio of dividend stocks, Lawrence suggests focusing on companies that consistently stand out in their sectors during good times and bad. “Think of industry stalwarts: Verizon, P&G, J&J, and CocaCola,” he says.  One risk for dividend stocks however is if the company runs into tough times and declares a loss, forcing it to trim or eliminate its dividend entirely, which will hurt the stock price.

You can also look for mutual funds and exchange-traded funds specializing in stocks with high dividends, such as Vanguard High Dividend Yield ETF (VYM) or Schwab US Dividend Equity ETF (SCHD).

The normal aging process is comprised of a multitude of subtle physical changes. You may notice that your hair is turning grey, you don’t see as well as you used to, your skin is getting more wrinkled, and you often forget details like where you left your car keys. These types of changes are normal and are no cause for alarm.

However, getting older also makes people more susceptible to more serious medical issues. For example, common elderly health problems include hearing impairments and high blood pressure. But you don’t have to accept poor health as the inevitable result of aging. In many cases, age-related diseases can be prevented by maintaining a healthy lifestyle. You keep healthy when aging by exercising regularly, eating a well-balanced diet, managing stress, and avoiding cigarettes and alcohol.

Some of the most common diseases of old age are arthritis, diabetes, flu, heart disease, cancer, dementia, and osteoporosis. Here are more details on each one, along with what you can do to protect yourself:

Arthritis

Arthritis is a blanket term for a variety of disorders that involve inflammation in the joints. The condition can cause pain, stiffness, and decreased range of motion. The Centers for Disease Control and Prevention (CDC) says arthritis affects about half of all adults over age 65.

How to reduce your risk: Be kind to your joints by using proper lifting techniques and keeping your arms and legs well supported when you sit. Eat foods rich in antioxidants, such as herbs and fresh fruits. Maintain a healthy weight to help take any strain off your knee and hip joints. And participate in regular exercise that includes strengthening routines and low-impact aerobic activities (such as swimming or yoga for seniors) to help you stay strong and flexible.

Diabetes

Diabetes is a condition that occurs when you have excess levels of blood sugar. Type 2 diabetes, in which cells cannot use insulin properly, commonly affects older adults. According to the American Diabetes Association almost 16 million Americans over the age of 65 suffer from diabetes.

How to reduce your risk:

• Keep extra pounds off, especially around your waistline.
• Eat a healthy diet that includes a variety of vegetables and fruits and stay away from foods and beverages high in added sugar.
• Try to make a habit of going for a brisk walk – being physically active can lower your chances of getting diabetes.

Flu and pneumonia

Respiratory illnesses like flu and pneumonia are common in old age and cause body aches, fatigue, sore throat, cough, and chills. While anyone can come down with flu or pneumonia, older adults have weaker immune systems that make them more vulnerable to these illnesses. Seniors are also at high risk of developing serious complications from such conditions.

How to reduce your risk:

• Steer clear of people who are ill.
• Wash your hands frequently with warm soapy water.
• Try not to touch your nose, eyes, or mouth.
• Get a flu shot each year; if you’re over 65, ask your healthcare provider about the high-dose flu vaccine or adjuvanted flu vaccine, which can provide stronger protection.
• Consider getting a pneumococcal vaccine to protect yourself against pneumonia and meningitis.

Heart disease

Heart disease refers to a range of conditions that interfere with the heart’s normal functioning, from clogged arteries to disturbances in the heart’s rhythm. According to a National Vital Statistics System report, heart disease is the number one cause of death among Americans over age 65.

How to reduce your risk:

• Eat a balanced diet that includes lots of vegetables.
• Limit your alcohol intake.
• Avoid foods with high amounts of sugar and saturated fat.
• Be physically active.
• Do not smoke.
• Keep your blood pressure under control.
• Aim to maintain a healthy weight and watch your waistline—excess fat around your middle can raise your odds of developing heart disease.
• Learn about safe weight loss for seniors if your doctor thinks you need to shed some pounds.

Cancer

As you age, your risk of developing cancer increases, even if you have no family history of the disease. Breast, skin, prostate, and stomach cancers all become more common as people get older. More than 85 percent of cancers diagnosed in the U.S. are in people who are at least 50 years old.

How to reduce your risk

• Get at least half an hour of physical activity each day.
• Avoid cigarettes and try to limit your exposure to secondhand smoke.
• Base your diet around vegetables, fruits, and whole grains.
• Stick to moderate alcohol consumption.
• Protect your skin from the sun.
• Make sure you see your healthcare provider for regular screening tests, such as colonoscopies or mammograms.

Dementia

Our brains take longer to process information as we get older, and momentary lapses of memory are perfectly normal. But dementia refers to a set of symptoms that impair cognitive abilities to the extent that they interfere with day-to-day life. Such symptoms are not a normal part of the aging process. Alzheimer’s disease is the most common type of dementia, but there are others. The National Institute on Aging notes that about one-third of adults over age 85 may suffer from some form of dementia.

How to reduce your risk:

• Adopt a regular exercise routine that includes activities like swimming, walking, or yoga.
• Maintain your weight within a healthy range.
• Eat plenty of fruits and vegetables.
• Limit your intake of alcohol.
• Don’t smoke.
• Keep both your blood pressure and stress level under control.
• Stay socially active and stimulate your brain by pushing yourself to learn new things.

Osteoporosis

Osteoporosis is a disease in which the bones lose mass or density and become brittle and weak. People often have no symptoms until they fracture or break a bone (typically in the spine, hip, or wrist). People can get osteoporosis at any age, but it’s much more common in older adults, particularly postmenopausal women.

How to reduce your risk:

• Engage in resistance or weight-bearing exercises like yoga, tai chi, weight lifting, or water aerobics to keep your bones strong.
• Get plenty of vitamin D and calcium.
• Don’t smoke or drink heavy amounts of alcohol.
• Check with your healthcare provider to see if a bone density test would be appropriate for you.

Do you know anyone who has been affected by elder fraud? Seniors are certainly not the only people who fall prey to scams and schemes, but they are attractive targets for fraudsters – for a number of reasons: They often own their homes, have a nest egg of savings, and are more trusting of strangers than younger generations. Plus, elderly fraud victims are frequently reluctant to admit they’ve been scammed because they are ashamed or fearful of being seen as incapable of managing their own affairs.

Every year, hundreds of thousands of people of all ages get duped by cunningly deceitful con artists. And according to a study in the Journal of General Internal Medicine, nearly one in 20 adults over age 60 have been financially exploited at some point in their senior years. However, by arming yourself with information and being aware of common scams, you can take steps to avoid becoming an unfortunate statistic.

This article provides details on some of the most common scams that Americans need to watch out for. It also gives practical tips on how you can protect yourself from various scams and what you can do if you end up becoming the victim of a fraud.

9 Common Scams and How to Avoid Them

The key to avoiding scams is being able to identify them. After all, the more you know, the better prepared you will be. Here are the details on 11 common scams, along with tips on how you can keep from becoming a victim of them:

1. IRS imposter scams

This is one of the top scams that get reported each year to the Fraud Hotline set up by the U.S. Senate Special Committee on Aging. According to the Committee, more than 2.1 million people have been approached by fraudsters pretending to be Internal Revenue Service (IRS) agents. This is typically a phone scam, but it is also among the most common email scams. The con artists claim that the victims owe back taxes and penalties, and unless payment is made immediately, arrest, foreclosure, or other legal consequences could result. Victims are often instructed to pay by wire transfer, credit card, certified check, or even gift card. The Committee says that, collectively, Americans have lost almost $65 million to this scam.

How to protect yourself: Remember that the IRS always sends bills to taxpayers through the postal service before calling about taxes that are owed. Legitimate IRS agents will never insist on immediate payment, ask for banking information over the phone, or threaten legal action against taxpayers. If you get one of these calls or emails, the best thing to do is just hang up or delete the message (without clicking on any links provided in such emails). To confirm whether you really do owe taxes, contact the IRS at 1-800-829-1040.

• Medicare phone scams

According to a survey by AARP, scams related to Medicare are a source of concern for most American adults over age 65. One of the latest money scams involves fraudsters calling seniors to tell them they must pay a fee in order to receive a new ID card. In reality, all Medicare enrollees will receive their cards free of charge through the mail and do not have to do anything beyond opening the envelope and sharing the new number with their healthcare providers.

Other popular scams involving Medicare feature callers who say:

• You must purchase Part D prescription drug coverage or you will lose all of your Medicare coverage. (The truth is that Part D is completely voluntary).
  • You are entitled to a refund and you need to supply your Medicare number and banking information in order to collect your money.
  • You qualify for a free medical device such as a back brace, but you need to provide your Social Security number for coverage verification and give your credit card information to cover shipping fees.
  • You are eligible for additional Medicare benefits, but you need to update your file with Social Security or credit card information.

Once the con artists have your data, they can use it to obtain health services, purchase medical equipment, fill prescriptions, or file false claims and pocket the money. A 2017 report by the World Privacy Forum found that incidents of medical identity theft were on the rise in the U.S., particularly in southeastern states like Florida and Georgia.

How to protect yourself: Safeguard your personal information carefully. Most Medicare scammers perpetrate their hoaxes by phone, but some use email or even show up at your door. It’s important to know that real Medicare representatives contact people by regular mail. They will never come to your home uninvited, call you to try to enroll you in a drug plan, or ask for payment information over the phone. If you have any concerns, call the customer service number found on the back of your Medicare card.

• Silent calls and robocall scams

Have you ever answered your phone, only to find there’s no one on the other end? It might simply be a wrong number, but it might also be an automated system testing out phone numbers to see which ones are answered by real humans. These silent calls are designed to identify potential scam targets. Once you answer, your number is added to a list that gets sold to an untold number of fraudsters. And that leads to robocalls.

Robodialing technology allows con artists to make huge numbers of unsolicited automated calls easily and inexpensively. What’s more, scammers can easily spoof the number that appears on your caller ID to make it look like the call is from a legitimate company or from your local area code (when in fact it might originate overseas).

Some robocalls are legal. For instance, you might get automated appointment reminders or pre-recorded messages from local candidates running for office. Those are allowed. But robocalls can’t be used to promote the sale of a service. If you get a robocall warning you about a problem with your credit card or offering you a special deal on a home security system, it’s probably a scam.

How to protect yourself: Get on the U.S. National Do Not Call Registry, screen your calls, and don’t pick up if the number doesn’t look familiar. If you get fooled and do answer, just hang up. Be sure not to react to anything in the message (such as a statement like “press 3 to be taken off the list”) as that will probably just lead to more calls. You may also want to look into call-blocking services from your phone provider or companies like Nomorobo. These services can intercept and block calls from numbers that are known to be used by robocallers.

• Charity scams

Sadly, it’s common for scammers to pose as representatives of charitable organizations in order to prey on seniors’ willingness to give to good causes. This is particularly true in the aftermath of natural disasters like earthquakes, fires, and hurricanes. Fraudsters might call you or come to your door requesting donations for either well-known charities or ones that they made up themselves. Or you might be directed to bogus charity websites (many of which will have names that are very similar to well-known organizations) that collect your money and steal your credit card information.

How to protect yourself: Don’t let yourself be pressured into giving a donation until you’ve had a chance to research the charity, perhaps through free sites like Charity Navigator or BBB Wise Giving Alliance. Never give your credit card information to people who appear at your door; instead, ask for printed materials that you can review in your own time. Check the charity’s website address for odd misspellings and keep in mind that most non-profit sites end in .org rather than .com. (And be aware that in the wake of a disaster, legitimate charities will generally appeal for donations through the media rather than approach individual potential donors.)

• Counterfeit prescription medication

One of the most potentially harmful senior scams involves counterfeit medications that are sold online. While there are plenty of legitimate pharmacy websites that offer convenient service, there are also plenty of disreputable sites that are just looking to con you out of your money. Between 2008 and 2016, the National Association of Boards of Pharmacy (NAPB) identified more than 10,000 websites that were operating illegally.

Many older adults searching for cheaper prescription drugs online end up paying for medications that either never arrive or are not the real deal. In some cases, seniors pay for drugs that do not contain the right active ingredients or are expired or contaminated with other substances. Such Internet scams pose a serious health risk to those who get caught up in them.

How to protect yourself: Be wary of sites that supply medications without requiring a valid prescription or offer drugs at suspiciously discounted prices. Check to see if the site is recognized by the Digital Pharmacy Accreditation program or the Pharmacy Verified Websites Program from the NAPB. Pharmacies in both Canada and the U.S. that appear on these lists are safe to purchase from. The NAPB also maintains a list of online pharmacies to avoid.

• Grandparent scams

This is another one of those financial scams that play on seniors’ heartstrings. Fraudsters have been known to phone random older adults and say something like, “Hey Grandpa, guess who this is?” The unwitting senior names an actual grandchild that the voice sounds most like. Having established a bogus identity, the scammer then begs Grandpa to wire some cash right away because he or she has been arrested, been in an accident, or is overdue on rent. The fraudster may add something like, “And please don’t tell Mom or Dad, OK?”

If the victim complies, the con artist will frequently call again, claiming the fees are higher than initially thought. By the second call, most people realize they’ve been scammed. In 2016 alone, the Federal Trade Commission collected almost 15,000 complaints about people masquerading as family members and friends, according to the U.S. Senate Special Committee on Aging.

How to protect yourself: Proceed with caution and attempt to verify the facts before wiring money to grandchildren in trouble. Try asking the person on the phone some basic questions that only your real grandchild would be able to answer, such as the name of a family pet. Or reach out to a close friend or other relative of your grandchild to see what they know about the situation.

• Sweepstakes scams

You get a letter or phone call saying you’ve won a huge monetary prize in a lottery or sweepstakes. Wow! The catch is that you need to pay a small fee or provide your banking details in order to collect your winnings. This is one of the most common scams out there because it still works. A typical sweepstakes scam involves the Jamaican lottery. You get a call from a number that begins with 876, which from a quick glance can look like a toll-free number even though it is actually the country code for Jamaica. The caller says you’ve won the Jamaican lottery, but before you can receive your windfall, you must pay a few hundred dollars in taxes or processing fees. You are instructed to send the money via wire transfer or prepaid debit card. The U.S. Senate Special Committee on Aging says that at the height of this scam, con artists were swindling $300 million a year from thousands of American seniors.

How to protect yourself: Always remember that you can’t win a contest you didn’t enter. Also, legitimate lotteries or sweepstakes do not require you to pay a fee in order to collect your prize. Even if the letter you receive includes a check for your “winnings,” the check is worthless and will bounce in a few days’ time if you try to cash it. Never give out your banking information in response to a contest promotion.

• Tech support scams

There are numerous variations of this scam, but this is how it typically works: Posing as a representative of a technology company such as Dell or Microsoft, a caller informs you that his or her organization has detected viruses on your computer. The scammer then convinces you to hand over your banking information as well as remote access to your machine so that the problem can be “fixed” and the service can be billed to you.

In some cases, you might be told to click on a link in an email and follow the directions given there. But when you go to the site, malware gets installed on your device and gives the scammer access to your personal files with information on your bank accounts, passwords, and health records. Some fraudsters lock victims’ systems down and demand a ransom fee to restore access.

According to a report from the Internet Crime Complaint Center, losses from tech support fraud came to almost $17 million in 2020, a 90-percent increase over the previous year.

How to protect yourself: Do not give your financial information or control of your computer to anyone who calls out of the blue claiming to be from tech support. Make sure anti-virus software and pop-up blockers are installed on your device and stay on top of updates. Never, ever click on links in pop-up ads or unsolicited emails. If you have questions, call the real tech support by finding the number on the company’s website or product packaging (not on your caller ID or in an email).

• Fake check scams

Lots of people sell goods via online classified sites such as Craigslist. If you’re hoping to be one of them, you need to be careful: Overpaying by worthless check is one of the most common Craigslist scams.

Here’s how it works: You place an ad for an item you wish to sell. Someone arranges to purchase your item and sends you a cashier’s check. But for some reason, the check is for more than the actual sale price. The buyer discovers his or her mistake and asks you to wire him or her the difference. You deposit the check, send the merchandise, and wire the over-payment to the buyer. Eventually, you discover that the check was never valid, and both your merchandise and the money you wired are gone for good.

How to protect yourself: not accept checks for any amount other than the agreed-upon price. And don’t let any potential buyer pressure you into wiring money; that’s a common trick of scammers. Wait until the check clears before relinquishing the merchandise. Another option is to not accept checks at all and use an online payment service like PayPal instead.

What to Do If You Are the Victim of a Scam

Did you know that financial exploitation is a common form of elder abuse? Many people avoid coming forward because they are embarrassed about being duped, but reporting a scammer is essential in order to crack down on such cons and keep other people from being similarly victimized.

If you’ve been swindled out of money or are the victim of fraud, start by filing a police report. Next, contact your bank or other financial institution so that it can advise you about what actions need to be taken in your situation. For instance, it could mean stopping payment on a check or issuing you a new debit or credit card.

If a scammer has gained access to your Social Security number or other identifying information, you would be wise to put a fraud alert on your credit report. Having such an alert tells creditors that you may have been the victim of identity theft, which means they will contact you if anyone tries to apply for a credit line or open a new account in your name. You can place an alert by getting in touch with one of the following credit reporting companies:

• Experian at 888-397-3742
• TransUnion at 800-680-7289
• Equifax at 800-525-6285

You only need to contact one company because whichever one you call must inform the other two about the alert. Initial alerts are free, last for 90 days, and can be renewed.

If you feel that stronger measures are necessary, you can implement a credit freeze that blocks lenders from accessing your credit report. (Unlike with an alert, you need to arrange a credit freeze with each reporting company separately). This ensures that scammers cannot open new accounts with your information. However, it also prevents you from opening new accounts unless you temporarily unfreeze your credit report, which can incur fees.

Why Weight Charts Can Be Misleading for Seniors

If you’re a senior carrying extra pounds, you might assume that the best thing for your health is losing that excess weight. After all, being overweight or obese can increase your risk for many health problems, including:

• Type 2 diabetes
• Cardiovascular disease
• Some kinds of cancer
• Hypertension
• Osteoarthritis

However, determining the ideal body weight for elderly people is more complicated than merely consulting weight charts. So if you’re wondering what you should weigh, your first step should be an open conversation with your doctor. That’s because, for a senior, weight-loss goals must take several important factors into account, including overall health.

Some of the standard methods for determining an ideal weight change as we age. You may already be familiar with the concept of body mass index or BMI. (You can determine your BMI with an online calculator.) Your BMI reflects your weight-to-height ratio.

The standard ranges for BMI are:

• Underweight: BMI that is less than 18.5
• Normal weight: BMI between 18.5 and 24.9
• Overweight: BMI between 25 and 29.9
• Obese: BMI over 30

However, many people feel that BMI oversimplifies weight issues. One reason is that BMI doesn’t account for the fact that muscle is denser than fat. A person who has a lot of muscle could have a much higher BMI than someone who wears the same size of clothing but has less muscle. (In fact, many professional athletes fall into the “obese” category on the BMI chart simply because they have so much muscle mass.)

But what does this mean for seniors? Here’s a key fact: Our body composition often changes with age. (Body composition is the amount of muscle and fat on your frame.) An article from Tufts University notes that many seniors experience sarcopenia, or muscle loss, as they grow older. And losing muscle may have a more significant impact on health than carrying extra weight. So lower weight isn’t necessarily a good thing if it’s the result of muscle loss.

The Tufts University article cites studies that have found that being underweight as a senior carries more risk than being overweight. That might seem counterintuitive, but overweight people who are older than 65 have lower mortality rates than people who are underweight or within the normal-weight range. (Some doctors call this the “obesity paradox.”)

That means our ideal BMI often shifts upward with age. As a result, some medical experts have suggested that there should be a separate “BMI for older adults” chart that contains slightly higher numbers. This kind of weight chart for seniors would use a range of 25 to 27 as a “normal” BMI.

Your weight-loss goals will also depend on your individual health issues. For example, the ideal weight for men over 60 with diabetes may be lower than for other men in that age group. And a weight chart for females over 50 who have not gone through menopause might be different from a weight chart for women over 60 because the hormonal shifts of menopause can trigger body composition changes.

Instead of just striving for a lower weight, it may be healthier to focus on your body composition (i.e., your muscle-to-fat ratio), and where fat is stored on your body.

Why is the location of excess fat important? People tend to store fat either above their hips (mostly in their bellies) or below their hips. Fat that is stored above the hips presents a greater risk for:

• Heart disease
• Stroke
• Diabetes
• Insulin resistance
• Alzheimer’s disease

Because of the increased health risks carried by belly fat, waist circumference is often an important indicator of overall health. So, instead of looking at a weight chart for seniors to determine whether you need to lose weight, you could measure your waist-to-hip ratio and discuss the results with your doctor.

Essentially, if you’re focused on reaching an “ideal” weight, you may be focused on the wrong goal. Research suggests that instead of trying to lower your BMI, your focus should be on eating for your personal health and maintaining muscle tone and bone strength. That’s why it’s important to work with your healthcare provider to create personalized goals and plans that work for you.

Why Is Losing Weight Over 60 More Difficult? How Your Body Changes With Age

You may also have to revise your ideas about dieting if you and your healthcare provider determine that losing weight will help your overall health. That’s because many seniors find that weight loss gets more challenging as they get older. While slower weight loss can be frustrating, it’s also a natural part of the aging process. So, don’t blame yourself if you struggle to drop extra pounds. If a 60-year-old woman can’t lose weight, she might blame herself for not being disciplined enough. However, her body might just be responding in a way that’s appropriate for her age.

But that doesn’t mean that losing weight over 60 is impossible. Many people successfully lose weight at any age. You can lose weight as you get older by adapting your weight-loss strategies to your changing body.

The first step in understanding why weight loss rules can be different for seniors is to consider your basal metabolic rate. That’s the number of calories you burn just staying alive (i.e., the energy you expend breathing and digesting food). This rate is different than the calories you burn through exercise or everyday activities.

Your body composition impacts your basal metabolic rate. That’s because, in addition to its heavier weight, muscle burns more calories than fat. So a person who has a lot of muscle mass should have a higher basal metabolic rate than someone who doesn’t.

However, starting in our 30s, we lose muscle mass unless we work to maintain it. Although we may not even notice this process when it starts, it has a large impact over time. One study published in Clinical Interventions in Aging found that, on average, we lose about 30 percent of muscle strength between age 50 and 70. And the rate of muscle loss is even faster after 70. Consequently, losing weight after 70 will be that much harder than it is for someone who is 30.

If you continue to eat the same number of calories and do the same amount of activity as you did in your younger days, you could be at risk of gaining weight because your basal metabolic rate is slowing down.

As a result, the number of calories you should eat in a day is about 100 calories lower with every decade you age. That’s not a huge amount (about the equivalent of one apple). But it does add up. So, for example, all other factors being equal, a 60-year-old woman should eat fewer calories in a day than a 40-year-old woman to lose weight.

Although it might seem unfair in today’s more sedentary world, this process makes sense from an evolutionary standpoint. Long ago, as we grew older and our hunting and gathering abilities slowed down, our bodies had to learn how to survive on less food. The result? Aging bodies want to hang onto any extra body weight (even if we no longer need – or want – them to).

As well, for many seniors, weight loss slows down because of additional factors that affect their metabolisms, including:

• Medications: Seniors are more likely to be taking medications that can contribute to weight gain and make it harder to lose weight. But the effects are often hard to predict. For example, some people find that the antidepressant Wellbutrin can help with weight loss, but others find that they gain weight while taking it. If you’re concerned about a medication’s impact on your weight, be sure to talk to your doctor.
• Gastrointestinal changes: Some seniors avoid fresh fruits and vegetables because they don’t want to upset their stomachs. If you’re experiencing digestive issues that interfere with a healthy diet, your doctor can help.
• Certain medical conditions: Some health issues that are common in seniors can slow weight loss. For example, when your thyroid doesn’t produce enough thyroid hormone, your metabolism can slow down. You can lose weight with an underactive thyroid by working with your doctor to restore your thyroid hormone levels.