Tag: money

How to Claim Post hospitalisation mediclaim.

I recently admitted in surya hospital for malaria fever. At the time of admission my mediclaim card was denied due to TTK stopped processing mediclaim other than corporate policies temporarily. Hospital authorities told me to claim after getting discharged – post hospitalisation mediclaim.

So, as usual I pay my bills through my creditcard, around Rs.17000/-.

After getting discharged, I was not interested in applying for mediclaim. I believed i will not get it.

But my wife was so optimistic, she wanted to claim. I simply directed her to the ‘agent’ from whom I purchased the policy.
He guided us to proceed further.

Lot of forms. My wife filled the forms steadfastly. I put my signature reluctantly. We sent all the bills, lab reports, discharged summery, x-ray and everything to my agent. We took photocopy of the same for back up. Our agent processed the forms on behalf of us.

Everything done.

We forget it and got into our day to day life routine.

After 15 days, we received cheque from TTK for Rs.15000.

I thanked GOD. I thanked my wife. I thanked my agent.

I was skeptical about post hospitalisation mediclaim. But my post hospitalization claim went like a smooth sail.

Here is my experience in claiming medical insurance when I was sick. My experience may be helpful to you to claim your medical insurance. I have been in Medical Insurance coverage for the last 5 year. Two times I was hopitalised. My kid hospitalised once.

Overall, my family hospitalised for three times in 5 years. I claimed medical insurance twice. My claim was rejected once.

First. My kid hospitalised due to diarrhea and fever for several days. Later doctor diagnosed it as viral fever. She was admitted for 5 days in Surya Hospital – Vadapalani, Chennai.

During admission we paid Rs.1000 and presented our medical insurance ID card. After 5 days, the hospital bill was Rs.15500. Insurance company sent Rs.15000 to Hospital. While discharging we paid just Rs.500. We also got back our Rs.1000, which we paid during admission.

In this case the process was so simple. We produced the medical insurance ID cards. They scanned the card front and back, faxed the scanned copy to our Insurance company.

Second. I was hospitalised for diarrhea in the same Surya Hospital. I was receiving continues trips. Now the medical insurance claiming process seems to be so complex. We produced the medical insurance ID cards to the hospital authorities. Our ID cards did not possess our Photo. They asked the Insurance certificate, and receipt of the latest/last premium paid. They also demanded the photo copies of all documents related medical insurance in advance. My wife shuttled here and there.

I was about to discharge, but there was no reply from the Medical Insurance company. I do not know how to claim the medical expenses after getting discharged from the Hospital. So I extended my stay in hospital for a day. Because, I feel it is easy to claim medical insurance when admitted in hospital.

Hospital authorities take care of the process, documents, procedures to claim. After post hospitalisation, we have to shuttle to Insurance company with the discharge summary and billing to claim money. I do not feel it would be so easy as claiming through hospital.

But this time, my claim for medical insurance was rejected. I was informed from the Insurance company that, my disease (diarrhea) does not require hospitalisation. It could be treated from home. Big bang to me. I cleared my hospital bill by credit card.

I felt I could have succumbed to diarrhea rather receiving firing from my wife. Because, I was about to be admitted in general ward, but I chosen single room with TV. Rent for single room is higher than general ward. I was confident that I could pay everything from medical insurance.

Oops, Things did not turn up.

Third. After couple of months, I was hospitalised again for a unknown fever. I had fever for more than 10 days. I was so weak. I took lots of expensive medical tests.

Soon doctor advised me to admit in the hospital. I was afraid of hospital bill. I did not go to job for the last 4 months. Anyway, I was admitted in hospital. Again Surya Hospital.

This time, I booked a single big room with AC and TV. I was staying in the hospital for four days. Almost three doctors diagnosed me. After fourth day, I decided to return to my home. No idea about what was the cause for fever. Viral fewer is the cause when nothing is diagnosed.

Like last time, we had hip-cups and shuttling for claiming medical insurance by hospital authorities. My wife wanted me to stay in the hospital for couple of days more to receive Medical insurance to pay the bills. I was stressed too much, I requested to discharge without waiting for insurance amount.

Meanwhile, hospital authorities said they have faxed things to Insurance Company, so we may get the claim anytime. Anyway, I paid the bill by credit card, back to home. My bill was around Rs.16000 and something.

For the next couple of days, my wife follow up the hospital. Later they informed me that, Insurance company sent the money. We could collect it from the hospital. We received Rs.12000 as Medical Insurance. Insurance company said, the maximum room charge allowed per day is Rs.1000 for me. They could not pay Rs.1500 per day.

Moreover, I did not claim pre-hospitalization expense like expensive medical test. I do not know how to claim those things from Insurance Company.

I am little hesitated to claim medical expense once I am discharged from hospital.

Medical Insurance Companies should make the process so easy to claim after discharged from hospital.

If you read between the lines, you can understand which is my instant medical coverage and emergency management.

Can man free from money? Is financial freedom possible?

Everybody has their own views for money. Is spending less than the earning can be a way to financial freedom? Is buying lot of assets financial freedom? The bank deposit, assets and everything will vanish once you stop earning. They are not sources for freedom from money.

Is secured Job and Salary give Financial Freedom?
Don’t think your salary is consistent, because you cannot work forever. Paycheck is the rental for the time you have been utilized in a particular domain, where you are specialized.

If you spend your time to earn, you will not have time to spend. If you are not spending, you are not living. You will become machine. Machines don’t live, don’t spend but earn for others.

Reducing the expense within our earning limit isn’t a way for financial freedom. It is a self-torture.

Financial freedom is not living without money. It is living without worrying for money.

Saving and Investment
Money saved will be spent in the future. Money converted to asset and asset will be re-converted to money. Investment is just a transformation. There is no permanent state for money. Money neither can be destroyed nor created. It can be transformed from one state to another. Saving is a myth. It does not happen practically.

How can we attain financial freedom? How much we earn, will be spent today or tomorrow. More we spend more comfort and more standard of living. Everybody has own saturation and satisfaction level for standard of living. So ‘how much to earn’ differs from person to person.

It is the ability to earn consistently is the real way for financial freedom. Our standard of living will fix ‘how much’ we have to earn. We must be able to earn that amount consistently forever. Not today, tomorrow, day after tomorrow, consistently forever we have to earn. Volume of the amount is not an issue, but how long we are able to generate the income, which is important.

We are financially free if we know how much to earn and make it consistently. People who are financially free have such ability.

Club the Housing loan into Retirement plan

Buying a home is a simple and easy way to retire. You do not need to save separately for your retirement.

There are lots of retirement plans and policies available for private sector employees. Out of the salary some money has to be allotted for retirement if you have enrolled in any retirement scheme.

Now you do not need to look into such policies or worrying about retirement.

Buy a home now. Pay its EMI. Live in your home without house owner harassment or often need to change your whereabouts. No need to pay sky scrapping rent. Let the EMI be your rent. You live in your own home.

When you become old, you would have completed your housing loan EMI and the house will be yours completely. At the same time you would not have any money or bank balance when you stop earning due to aging.

Now club the Housing loan into Retirement plan. If you already owning the house club the house into your retirement.

The only value you possess is your home. Do not sell it to manage your retirement expenses.

Do not pledge your home for loan against property where you have to pay your EMI monthly for the principal amount you get.

Just Reverse Mortgage your home.

Reverse Mortgage loan is given against the equity of your home. You do not need to repay the principal amount, which means no EMI. You do not need move out your house. Even though it is mortgaged, it is your home. You can live in your home as long as you like or till you die. The creditor or bank will issue the loan amount in periods for example monthly.

In reverse mortgage loan, it is like you are selling your home, get the cash periodically, but you do not need to vacate from your home till you are alive. You are allowed to live in your ‘sold’ home provided you enjoy the privilege of a house owner.

You get your retirement security from your home through Reverse Mortgage Loan.

Once you are dead, the creditor or bank will ‘realise’ the loan amount from your house.

There is a philosophical touch in this Buy a Home and Reverse Mortgage It.

When Alexander The Great die, he said ‘let my hands be visible to the public from my coffin. So people could know that I do not carry anything with me’.

In the same way, we possess something for the comfort of our living. We use and enjoy it till we are alive. When we die we give up our possessions. We die with the empty hand. We born empty and die empty. We are not bounded to any property.

If you are buying a house, do not worry about your retirement or do not save for your retirement. Let the EMI of housing loan be your retirement saving.

If you have a house, you do not need to depend on Government or no need to blame government for your retirement. Your house covers your retirement.

Verify this information by cross checking with your bank.

Every civilization, every kingdom, every institution have faced recession in the history. Recession is not new to humanity or society. It might be new to the current generation facing it, but not to the humanity as a whole.

From Indus valley civilization to Mayan civilization recession is common. Every civilization born, mature, flourish, saturate, decline(recess) and disappear.

Apocalypto movie shows the Mayan society in its recession.

The kingdom of Alexander had recession and disappeared soon after his dead.

The first largest known empire of India is Mauryan Dynasty founded by Chandra Gupta Mauryar. It reached its peak during Asoka tenure. King Asoka the first ruler who ruled the territory which is larger than the current political territory of India. After his death, within 50 years Mauryan Dynasty disappeared.

Nanda dynasty was earlier to Mauryan dynasty but it was not so big as Mauryan. When Alexander reached Indus Nanda dynasty was ruling northern India.

After Mauryan dynasty there were various kingdom/kings ruled various part of India attained peak stage and recessed or disappeared.

Guptas, Harshar, Kanishkar were worthy of mentioning.

Raja Raja Cholan from Tamilnadu and Krishan Devarayar from Andhra pradhesh were notable kings. Their kingdoms flourished for around 200 years.

The Pragadeeswarar Temple at Tanjore, India built by Chola kingdom reveals how much rich they should be to built such a temple.

Next dynasty which ruled more than the current political map of India is Mughal Empire during Aurangazeb period. After Aurangazeb mughal empire disappeared.

Ancient cities India like Patna, Madurai, Hambi, Kannosi, Delhi were having their importance due to either political or economic or power. Except Delhi none retains its old richness and importance.

The importance and richness were recessed from old cities to new cities. Bombay, Bangalore, Chennai, Hyderabad, Vizag are having the BUZZ now. They are the cities born during British rule in India. Like in the history, these cities will loose its importance and people buzz, new cities will emerge.

Those who have been living in Chennai, India for more than 30 or 50 years could remember the transition of busy or Buzz points in the city.

When I was a school going boy, Luz corner near mylapoor, mount road around Devi theater and Alankar theatre and Pandy bazaar were busy or buzz points of the city. Paris corner was the busiest Place in Chennai. Now they lost their center of attraction.

Now South Usman road, Ranganathan street in T.Nagar, Purasaiwalkam Garden Area Near Abhirami Mahal, city center, Spencer Plaza, Ispahani Center are buzz points of the Chennai city.

The Indian road king Ambassador car is in its recession. It could not compete with modern car companies.

Guindy and Ambattur Estates were hot spot for private employments for previous generation. Now OMR(Old Mahabalipuram Road) is the hot spot for private employments.

Recession is happening all the time at various level. An individual may face recession personally. Personal recessions are not noticed.

Even now several Indian cotton industries facing recession and people depending on those industries are suffering.

American diamond industry was thriving in Trichy district till a decade back. It had its recession when China captured the world American diamond market. Some of the families, individuals committed suicide from Trichy district during the recession in Indian American diamond industry.

The advent of modern women dresses like Jeans and top, Suridhar, Salwar, Mities eliminated the craze for Silk Saree. Silk Saree industry at Kanchipuram, India is under recession or about to disappear.

What was the economic situation of India, when it attains freedom from British. It was broke not even under recession. What is the situation now.

Indian farmers have faced recession during Jamindari administration, after Independence. Still farmers from different geographical locations of India facing recession. Recession is not new to Indian farmers. They born, grow, suffer, and die in between recessions.

There are sections of Indians who used live with recession and get adjusted to it.

Procrastination is also good. It saves money.

Procrastination is considered as a wrong or bad habit normally. But it has good aspect too.

Procrastination is bad if it is applied to good things. It is good if applied to bad things.

You do not want to completely stop an activity or addiction, but you like to reduce the frequency of the activity (Reduce number of time you indulge in that activity). You can procrastinate it.

Procrastination Saves Money
Many people are addicted to shopping. Either need or want, they buy things which they are not going to use it. Women are addicted to shopping more than men.

If you procrastinate buying what you want or procrastinate going to shopping, it saves your money.

For example, I smoke ten cigarettes a day. I like smoking. I do not like to completely stop it, but want to reduce the count. When I have the appetite to smoke, I can procrastinate the temptation. So if I procrastinate for six times, my count would be four. Procrastination helps to reduce number of cigarettes per day.

We can procrastinate expressing certain emotions till we get a safety outlet to ventilate.

You have fallen in love. You want to express it to your lover. When you meet your lover, he/she is with their parents are attending some function or in party. Procrastinate your decision to express your love. You will find a nice opportunity a loneliness to express your love.

In a marriage there are recoverable and non-recoverable expenses. In case of divorce non-recoverable expenses can not be redeemed.

The money spent for Marriage hall, rich food, light music, decorations, bridal and bridegroom makeups, if Bus or Van arranged to pick and drop relatives, printing invitations are can not be redeemed by divorce.

The jewels given as dowry, cost of dresses for spouses not for relatives (In some marriages new dresses will be gifted to relatives), vessels presented to Bride are can be redeemed.

In short money, spent to buy asset in marriage can be redeemed after divorce. Money spent for services in marriages can not be redeemed after divorce.

One of my neighbor spent around 4 lakhs for food alone in their daughter’s marriage. Within six months she returned home and applied for divorce. The 4 lakhs spent for the food which was served to more than 2000 people attended the marriage can not be recovered. They may need to spend another 4 lakhs or less for her second/next marriage.

Nowadays, divorce seems to be happening often. Many love marriages are ended in divorce like ‘bounce back’ after marriages. Couple might have been loving for years and years, but after marriages they get divorced quickly.

Arranged marriage done bombastically by the parents with their ‘last money’. If the marriage get divorced, they are empty to cover the expense of another marriage.

An government employee who spent is retirement fund to his daughter marriage. He lavishly spent all his money in the marriage. Within 2 years his daughter’s marriage life broken. Either she divorced or got divorced. Now the ’emptied’ father does not have money to do the second marriage.

It is better to avoid spending too much in marriages since there is no guarantee that the marriages will last for long time. Keep some reserve fund for second marriage if divorce happened.

If you are the father and about to spend 10 lakhs for your daughter’s marriage, here are the options to manage second marriage.

1) keep a reserve fund.

2) Do not spend too much in marriage, like finish off the marriage within 1 or 2 lakhs. Give the portion of the amount periodically to your daughter in the next years. This may avoid the divorce initiated from your son-in-law since year s/he will receive some lump sum amount. During these years they might have settled down to live and adjust with each other with their respective negatives.

It is similar to the periodical payout release in Reverse Mortgage Loan.

If you belong to middle class or upper middle class income group, beware of spending too much or emptying yourself in your kids marriages.

Divorce has penetrated the middle class society. Divorce is no longer the property of Cine actor/actress. Educated middle and upper middle class couples are engaging in divorce casually. For them ‘divorce’ is not a big word or unreachable horizon like previous generations.

Parents may need to get their kids marry once, twice, or more. So reduce the expense spent for marriages.

NPA stands for Non Performing Asset.

Are you listed in CIBIL defaulter list? If so, do not get panic. Listed as defaulter is not so serious like NPA. Many do not aware of NPA. Defaulter status does not eliminate your chances to get next loans completely.

Even if you miss one EMI you can be declared as ‘Defaulter’ though you complete the loan later. If your next creditor or bank denying to issue loan since you are defaulted in the EMI in last loan, you can give valid reason to Justify why did you defaulted and you are having a scope to convince the loan issuing authority. You can give reason for why you have defaulted your EMI. Like, You are sick, you are fired and etc provided you should have cleared your loan.

What is more serious than ‘defaulter’ is NPA. If you are listed in NPA list, you are at dead end. You can not get loan from any nationalised or private banks. If a bank manager issues loan to a person who is listed in NPA, can be sued. The person issues loan has to justify why he has given loan to person who is listed by CIBIL as NPA.

NPA is deadly than Defaulter.

If you miss out an EMI, you can be listed as Defaulter. Next month you continue to pay your EMI including the pending EMIs. In case you fail to pay the EMI for the next three months, your loan is a Non Performing Asset to the Bank.

If any loan does not yield result(EMIs) for 90 days, it is a Non Performing Asset( NPA ). The loan holder’s creditability is completely damaged. If any loan which is not functional for more than 90 days, it has to be mentioned in NPA, otherwise the manager or authorised person has to give reason why the loan is not listed in NPA.

How to avoid listed in CIBIL defaulter list

If you know that you are not able to pay your EMI for next month or so, you can inform the bank in advance in writing and confirm that you can pay cumulatively later on. So that your case may not be informed to CIBIL by your bank.

Keep good relationship with your bank. Inform your situation if things go wrong, in advance and confirm that you can pay the loan even if you fail one or two EMIs, in writing. This will maintain your creditability with the institution where you get loan and may avoid you get listed in CIBIL defaulter list.

How to avoid listed in NPA list

If you are listed in defaulter do not worry, but resume paying your EMI within 90 days.

NPA is a killer status than Defaulter.