I went in for the pre-op meeting for my hip replacement when I was told that my health insurance had denied coverage and I was responsible for the $34,000 procedure. After a call to the insurance company (and having to “upgrade” my policy), the company agreed to cover the expenses. It’s a reminder that financial products, like insurance and investments, can be complicated and confusing even to those who think they are pretty well versed.
In our litigious society, we are often bombarded with a lot of legal paperwork that can be daunting to understand what we are paying for as well as what we’re not getting as a benefit. It wasn’t just frustrating for me to be denied; I was also embarrassed that I didn’t know, given my education, training, and experience.
Two valuable lessons were reinforced that day. First: deal with people you trust. Yes, honest people can make mistakes, but it’s also important to deal with knowledgeable professionals who have your best interests at heart. Second: take the time to ask questions, review the details and explore the nuances of whatever financial tool you’re considering.
There are no guarantees in life. However, we are all responsible for ourselves and those who depend upon us. Therefore, it’s worthwhile to take the time to understand the details and work with knowledgeable people you trust.
If you have any questions, or if we can help you demystify your financial products, please contact us.