By State Treasurer Dale R. Folwell, CPA

A lifesaving procedure should not cost your life savings.

With inflation at a 40-year high, medical cost inflation has squeezed retirees’ standard of living and driven one in five North Carolinians into medical debt collections.

Retirees and older Americans are disproportionately affected by medical debt. There is little oversight over medical debt collections, but my office found North Carolina hospitals have billed at least $149 million to poor patients who should have received charity care. North Carolina needs reform, and we’ve proposed a solution with the Medical Debt De-Weaponization Act.

The Medical Debt De-Weaponization Act is a pro-family, anti-poverty consumer protection law. The bill would help level the playing field for retirees and patients who try to fight hospital bills that are unfair, overcharged, unaffordable — or just plain wrong. It would strengthen patients’ access to transparent prices and bring some accountability to medical billing.

Almost 80% of medical bills contain errors. Patients can’t even figure out how much things cost until it’s too late, and then they’re stuck with the bill. For example, in Winston-Salem the same knee replacement surgery could cost less than $30,000, or more than $80,000, depending on where patients go. And patients would never know because most hospitals still haven’t fully complied with federal price transparency rules, hiding prices from patients.

Under current law, retirees have little recourse if they’re hit with an unaffordable medical bill. If they have health insurance, many hospitals will deny them charity care, even if they don’t have the resources to ever pay off their co-pays and co-insurance. Instead, several large hospital systems have referred thousands of patients to medical credit cards that can charge up to 18% interest on medical debt.

Worse, nothing protects retirees’ family members from debt collectors. Both hospitals and nursing homes can pursue spouses and children for unpaid medical bills in North Carolina. The Medical Debt De-Weaponization Act would stop them from doing that. Atrium Health alone has sued more than a thousand patients over medical
debt. Retirees and patients deserve better.

This isn’t a political issue. It’s a mathematical and moral one. That’s why we have almost 50 bill sponsors from both parties. If lawmakers pass the Medical Debt De-Weaponization Act, North Carolina will jump to second place in the nation for protections against medical debt. Patients cannot wait any longer for reform.

By Secretary of State Elaine F. Marshall

Cryptocurrency is once again in the headlines – this time as a result of U.S. sanctions in connection with alleged money laundering. The fact is that cryptocurrency hasn’t strayed far from the headlines for a few years now,
and the fascination surrounding it has made it a fixture of investment scams as con artists use what’s in the news to draw in victims and separate them from their money.

 

Concerns about global inflation and a possible recession have led more seniors to wonder whether they should consider investing in cryptocurrency, but its volatility should be a concern for everyone, especially retirees in need of a high degree of financial stability.

Part of the allure of cryptocurrency has been a lack of regulation, but that also makes cryptocurrency-related investments higher risk. The North Carolina Secretary of State’s Office was just the second state securities regulator in the nation to take enforcement action against cryptocurrency investment programs, issuing two administrative orders in 2018 to halt crypto-related programs that posed a financial danger to North Carolina’s investing public.

Cryptocurrency is a digital currency that generally exists only electronically. It’s not issued or backed by the U.S. government, and therefore does not have the guarantees and protections we commonly expect. Just as it’s important to understand the business model behind any investment you’re considering, it is absolutely crucial to understand how any investment in cryptocurrency works and generates profits.

Here are the two important messages to remember when considering any investment deal: If it sounds too good to be true, it probably is – and always ask before you invest. So be vigilant in doing your own research to be sure you understand the risks in any investment before committing to it.

Most importantly, call our NC Investor Hotline at 800-688-4507 before making any investment. Our Securities Division staff can tell you if the person making an investment offering is registered to sell securities in North Carolina, and whether the investment offering itself is registered. If either the individual or the offering is not registered, it would be wise to keep your hands on your money and walk away.

The Secretary of State’s Office also offers workshops around the state covering news you can use, from how to recognize the signs of investment fraud to information to help new businesses navigate state regulations, and information about our Department’s secure, online registry for advanced health care directives. Don’t hesitate
to reach out to us at secdiv@sosnc.gov if you’re interested in scheduling a workshop for a group in your community.

 

 

LivingPower Newsletter, Sept./Oct. 2022

By Attorney General Josh Stein

The summer months are a great opportunity to get outside and enjoy all the beauty North Carolina has to offer. But summer is also the start of hurricane season, which begins in June and continues through November. We’re predicted to have another busy hurricane season. You should prepare now to protect yourself from severe weather and the scams that follow in its wake. Follow these tips, along with the guidance of your local and state officials, to stay safe this hurricane season and to avoid scams.

Make an emergency plan. Sit down with your family and have a conversation about emergency preparedness. Familiarize yourselves with your town or county’s emergency protocols, such as evacuation routes and the location of crisis shelters. Give special consideration in your plan to those who might need extra care, like small children, elderly family members, or household pets.

Gather must-have documents and supplies. If you need to evacuate, you don’t want to waste time searching your home for essential items. Prepare a disaster kit in advance and be sure that all household members know where to find it. Pack items that would be useful in case of an evacuation such as a change of clothes, a battery-operated flashlight, and bottles of water. Be sure to include important documents (driver’s license, Social Security card, insurance card, mortgage information, bank documents, unpaid bills, and passport) as well as a list of emergency phone numbers. Include the number for our Consumer Protection Division, 1-877-5-NO-SCAM, so that you can report scammers in the midst of a natural disaster. Take and keep updated pictures of your vehicles and your home in case you need to file an insurance claim due to storm damage.

Be on the lookout for price gouging and scams. Scammers often try to capitalize on a hurricane’s destruction. Don’t give out personal information to unknown callers, even if they claim to represent government agencies. If the governor declares a state of emergency, our statewide price gouging law will take effect. This makes it illegal to charge unfair prices during a crisis, and you should report any incidences of price gouging to our office at www.
ncdoj.gov/gouging.

After the storm has passed and you have to repair your home or property, be careful about picking a contractor or business. Look for reviews online, call my office to check for complaints, and shop around by getting written estimates from at least three companies. Read the contract carefully before you sign, and don’t pay the entire agreed-upon amount until the work is completed to your satisfaction.

To learn more about how you can be prepared for this hurricane season, visit readync.gov. If each of us does our part to prepare, we will all be able to recover more quickly when disaster strikes.