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Medical insurance is not cheap. With the different plans and policy riders, you may have extra benefits available to you.
Though it will take some time, reviewing your medical coverage might save you money in the long run.
Paul and I hold a Cancer and Critical Illness policy. One of the riders for this policy will reimburse us $100 for our annual physical exams. Since this policy covers each member of our family, we are eligible for $500 in reimbursement.
Even though our major medical coverage pays 100% for our children’s well-child visits, Paul and I end up paying $200-$300 each for our annual visits since preventive care is not a covered cost through our policy.
Without getting on my soap box about the lack of preventive care through our major medical policy, I am thankful for the added benefits through this cancer policy to off-set the price of our preventive care.
To get our reimbursement, I have found the following system beneficial:
1. Make and keep the doctor’s appointment,
2. Within 48-hours of the visit, I contact the doctor for an itemized statement of the charges including the codes for the annual visit,
3. Write a short letter to the insurance company requesting the $100 reimbursement,
4. Fax the letter with the itemized statement, and
5. Wait for the check to arrive in the mail
By reviewing our medical benefits and policy riders, I have saved my family $500 in benefits. Taking the time to read and understand our insurance policies and riders was using time wisely and helps in stretching our dollars every year.
As you continue organizing your important documents, read your policies. You may have other resources through policy riders that will save your family money. In stretching your dollars, remember to use all your resources through your insurance policies. You already pay for the benefits, so don’t miss out. Happy savings!
Questions: How do your insurance policies help you in stretching your dollars?