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sucked into an insurance scam

One of my insurance companies just sent my annual statement. I can see the thousands of dollars I paid in, and the thousands my employers sent them instead of paying me more for my labors. The pretty little charts show how much I should expect to get paid back, in monthly installments, if I decide to ask for it a few years from now.

The bad news is that those with even the most crude understanding of accounting have discovered this insurance company is bankrupt. Yep, their liabilities far exceed their income. They spent my money instead of investing it safely to insure repayment as contracted.

The obvious answer is to cash in my account while there is still some value. I would be happy to take pennies on the dollar right now. I could easily find places to put it that would prevent every last drop from evaporating into nothing. Food in the pantry, silver in the bank, tools, hardware or almost anything I could do would be more secure than the ashes they hold in my name.

Even more obvious is that I should stop sending them money every payday. Of course I should also have my employer discontinue their payments in my name, sending them to a more reliable insurance company or directly to me. Unfortunately, those choices are not available from this particular provider.

The heading on this statement is, “What Social Security Means To You”. All of the wonderful obfuscation that follows can be summarized in one word: THEFT.