Sometimes I feel as if I do nothing but discuss life insurance on this blog, when there are plenty of other kinds of insurance to talk about. Yes, from time to time I will write about the need for disability insurance (part of my "Holy Trinity of Insurance") as well as other plans, but I don't feel as if I'm doing them all justice. Especially when it comes to one of the best features on these policies.
Many of these "ancillary" or "voluntary" policies on the market, such as cancer plans, accident plans and critical illness plan, offer a "wellness" or "health screening" benefit. These benefits give you the incentive to do what you should be doing anyway - getting a check up. The insurance company does not offer wellness benefits available out of the goodness of their hearts. Instead, if they can encourage their policy holders to have an annual checkup, the odds are good that if something is found, it will be caught early and be treatable, thus saving the company money when a claim happens.Sales agents will use a wellness benefit as part of their presentation and rightly so. For example, if someone were to purchase a policy that costs around $200* a year and they get back $75 just for getting a check up, the policy really cost about $125. And if you are buying through payroll deduction and it qualifies to be pre-taxed, you're saving even more!
Of course, the important part is to remember to get a check up and file the claim. Unfortunately, too many people fail to file their wellness claims. Here are a couple of ways to make sure you get your money:
- If you have a plan through work, have your HR person keep "originals" of wellness claim forms in a file cabinet. You can make a copy of it and remit to the company without having to call your agent.
- Many of the insurance companies have gone to an online claims process which is even faster and easier.
- When you do get a check up, let everyone know. Inevitably, someone will say, "Did you file your wellness claim?" Co-workers talk to each other.
- When you set your appointment for your check up, set a Google reminder for your claim as well.