This Week In Your Wallet: Protect Yourself After Anthem
Last week, Anthem Inc., the country’s second-largest health insurer, announced one of its databases had been compromised, leaving the personal information of roughly 80 million of its customers and employees at risk. Investigators on the case are speculating that the breach came from China, although the FBI and Anthem aren’t ready to make that conclusion.
What they do know is that tens of millions of records were stolen, including names, birthdays, addresses and Social Security numbers. It doesn’t appear that medical information or financial information (i.e. bank-account and credit card numbers) were exposed, but the fact that Social Security numbers were involved makes this breach more dangerous than others.
When debit and credit card numbers are compromised (as they were in the Target breach), you may need to close a card and get a new one to replace it. If money is pulled out of your bank account using a breached debit card, it will be replaced (though it may take a week or so). More difficult is dealing with full-blown identity theft. When a thief gets his hands on your Social Security number, he can then apply for jobs or mortgages, or even file a tax return in your name. Shutting that down is a much larger administrative headache.
Anthem will notify everyone whose information was stored in the hacked database by mail and possibly email. You’ll also receive free credit-monitoring services (sign up for them, many people do not). You can also visit www.AnthemFacts.com or call 877-263-7995 for updates.
One thing to keep in mind: Be cautious if you receive any calls or emails from Anthem. These may be from phishers looking to grab even more of your info to flesh out the data profile they have on you. (Anthem says they haven’t sent any notifications since Feb. 4.) See a screenshot of a fake email here.
If you were a victim in this data breach (or any of the others we’ve experienced recently), take the time to file your taxes as soon as possible. We’ve seen a spate of fraudulent state tax returns in recent weeks. Look into placing fraud alerts or freezes on your credit reports with the three major credit bureaus or signing up with a credit monitoring service. And be as vigilant as possible about reading your credit card and bank statements. A good offense is your best defense.
How cyber-savvy is your brokerage firm?
Have you ever wondered how secure your brokerage firm’s defense is? The Financial Industry Regulatory Authority (FINRA) recently issued its new Investor Alert called Cybersecurity and Your Brokerage Firm and suggests asking your brokerage firm the following questions:
- What safeguards do you have in place to protect my personal information and assets?
- Do you monitor my personal information to determine whether it has been stolen or misused?
- Will you reimburse me if my assets are compromised by a cyber-attack?
- Are there any measures that you recommend I take to personally protect the information on my computer, including protection of passwords or other sensitive information?
Then, put yourself in the hot seat: Is your firewall with its anti-virus programs up to date? Are you logging out all of your online sessions (related to your accounts) once you’re finished — or do you have a habit of leaving them up and open? More from FINRA here.
Down to the wire
If you’re one of the estimated six million households facing a penalty for being uninsured last year, then you have until this Sunday, February 15 — the deadline for Open Enrollment — to turn it around for next year. The health law now requires the majority of Americans (there are some exemptions) to have coverage or pay up. As The Wall Street Journal reports, some 2% to 4% of taxpayers are facing a fine of $95 per adult or 1% of the household income, whichever is greater, for being uninsured in 2014. If those numbers weren’t enough to motivate you, 2015’s penalties might. The flat-rate penalty triples to $325 for an adult, or 2% of the household income. For those of you who were covered in 2014, all you have to do is check a box on your federal tax forms saying so.
Your prescription for lower drug prices
One health-related cost that isn’t so easy to control is the price of prescription medications. According to a new study by Truveris, prices on prescription meds rose 10.9% overall in 2014. The study found prices on brand name drugs spiked 14.8%, while generics rose 4.9%. Sadly, we shouldn’t expect prices to come down anytime soon, says Truveris CEO Bryan Birch. That’s why I looked for ways to cut corners in this week’s Fortune column.
For example, despite generic prices being on the rise, you should always look for a generic alternative to your name-brand medication. Michelle Katz, a nurse and author of Healthcare Made Easy, says you can save 30% to 60% by doing so. If a generic isn’t available, then make sure your prescribed drug is covered by your insurance before you get to the pharmacy window. In fact, you can research which medications are covered by your insurance, then ask your doctor to choose from that list.
And of course there’s an app for this. Katz suggests GoodRX. You download it (or use it online at goodrx.com) and put in the name of the drug you’re looking for, as well as the length of the prescription and number of milligrams. It’ll show you a map of pharmacies with the best prices near you, and sometimes offer a coupon to go with it.
Have a great week,
Jean
