The Federal Reserve is fighting it. The markets are fearing it. Investors are figuring out ways around it. Savers are delighting in it because they are finally catching up to it. Terry Savage is talking about inflation, of course.
You might not have noticed yet — but you will at renewal time — that insurance premiums are rising sharply. You can’t go uninsured, but you likely can lower the cost significantly by opting for a higher deductible.
The downside to this strategy is that if you’re in a car accident or if your home catches on fire, you’re on the hook for a larger cost. It’s dangerous to tempt this fate, because the insurers set their prices knowing the odds of you having a claim. So by raising your deductible, you’re tempting fate. But it’s better than going completely uninsured.Here’s a tough trade-off for seniors.
How can they afford to give you all this wonderful coverage and still pay for all the television commercials? Simple. They restrict your freedom of choice of physicians, specialists, treatments and hospitals. You are only allowed to use their contracted providers, who are compensated at far lower rate than the specialist you might prefer to see for your diabetes, cancer or heart surgery. Medicare Advantage is far less costly on a monthly basis.
(Terry Savage is a registered investment adviser and the author of four best-selling books, including “The Savage Truth on Money.” Terry responds to questions on her blog at
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