MORE INSURANCE & HEALTHCARE
Planning for old age or anything else when you are sixty five or older is no different than visiting a casino in Louisiana, Oklahoma or New Mexico. I feel sure the Baptists will always make sure Texans have to travel out of State to improve life in every abuting State but Arkansas. Arkansas will join the other states long before Texas is a State. If the movement currently where to see Texas secede from the United States we will see casinos erupt like live volcanoes from Beaumont to Texarkana to Amarillo to ElPaso to Brownsville and back to Beaumont in 30 days.
First let me discuss life Insurance which is the worst investment I ever made. I whetted your appetite with one illustration in Chapter One. My first life insurance was provided by the U. S. Navy. During my active duty tour the very last thing I had to worry about was life insurance. Marriage at 18, fatherhood at 19, 21 and 23, no car until I was 23. At 21 I was released back to inactive duty in 1951. From that day forward the only life insurance I ever had was whatever was provided by my employer until I left Halliburton in 1983 and you already have that fiasco in chapter one.
Today I will admit my lack of knowledge about term life insurance which is designed to protect younger people could have ruined me. Obviously if I knew how long I would live I could have saved more for old age.
The other nearly lifetime insurance you have to have unless you were born with a silver spoon is coverage for your automobiles and homes. If you had to finance either you should initially find an honest “INDEPENDENT insurance company.
I bought my first house when I was twenty two a year before I bought my first car. Texas had a program that allowed veterans to buy a house that costs no more than $10,000 at 4% and insurance was included. $50 a month for 40 years.
At 23 I bought my first car, a 1940 Chevy for $175. I do not remember how much the insurance was but I had to get a loan for $100 that required a listing of every appliance we had as collateral and the car dealer financed the other $75. From that moment I had insurance with “State Farm” until I was 65 when an independent Insurance agent asked me why I paid for my coverage every six months. He advised me that when you could pay for a year in advance you should get a 15% discount. I have only bought insurance from an independent agent these last 31 years.
America’s next insurance decision starts at age 65 when you reach Medicare if it still exists after Biden and the Demoncrats rob the future from my sixty heirs (At this point in time). When I was 65 there were different rules for Medicare. We had a basic premium deducted from your Social Security check which is $184 and you bought a supplement that covered 20% of your basic healthcare charges. At this time my premiums are $325 a month Along came Bush11, a Progressive in hiding and a new plan to cover all or part of your drug costs was born. My current premiums are nearly $100 a month. Next comes the dental costs. I pay $38 a month for insurance that pays less than 50% of my dental costs.
Unless you do not have a radio or a TV you are bombarded with commercials, the worst person to explain this possible disaster is Joe Namith. It is called Medicare Advantage”. If you buy this without understanding the Hype provided by the “Huckster” you may discover you screwed yourself. The limitations can generate cost depending if your local Doctors or hospital require you to pay in cash if you choose this option. I happen to live in Sabine County Texas where the “advantage” plans are not accepted. The TV Hucksters fail to warn you and the insurance companies must love the new options as some sell both types of coverage. I contacted Jerry Howell, Sabine County Hospital administrator, who had their Insurance leader send me a package that exposes the negative aspects of the new Advantage Plans.
Unbelievably the hospital has an ad in today’s weekly Sabine Reporter that will relieve me from trying to explain the details to everyone. If you have an interest and you should, “open the camera app on your mobile device and point to the image on the right or go to www.chosingmedicare.org to watch videos on your healthcare choices after age 65”. Share this with every friend and family who is now or soon to be 65 sixty five.
Clyde Brewer November 2021