Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Support MFO
Donate through PayPal
Econ conditions & hard-landing inflation again in detail; was other stuff, insurance bundling ....
I've always felt that insurance is almost impossible to evaluate because cost is the easiest, but only one of the important variables. How does one evaluate an insurance company's track record of responsiveness to customer problems or of handling claims?
What's the point of paying less in premiums only to get screwed if you have a claim?
You may not always get what you paid for, but you never get what you didn't pay for.
OK, maybe that's a shade too cynical- I've surely had situations where someone was extremely generous in accommodating me well beyond what was actually called for. But sure as hell not insurance companies.
You speak truth. But here's one: On the way to my doctor, I found I was leaking brake fluid. Just managed to stop in the lot without hitting a tree along the shrub-line. Called the useless1-800 number. ...Hello, I need a tow just as far as the next gas station. Gotta buy some brake fluid. I'm leaking fluid. ....Yes, we cover 62 things related to roadside assistance, but not that.
I called my AGENT, who lives and works an hour from where I was. "I'll bring it to you." And he did. Don't like his Fake Noise politics, but he saved my bacon, that day.
Be very careful out there when soliciting quotes.. I once asked an Allstate rep for a quote. Came in $300-400 less than State farm. Put it under the microscope. Asked why they left off uninsured motorist or something....oh we don't offer that in your area. Hmm
First point compare apples vs apples very carefully and second why switch if you're happy with the service to save a couple hundo? I'd have to save several hundo to even consider it
Lastly I did ask for Amica quote a few years back. Couldn't come anywhere close to state farm
@FD1000: thanks for your comment about Liberty Mutual. I had been a long-time Amica customer, but left them when I found they were completely inflexible on the premium. LM offered a decent deal to grads of my university, so I switched. After 15 years, I’m still satisfied but 2023 sticker shock lingers. Time to call a customer rep to see if they have some flexibility.
@FD1000: thanks for your comment about Liberty Mutual. I had been a long-time Amica customer, but left them when I found they were completely inflexible on the premium. LM offered a decent deal to grads of my university, so I switched. After 15 years, I’m still satisfied but 2023 sticker shock lingers. Time to call a customer rep to see if they have some flexibility.
@rforno and @Mark: far as I can tell from the many TV ads I see for insurance, there is no connection between the ad content and the product on offer. In fact, there’s almost nothing funny about insurance, yet all the providers seem to be competing for the funniest ads. Obfuscation? Three card monte?
@rforno and @Mark: far as I can tell from the many TV ads I see for insurance, there is no connection between the ad content and the product on offer. In fact, there’s almost nothing funny about insurance, yet all the providers seem to be competing for the funniest ads. Obfuscation? Three card monte?
I don't get much of today's advertising anyway.....most of it makes no sense for various reasons.
re insurance, as I said, the $$$ they all spend on national TV advertising could save policyholders more each year than any of their proclaimed 'discounts' or 'deals' being pitched in their ads.
Best lesson I learned during an executive education marketing program at university of Chicago....guy who worked for a pet food company in Brazil said about stupid advertising.....quote. If it didn't produce the results they wanted and weren't effective you wouldn't see them anymore. End quote.
Best lesson I learned during an executive education marketing program at university of Chicago....guy who worked for a pet food company in Brazil said about stupid advertising.....quote. If it didn't produce the results they wanted and weren't effective you wouldn't see them anymore. End quote.
Truth.
Yep. Sad to see that logic is lost on most 'bad' advertisement companies. The trend is that more annoying or disruptive or repetitive the better, even if it means people are just going online to complain about it -- eg, "some annoyed publicity is better than no publicity." Case in point: Burger King*
* which I haven't eaten at in decades and sure as heck won't after enduring their ads nowdays.
Rather than make a snarky Krugman remark now, may I respectfully submit to the class that for one home the property tax went up over 30%,the other 27% and still waiting to hear about the 3rd. My goodness, if this isn't inflationary I'm not sure what is....
If the increases in property tax were based upon increases in property value, your complaint would seem to be without merit. Since we have no information regarding the justification (if any) for the tax increase it's not possible to make any sort of judgement there.
With respect to Krugman, his observations are based on long-existing methodology as defined by governmental and other administrative entities, and which are broadly accepted by reputable economists of various political persuasions. You do raise an interesting point, though- I don't recall that any of those mainstream inflation measurement indices include taxes as an integral component.
Medicare wasn't up big. So, IRMAA? It's painful the 1st year it hits, then one gets used to it. For couples, it's 2x ITMAA.
Yes, IRMAA. Still a bummer. It will only get worse as I get older because of my increasing RMDs.
Thank you for contributing towards deficit reduction!
I think there is a cap on Medicare premiums. The current cap is less than $600 per month if I recall correctly. I would think you may already be close to the cap if your premiums went up by nearly $300. Additional income may not be meaningfully punitive.
”On the way to my doctor, I found I was leaking brake fluid.”
I hope the doctor plugged that leak.
Anybody’s guess as to why all the insurance ads. Gosh - Several I’ve thought over the years were damned funny. Well written. Well acted. Talent on display. You don’t have to buy their insurance. What’s not to like?
Recently, Progressive’s “The Other Side of the Rest Stop” caught my fancy. Plays on class division - How the the rich live vs the common folks. Darned funny if you pay attention. Corny too I’ll admit.
I had to go to Google to know what IRMAA is. I guess it means if you are subject to the adjustment, you are more well-off than most people. Appears the government dole is structured so the money goes to the ones who most need it. Hard to argue with that when Medicare is under so much financial pressure.
What is IRMAA? The Medicare income-related monthly adjustment amount, or IRMAA, is a surcharge on Medicare premiums for Medicare Part B (medical insurance) and Part D prescription drug plans. It applies only to Medicare beneficiaries who have a modified adjusted gross income above $97,000 ($103,000 in 2024) for an individual return and $194,000 ($206,000 in 2024) for a joint return. If your earnings are below this threshold, IRMAA doesn't apply to you.
"...It's a song about ALICE, remember?" LOL. My insurance agent brought me the brake fluid in person. THAT is some kinda insurance agent!
Not subject to IRMAA here. Although I dunno if I agree that the tax system is aimed at assisting those most in need. The highest tax bracket re: the 1040 form is capped artificially LOW, both for individuals and corporations; and we all know that corporations don't pay taxes because they just include that cost in the price of whatever they're selling to the rest of us.
I had to go to Google to know what IRMAA is. I guess it means if you are subject to the adjustment, you are more well-off than most people. Appears the government dole is structured so the money goes to the ones who most need it. Hard to argue with that when Medicare is under so much financial pressure.
What is IRMAA? The Medicare income-related monthly adjustment amount, or IRMAA, is a surcharge on Medicare premiums for Medicare Part B (medical insurance) and Part D prescription drug plans. It applies only to Medicare beneficiaries who have a modified adjusted gross income above $97,000 ($103,000 in 2024) for an individual return and $194,000 ($206,000 in 2024) for a joint return. If your earnings are below this threshold, IRMAA doesn't apply to you.
Medicare is subsidized for all eligible participants. It isn't based on any inflation index. Medicare looks at its estimated expenses and then devises several IRMAA tiers annually with varying levels of income and subsidies. For Part B, participants pay 25% (basic, no IRMAA), 35% (1st IRMAA), 50%, 65%, 80%, 85% (max IRMAA) of the total program costs. I am not aware of any Medicare premium caps beyond this determination by Medicare.
For 2024, for joint filers, Part B basic is $174.70/mo, and max with IRMAA is $594.00/mo, Part D basic is by the plan, plus IRMAA, max IRMAA is $81.00.
The Finance Buff also has estimated for 2025, but SSA/Medicare will announce those only in November 2024.
85% of cost is the cap, irrespective of whether @junkster makes $1m or $1b per year, which should alleviate his concern that his premiums are going to keep getting worse as his income keeps rising - in other words the income effect has a cap.
I have a question on part D. Is it mandatory, similar to Part B?
@BaluBalu My link wasn't what I wanted, so removed. You may readily search Part D, but it is not mandatory when beginning Medicare. But, if chosen after starting Medicare (63 grace period if I recall) there will be an ongoing monetary penalty for the cost of a plan.
Comments
But here's one: On the way to my doctor, I found I was leaking brake fluid. Just managed to stop in the lot without hitting a tree along the shrub-line. Called the useless1-800 number. ...Hello, I need a tow just as far as the next gas station. Gotta buy some brake fluid. I'm leaking fluid. ....Yes, we cover 62 things related to roadside assistance, but not that.
I called my AGENT, who lives and works an hour from where I was. "I'll bring it to you." And he did. Don't like his Fake Noise politics, but he saved my bacon, that day.
wait, maybe it's now called connect
v good, for many years (auto,home,umbrella), but thinking I shd get a quote from amica
also state farm
boy, are there a lot of comparison sites out there
First point compare apples vs apples very carefully and second why switch if you're happy with the service to save a couple hundo? I'd have to save several hundo to even consider it
Lastly I did ask for Amica quote a few years back. Couldn't come anywhere close to state farm
Ymmv
Baseball fan
re insurance, as I said, the $$$ they all spend on national TV advertising could save policyholders more each year than any of their proclaimed 'discounts' or 'deals' being pitched in their ads.
Truth.
* which I haven't eaten at in decades and sure as heck won't after enduring their ads nowdays.
This on top of up +17% last year AFTER I boosted collision-deductible to contain rate increase.
This time, doing nothing.
With respect to Krugman, his observations are based on long-existing methodology as defined by governmental and other administrative entities, and which are broadly accepted by reputable economists of various political persuasions. You do raise an interesting point, though- I don't recall that any of those mainstream inflation measurement indices include taxes as an integral component.
I think there is a cap on Medicare premiums. The current cap is less than $600 per month if I recall correctly. I would think you may already be close to the cap if your premiums went up by nearly $300.
Additional income may not be meaningfully punitive.
Anybody’s guess as to why all the insurance ads. Gosh - Several I’ve thought over the years were damned funny. Well written. Well acted. Talent on display. You don’t have to buy their insurance. What’s not to like?
Recently, Progressive’s “The Other Side of the Rest Stop” caught my fancy. Plays on class division - How the the rich live vs the common folks. Darned funny if you pay attention. Corny too I’ll admit.
https://images.app.goo.gl/kP9kuEc6wkVf24oFA
Not subject to IRMAA here. Although I dunno if I agree that the tax system is aimed at assisting those most in need. The highest tax bracket re: the 1040 form is capped artificially LOW, both for individuals and corporations; and we all know that corporations don't pay taxes because they just include that cost in the price of whatever they're selling to the rest of us.
For 2024, for joint filers,
Part B basic is $174.70/mo, and max with IRMAA is $594.00/mo,
Part D basic is by the plan, plus IRMAA, max IRMAA is $81.00.
The Finance Buff also has estimated for 2025, but SSA/Medicare will announce those only in November 2024.
www.ssa.gov/benefits/medicare/medicare-premiums.html
https://thefinancebuff.com/medicare-irmaa-income-brackets.html
I have a question on part D. Is it mandatory, similar to Part B?
https://messaging-custom-newsletters.nytimes.com/dynamic/render?campaign_id=116&emc=edit_pk_20231128&first_send=0&instance_id=108789&nl=paul-krugman&paid_regi=2&productCode=PK&regi_id=22268089&segment_id=151171&te=1&user_id=83d45440ead1d14c2a89a1e7221337d1&uri=nyt://newsletter/16d4082b-477e-50ee-bfbe-1a3332e673c5