Patrick E. Wynne

Your 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 insurance checklist (high-income earners need all these):

𝗖𝗮𝗿 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
Bodily injury liability and property damage liability are required in almost every state. Loyalty to a provider can render discounts, and good driving can be rewarded with a lower premium (by most insurers). Maxed-out liability is always the best option for protection.

𝗛𝗲𝗮𝗹𝘁𝗵 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲*
Catastrophic medical bills are a leading cause of financial distress and bankruptcy. I always say: "Be comfortable paying a premium if nothing happens, and comfortable paying an out-of-pocket if something does happen."

𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
Protect your earnings and future earnings. Most disabilities are caused by illness, but also include accidents.

𝗟𝗶𝗳𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
Term or Whole. Pick one that suits your situation, both have a place. People forget that life insurance can be accessed while alive when you have a chronic or terminal illness. LTC (Long Term Care) can be an added rider to your whole life policy.

𝗛𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
Protect your home. The recent fires in LA put a spotlight on dwelling coverage to rebuild after a loss. (I made a separate step-by-step post on this matter)

𝗨𝗺𝗯𝗿𝗲𝗹𝗹𝗮 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
An extra layer of liability protection. Ex. you cause a car accident and are sued for $1M, but your auto policy only covers $300k, umbrella insurance would cover the remaining $700k, protecting your savings, home, and future earnings.

*I help in finding affordable health insurance for you, your family and small business

Want to know how a golf tournament makes $150M?

The Masters kickoff today. ⛳️

An oldie but fun video I did from 2 years ago!

The Masters Tournament: A Major Money-Maker Do you like golf? You have to hear about the money behind the Masters Tournament. A lot of green - in the form of the perfectly manicured course, bulky green...

Capital allocation.

It’s important.

𝙒𝙝𝙚𝙧𝙚 𝙞𝙨 𝙢𝙮 𝙢𝙤𝙣𝙚𝙮 𝙜𝙤𝙞𝙣𝙜?

Or my favorite: 𝐖𝐡𝐚𝐭 𝐚𝐦 𝐈 𝐩𝐚𝐲𝐢𝐧𝐠 𝐟𝐨𝐫?

Ever wonder where your health insurance premiums go?

Let’s see where this takes us.

For every $1 you pay in premiums:
• 80¢ goes toward your actual healthcare (it's required by law!)
• 14¢ covers administrative costs
• 3.5¢ pays for taxes and fees
• 2.5¢ profit

80/20 split (like the Pareto Principle!) is for individual and small markets. The split for larger markets is 85/15.

A fancy term for this is Medical Loss Ratio (MLR).

𝗧𝗵𝗲 𝗰𝗮𝘃𝗲𝗮𝘁:

If the insurers don’t meet these thresholds mandated by the Affordable Care Act, insurers must issue rebates to policyholders.

In 2024, insurers returned approximately $1.1 billion in rebates to policyholders who were overcharged.

𝗧𝗵𝗲 𝘁𝗲𝗮:

While MLR is well-intentioned, the incentive is for YOUR premium to go up.

𝘼 𝙥𝙚𝙧𝙘𝙚𝙣𝙩𝙖𝙜𝙚 𝙤𝙛 𝙖 𝙢𝙞𝙡𝙡𝙞𝙤𝙣 𝙫𝙨 𝙖 𝙥𝙚𝙧𝙘𝙚𝙣𝙩𝙖𝙜𝙚 𝙤𝙛 𝙖 𝙗𝙞𝙡𝙡𝙞𝙤𝙣.

𝐓𝐃𝐋𝐑
1. At least 80 cents of every premium dollar must go toward actual healthcare services
2. If insurers spend less than 80% on medical care, they must issue rebates to policyholders
3. In 2022, insurers paid approximately $2 billion in rebates to 9.8 million consumers due to MLR requirements
4. The MLR is designed to ensure premium dollars primarily fund healthcare rather than overhead or profits