Many seniors think they are saving money when they buy AARP insurance. However, they may be paying twice as much as they would with a competing product.
AARP brought in nearly half a billion dollars in 2007 from fees insurers pay for AARP endorsement. It also gained about $40 million from holding the clients’ premiums for a month and investing them. The revenue helps to pay for the $200 million bond debt that funded the organization’s brass and marble headquarters in Washington, D.C. -- a site that is closed to visitors.
“I was kind of shocked,” said one member, who found out he was paying more than $1,000 above the cost of a Mutual of Omaha auto insurance policy for similar AARP insurance. “They’re making money on the backs of old people.”
AARP brought in nearly half a billion dollars in 2007 from fees insurers pay for AARP endorsement. It also gained about $40 million from holding the clients’ premiums for a month and investing them. The revenue helps to pay for the $200 million bond debt that funded the organization’s brass and marble headquarters in Washington, D.C. -- a site that is closed to visitors.
“I was kind of shocked,” said one member, who found out he was paying more than $1,000 above the cost of a Mutual of Omaha auto insurance policy for similar AARP insurance. “They’re making money on the backs of old people.”
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