it’s an individual thing. Surprised your agent is discouraging a higher number, since Umbrella’s are rather inexpensive in the big picture of things.
Here’s a discussion on BH.
1 Like
I think much depends upon your net worth. You don’t want to purchase 10 million if your net worth is 100K, because what’s the point? Why cover what you don’t have?
2 Likes
@bluebayou Thank you for the links. They help with organizing my thoughts. According to my agent, most liability cases are from auto accidents and settles for 1-2M. We are not in high risk in anything, no dogs, no boats, etc.
@busdriver11 We are retired and at the peak of our savings since we are just starting to spend after accumulating for years. I don’t think you cover for the assets with the umbrella. I think you cover for less but how much less is the hard part to decide.
I cannot recall the #s, but the premium difference between $3 million & $5 million at Chubb was very small.
2 Likes
I think that it’s hard to get sued for your retirement funds, if that’s where much of your wealth is, like many retired people. And there also are exemptions as far as your home, too. Maybe that’s why they are recommending a lesser amount.
2 Likes
Most of our assets are in a taxable acct. At any rate, the insurance agent didn’t ask how much we have or where it is parked.
That seems weird that your agent would discourage or encourage any particular amount without knowing anything about your assets. My insurer doesn’t ask or give an opinion, just gives me price quotes on whatever I request. I wonder if it’s something about the insurance company, that they don’t like to ensure larger amounts? Makes no sense that they would recommend a lower amount without knowing anything about you.
5 million. Spouse’s cousin who works in insurance told us to get at least 5 million. She wasn’t getting anything out of it. But she told us how someone could attach to our salaries in the event of a loss.
Igloo says they’re retired, and I don’t know what sort of retirement income one could gain through a lawsuit.
1 Like
Ah, thanks. I missed that. Even when retired, we’ll likely keep our huge policy. It’s very inexpensive relative to cost. I’ve seen that there are large variances on this thread with respect to cost for umbrellas. Also, if we are taking out X for retirement and that’s our income, I’d bet someone who won a lawsuit could attach to that.
1 Like
Thanks @deb922. The weather was great Friday evening. It was beautiful all day Saturday (sunny and a little too warm)and started raining after the ketubah singing, ceremony and cocktails (all of which was outdoors) and just as we were getting ready to transition to dinner under the tent. It poured while we were all under the tent and everyone was dry. It stopped raining before dinner ended. We had good weather for Sunday brunch.
The wedding was a) idiosyncratically authentic to ShawSon and new DIL; b) emotionally authentic and passionate; and cI) magical. What was most marked was how totally in love each is with the other. DIL comes from a much more difficult family background and neither father nor mother were invited. Much of father’s family came and one cousin from mother’s side. She is loved, but it is clear she has found in our family the warm, embracing family she didn’t have growing up. Nobody better for a welcoming embrace than ShawWife.
19 Likes
Congrats to you and the newlyweds!
1 Like
Congrats to the family. Sounds like a lovely weekend.
2 Likes
Happy for your entire family! Glad the events worked out so well.
Sounds like an ideal day! Best wishes to all.
Perfect! Congratulations.
Something to consider with retiring is that for those w/o benefits that cover a drug plan in retirement (IDK if government retirees have drug plan within their plan with Medicare supplement). When one chooses a drug plan with the medications one is currently on - well then you get put on medication during the year and get ‘hit’ with not that well controlled costs. H’s medication first had a $480 deductible; then ‘cost sharing’ was $42 and month during ‘level 2’; now we are in level 3 and that is 25% of the approved cost of the medication. Since we use a participating pharmacy it is my understanding that we will have that amount for next month. This month, they had a 30 day supply ready and it was $73 - and I thought there was some kind of mistake. Once we talked to insurance provider service, I learned (or was reminded) about the stepped up costs. So he was between 2 and 3 and that is why it was more than $42 but less than 25%. The ‘approved cost’ for the medication is $550.21/month so his 30 day supply will be $137.53 through the rest of the year it seems. It is for Xarelto 20 mg, a blood thinner which he is on for paroxysmal A Fib - which we thought was taken care of with a Cardiac Ablation earlier this year, but H says A Fib is back. (We have a call into cardiologist). Don’t know if they can do another cardiac ablation.
So we will look to changing his drug plan for 2023.
I pay more for my drug plan, but my drugs have stayed the same. I pay $112 for 3 month supply of one of my nasal sprays, and another is about half that amount for getting filled. We got on these drug plans Oct 2021; the cost of my drug plan went up $20/month for 2022 but I figured all the other plans for my medication list would go up about the same.
A friend is in Stage 4 cancer, and he did retire – for a time he stayed working because it seems the Medicare drug plans would not cover some of his medications. So one drug he is on has a $3000 deductible - but there was a foundation that picked that cost up.
I believe my in-laws had their drug plan along with their supplement through teacher’s retirement for FIL and her. I know they were not paying for a lot out of pocket for medications - not a change from before she retired.
I checked with my older sister (she didn’t have the years of service for that same teacher state system) and she pays more for her medications/drug plan. Her husband is a retired minister and he has a better supplement/drug plan.
So just a head’s up - if you get put on medication not planned on when you pick your medicare d drug plan, you have to wait for the open enrollment to change it for the following year.
We are glad this medication is available - it is just annoying about the extra costs.
2 Likes
Yes, the medication issue is a real concern. And I think it’s baloney. No one can predict what they might need in 10 months. Ridiculous.
Another concern I recently became aware of is therapy coverage. A friend had a massive stroke two months ago, and she needs therapy to have any hope of regaining certain functions. Her allowed sessions were quickly expended, and the family, who is not well off, has been fighting to get approvals that just don’t seem to be coming. Ummm … wouldn’t the cost benefit of getting someone out of a bedridden situation outweigh the costs of the medical issues sure to crop up from being bedridden.
7 Likes
The problem in part is that if Medicare will pay then 2ndary coverage will pay. Have to learn and follow their rules.
Yes you are right about things - but one has to show improvement to continue – and one may need to really have to work hard to show improvement. It may be a patient just can’t improve enough – I think most therapist will try to meet the patient needs but they have to be honest on their evaluations.
1 Like
We are experiencing the same problem. Suddenly, H has to be on a blood thinner and we have a $480 deductible. After that, we have a copay, similar to what you said. He has been very healthy and his only medication up to now has been a low dose statin.
I have a friend who retired from a state and county organization, she only pays $25 without a deductible on the same medication.
1 Like