Medicare Supplements Are Insurance

Changes to your Medicare benefits are over. The window has been closed for 2021. So, why are television channels inundated with suspicious claims that look too much like changes to your Medicare? The answer is simple. These advertisements have nothing to do with the Medicare program. They are supplemental insurance policies that cost you money.

That is never mentioned in the ads. To the contrary, the ads seem to imply that you are missing out on important programs, and if you call them, you will be getting all of the benefits you have been missing. That is not true. They are trying to sell you a supplemental program that insures you against the benefits that Medicare does not provide.

Wait a minute. The reason Medicare exists is that insurance companies refused to insure the elderly. So, why are they suddenly so excited about selling you insurance? You need to think about that when you start looking at these insurance policies.

Remember, this is not from Medicare. It is not part of the Medicare program. This is insurance. Nothing more. No one is trying to help you get more benefits. No one is looking out for your best interests. The insurance industry that refused to insure you because of your age is now trying to make a buck.

Neanderthal genes increase risk of serious Covid-19, study claims

This is being reported by several sources. If you have had your DNA tested, there is usually a small amount of Cro Magnon DNA in all of us. Turns out it has an effect on how serious a bout of Covid can be for you.
Something that occurred 60 thousand years ago may affect your body’s ability to resist the more serious complications of this virus.

Strand of DNA inherited by modern humans is linked to likelihood of falling severely ill

Source: Neanderthal genes increase risk of serious Covid-19, study claims

Why childhood and old age are key to our human capacities | Aeon Essays

I have read a few articles by Alison Gopnick, a delightful writer on subjects of psychology and philosophy. Here she discusses the impact of our disrupted lives and its effect on the child-grandparent bond.

To exercise these impressive early learning abilities, you need elders who can protect and nurture you. Curious children depend on caring adults. So, the other part of the life-history change was the evolution of more caregiving, especially including the caregiving that elders can provide.

Source: Why childhood and old age are key to our human capacities | Aeon Essays

Enter The Reverse Lenders

It is not surprising to see, but a bit disheartening. The airwaves are full of commercials that try to attach themselves to your wallet. These are hard times for many, and the prospect of putting a little money in your pocket might sound enticing. Beware. There is no free lunch. These people are out for your money. They are not your friends.

Reverse mortgages are big these days. Out-of-work actors are cashing in with some very appealing pitches to get you to start thinking that reverse mortgages are the answer. They are not. The thing you spent all your life paying for may be the biggest asset you have. It is also the easiest one to lose.

There are many questions that should be answered, and may only be answered by someone who is obligated to your best interests and not the interests of the lender. There is a big lesson to be learned right off the bat. The person who wants to help you is a lender. They don’t lend money for free. They charge interest, and how that interest accrues impacts the amount you end up owing.

Loans and mortgages have fees associated with them. One of the oldest tricks in the lending industry is to roll the fees in to the loan. A lower interest rate can lower your payments, but the amount you owe can increase.

Annual service fees are still used by some lenders. They may be called any number of things, but their only object is to charge the lenders more money. Service fees can be built into the loan and accrue over years.

One of the topics mentioned in television ads are that reverse mortgages are ‘government approved.’ There was a time when consumers were protected from lenders who offered loans at what was termed unconscionable rates. This is no longer true. Conservatives have been steadily whittling away at the Consumer Finance Protection Bureau. Bookmark that page and keep an eye on them. They were originally created to protect you from banks who engaged in predatory lending practices.

Reverse mortgages are not illegal. They can be a last resort for folks who need money, but remember, these people are not your friends. They are trying to lend you money. Make sure you know what the real cost of the money will be.