"Do not throw in the towel; use it for wiping the sweat off your face." - Otto Graham
I contemplated this month’s article on insurance for humans for a long time.
Insurance for humans means that I advise only humans.
So, nothing to do with property or casualty, business insurance, boats, planes, and trains. Primarily my line of products falls into three categories. Life, Health (Medical), and Wealth Protection. My friends who are in the financial advisement industry (FA’s) get rather perturbed when I say wealth.
Wealth does not mean I want to help you with saving money for whatever needs you have. I certainly have enough stress with dealing with the medical catastrophe much less attempt to deal daily with the financial indices and compliance laws which will take a toll on anyone.
No most insurance agencies stick to the adage “Cobbler stick to your last” in other words do what you do best. And never try to solve everyone's dilemma.
Insurance that protects wealth is medical, disability, long and short term care, critical illness, dental & vision just to name a few.
Medical risk can change your wealth in a matter of days or minutes. A simple accident for a child that is an athlete with a torn MCL diagnosis can cost you up to $20,000. If you are holding onto the days when medical solved that risk, you must have been in a coma for the past seven years.
The Rest of the Story
This past week with four phone calls was enough to put me over the edge. Since I have a word limit, you can read the full article on my blog. However, here is the short version of one of the four. I will condense this as it would be improper to say anything but the abstract truth. A 62-year-old female called about needing medical insurance. The husband was retiring from a long career so that he would have insurance now on Medicare. She would need to have her medical coverage starting next month.
Since she has been on the husband's plan for years, she was not up to speed on the laws or the plan costs until today. I asked her a few questions, and her only question was will this cost more than a few hundred dollars. What do you say to someone that has had group plans and now her choices are down to two companies. Least expensive plan in her county would be over $980 a month. That would be a bronze (catastrophic) plan? I wrote the notes that are now the article that you may be reading. My agency was started to leave clients with a solution, not a call that would cause worries and panic.
I confess each week advising nice people on how to deal with medical insurance is a no-win situation, and I am out of solutions. It may be time to throw in the towel.