We’ve all had those special times when some often small event occurs and reminds us of the past. Recently, I was cleaning out my desk drawer, which was cluttered with pens, pencils, paperclips, rubber bands, etc. I noticed a folded paper caught in the back of the drawer. I tore part of it, tugging it free. To my surprise, it was my childhood postal savings account book.
Many years ago, the U.S. Post Office offered a savings plan specifically for young depositors. When I was a freshman in high school, I opened a savings account after weeks of scraping together the $5 minimum deposit. I worked, earning $2 each week, helping my folks in their store. I was the clean-up person, and I did some bookkeeping, too. (I failed at the bookkeeping job!) I struggled to save money. I took my lunch from home, drank only water, and walked 2½ miles to and from Proviso High School rather than pay for the bus. This allowed me each week to save and deposit about $1, half of my weekly pay.
When I reached the fabulous amount of $39.70 in savings (my deposits plus interest), I received a formal business letter from the U.S. Postal Department. They notified me that they were closing all accounts and ending the postal savings program. My $39.70 was to be sent to me, paid in full.
It never came!
As a patriotic high school kid, the government could do no wrong in my eyes. I wrote a letter almost apologizing to the U.S. Postal Service about the “lost” money I was due. I received a short response stating that the refund had been sent and the case was closed. I was beyond crestfallen. All of my savings were gone. My government service seemingly didn’t care about me and did not research my loss.
Fast forward to today, and I had a painful reminder of that episode. This time it was the result of my failure to read the fine print as relates to a long-term health policy I purchased from Continental Casualty Insurance Company, 25 years ago. I thought the purchase was prudent, never knowing what the future might hold.
I have been in good health until some years ago when I slid on the ice in my home’s entrance. I fractured my hip, after which I required therapy. I did not feel it necessary to make a claim on that policy for the help I needed at that time. As you might surmise, as I aged, my knee and hip aged along with me, causing me to hire more and better-qualified help.
In late November 2021, I paid my $4,000+ annual premium for my long-term health care policy for the calendar year of 2022. In January, I decided to make a claim on this policy because I required more experienced, certified therapeutic care. I did not expect my claim to be honored for the earlier period of time. I did expect my claim to be honored as of 2022. Shockingly, the answer I was given was “no,” even though I had paid premiums, on time, for 25 years. Alas! I failed to read the fine print of the policy … that I must hire health care workers who are employed by an agency. It was printed in that almost illegible small print at the bottom of the policy.
When the insurance company refused my claim, I then requested a return of my 2022 premium payment. The Continental Casualty Insurance Company ignored my request, nor did they even acknowledge my letter. Legally, they owe me nothing. Ethically, their business practices are shameful. Being refused, I felt like my high school self again, who lost her money. This time it’s thousands rather than $39.70.
So, my dear friends, please read the fine print; make sure you deal with reputable companies; and hope they follow ethical business practices.
