Insurance

English: image edited to hide card’s owner name. author: Arturo Portilla (Photo credit: Wikipedia)

I think that insurance is generally a scam and a ripoff. When our Social Security checks were increased this year for the first time in three years, the increase was immediately totally eaten up by an increase in our life insurance. It seems that no sooner do we adjust our budget downward to allow for the increase in food prices than we are hit by an increase in our insurance for Medicare, Medicare supplement insurance, life, homeowners or auto insurance. The most recent increase was a 28% increase in our homeowners insurance which we must purchase to retain our recently negotiated reverse mortgage. In total, insurance eats up 19% of our limited income. When and if our Social Security checks are increased, the increase probably will not be enough to offset the increases in insurance and food costs.

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