Insurance, more insurance, and not enough insurance

I have always felt insurance was a scam. I do not believe in protecting our assets with an appliance policy costing $60/year with a $100 deductible. What that means is that the brand new refrigerator, dishwasher and garbage disposal should last 10 years because its workmanship holds up to its claim of reliability. My logic is the company should stand by its product. The retailer’s logic, “if it breaks, you fix it, and pay for it”.

On the other hand, I am considering travel insurance. When I purchased our round trip tickets to Spain, the travel insurance offered by the airline cost $80 per person with a $1,200 deductible. And I am wondering, who would do this when the ticket itself cost $1100. I did not buy it and am glad I didn’t. Not because I didn’t need it but because I was lucky.

On our first day in Barcelona, Tony suffered a terrible back issue that made touring impossible and sleeping even more difficult. The hotel called a doctor (a very cute one) who suggested we go to the local hospital for an MRI. After another cute doctor read the results, he was given a prescription for bursitis. Totally wrong as his pain was actually from a herniated disc. After struggling for five more days, we cut the rest of the trip out and returned home. Since I dealt with a private tour company, I was refunded for the unused portion of the trip and our health insurance covered the doctor and hospital bills.  As I said, we were lucky. Next time, I will consider not airline insurance but travel insurance. Things happen and when they do,  I hate losing money.

Today we took steps to protect our hard earned money in general. It use to be that a will sufficed in allocating assets to the kids and that was all that was needed. As we found out when my mother-in-law was unexpectedly admitted to a senior rehab facility, that is not enough. A will is good if you die but it doesn’t speak to long-term care or protecting your assets from being used up in ways you did not intend for them to be. It is not a world I knew anything about but realized I better learn fast. Enter the elder lawyer – the insurance broker of senior living. I admit to not liking or wanting to talk about trusts, wills, power of attorneys and more of the blah, blah, blah of senior life and beyond. But like a job, there are good times of retirement and then there is the insurance. Luckily, the good times outweigh the serious blah, blah, blahs. I will get the insurance of senior living and on to the rest.




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