INSURANCE

Are you a gambler? No? Do you have any kind of an insurance policy? Yes? Then you are a gambler. You are betting that something will happen. The insurance company is betting that it won't (at least not until you have made sufficient premium payments to cover the loss). You live in a house for 30 years. You pay about $1000 a year for house insurance. Nothing happens and the insurance company makes $30,000 off your ass. What a racket! Life insurance is the only game where you are sure to eventually win (sort of). The insurance company is betting that you will live for a long, long time. You are betting that you die soon. Either way, you never see the money; your beneficiary does. Beneficiaries should be made to pay the premiums, dontcha think? Fair is fair.

In 2004, four hurricanes hit Florida within two months. Damage was in the billions. Insurance companies took a hell of a beating. The small ones went bankrupt. The larger ones paid up and survived. The next year, many of them pulled out of Florida. "Nationwide is on your side". Not if you live in Florida, Jack. "Like a good neighbor, State Farm is there." Oh yeah? "You're in good hands with Allstate." Not any more. Of course, they will all still sell you car insurance.

Car insurance. I love watching the ads on TV. "People who switched from Geico to Allstate saved an average of $473 a year. Confused? Don't be." I'm not. You're lying. I have Geico. I pay $300 a year. So if I switch to Allstate, I save $473. My insurance is free. In fact, you will send me a check for $173. I don't think so. Every one of the car insurance companies say that you will save money if you switch to them. Obviously, all but one of them is lying out their ass. Geico is the only one telling the truth.

I have had Geico, whenever possible, 1975 -1981 and 1990 until now. Overseas from 1981 to 1989, I either didn't have a vehicle or Geico wasn't available. When I got stationed in Hawaii in 1989, Geico wasn't available so I got Allstate. Geico became available in Hawaii soon after. I had no accidents or tickets with Allstate. It was running me about $600 a year. When it was time to renew, the renewal notice said Allstate was forced to raise it's rates because of increased claims. Not from me, buddy. Well, I thought, okay, it's a business and they have to recoup losses. But then I saw this Allstate ad campaign on TV. "So your driving record is less than perfect. It's okay. You're welcome at Allstate." Huh? They are actively recruiting bad drivers. They raise my rates to pay for their bad drivers? That did it. I didn't renew with Allstate. I got a Geico policy. Cost: about $300 a year and it has stayed that way nearly 20 years.

Last but not least is medical insurance. The insurance company is betting you won't get sick too much, you are betting you will. Most people have to pay a monthly premium for this coverage. They usually get it from their employment and pay between $150 and $200 (or more) per month for family coverage. Depending on what kind of coverage they have, they make reduced payment for medical services and prescription drugs. Most plans have co-payments and deductibles. I probably have one of the best medical coverages and I pay no premiums. As retired military I get Tricare. Deductible is $150 per person, or $300 family annually (fiscal year Oct - Oct). After the deductible is met, Tricare pays 75% of allowable costs (you have to be sure your doctor or hospital is a network provider which means they accept the allowable cost limit set by Tricare. Otherwise you are responsible for the excess). Generic prescription drugs are $3.00, brand name is $9.00. I usually only pay $15.41 out of pocket for a doctor visit. Recently, I had to go to a walk-in clinic. They didn't accept Tricare. Knock me over with a feather. Everyone takes Tricare. Not them. So I said okay. I told them I was having an attack of diverticulitis and I needed a prescription for Levaquin. They took me back to the treatment room. The doctor came in. He said in broken English: "You have diverticulitis. I'm giving you a prescription for Levaquin." 90 bucks for that. Oh, well, they took my temperature and blood pressure, too.