by Vinaya HS on December 30, 2009
in Finance
I’ve experienced first-hand and also repeatedly advised acquaintances and readers of this blog, the benefits of having independent health insurance — health insurance that’s not tied to your employment — for yourself and your dependents.
However, amidst all the events that have happened in my life in the past few months, I let my own health insurance lapse. I simply forgot to renew it — it’s another matter though that the insurance company conveniently forgot to remind me.
A reminder that personal finance is not a one-time activity. It’s a lifelong journey. And the onus is on you to be in charge.
What do you think?
by Vinaya HS on February 2, 2009
in Finance
If you can lay your hands on a copy of Businessworld’s February 02, 2009 issue, pay special attention to the case study published on pages fifty-three through fifty-six. The same case study has been published online too.
Of special interest is this particular statement:
Today’s young are worse off than today’s older. The older have insecurities of health and ability to pay for it, the young fear life itself.
Do you think that the above statements are true? And here’s a related article — “The bills your parent’s didn’t have.”
by Vinaya HS on January 15, 2009
in Finance
by Vinaya HS on December 16, 2008
in Finance
by Vinaya HS on September 24, 2008
in Finance
I missed an important point — one that I gained through recent experience — when I wrote about how I chose my independent health insurance provider.
One of the steps in your hunt for health insurance should include a quick visit to the hospitals in your locality and approaching their insurance desk to find out which health insurance provider offers the best service in that hospital. Most insurance desks would have dealt with multiple health insurance providers and their insights will certainly be valuable in making your decision.
by Vinaya HS on September 23, 2008
in Finance
The past one-and-half months have been traumatic as my mother’s health has steadily deteriorated into a critical condition. We’ve given her the best medical care possible — probably that’s what has kept her going this far. I couldn’t have afforded this medical care if it were not for three things:
- Clearing my debts and keeping out of debt,
- Building a substantial emergency fund, and
- Having independent health insurance.
Just a couple of years ago, I had a lot of debt to be repaid, no emergency fund, and no independent health insurance for my mother. I’m not sure what I’d have done — without going deeper into debt — if the present emergency had happened back then. In fact, I don’t even want to think about it. All the personal finance reading and research that I have done and the financial plans that I have executed over the past couple of years have proved their worth — many times over — today. Just imagine if one has to bear both psychological and financial traumas in such a situation.
If you haven’t yet got your financial house in order, there’s no better time to start than today. Believe me. It’s never too late to be prepared. I’d be glad to share my experiences and help.
by Vinaya HS on June 27, 2008
in Finance
Reader Pavan asks,
Can you put some information on various health insurance schemes and which one is relatively best?
To beging with, the idea for having an “independent health insurance cover” was conceived during a discussion I had with a close relative. This relative was also the one who told me about Star Health and Allied Insurance, an exclusive health insurance company.
I did research and speak to other health insurance providers, but here’s why I chose Star Health and Allied Insurance:
- Following my request to be contacted, a branch manager got in touch, came down to my residence, and spent a significant amount of time explaining various policies and options. Another health insurance company I spoke to mentioned that they do not have such options — everything’s online and faceless.
- The branch manager did not behave like a fanatic salesman desperately trying to meet his targets. He acted more like an adviser, giving us information and sharing his thoughts, but allowing us to make the decisions — and that’s how insurance should be sold. The other insurance company I spoke to wanted me to check everything online and use my credit card online then and there! I almost said, “WTF mate?”
- My mother is a senior citizen and she did not have an existing health insurance cover. Star Health offers a great policy tailored to senior citizens. This was a BIG factor in my decision. I didn’t like the policies offered by other health insurers.
- Star Health has a good network of hospitals, some of which are located quite close to my residence. But this is generally true of most health insurance providers.
All said and done, I chose Star Health and Allied Insurance for my independent health insurance policy needs simply because they were willing to interact and connect as humans.
Pavan, I hope this article proves useful to you.
by Vinaya HS on June 26, 2008
in Finance
by Vinaya HS on June 25, 2008
in Finance
When I put up my definition of financial independence, I said
I should have independent health insurance for myself and for my dependents.
I thought I should clarify the term “independent.” In saying independent health insurance, I am referring to a health insurance cover that is not provided by my employer. Normally, employers provide group health insurance cover for employees and their families. The term “family” has a wide definition — some employers define family as yourself, your spouse, up to two of your children, and your dependent parents; some keep your dependent parents out of the purview of family. In my case, my mother does not qualify as family!
Health insurance provided by your employer is a great benefit to have, but the benefit stops the moment you leave your job. What do you do then — at least until you find your next job? What if your next job does not provide the right health benefits? What if you turn an entrepreneur? Given the increasing levels of health problems and the ever rising levels of medical costs, these are questions that you must answer today. Having an independent health coverage means that you’re not tied to your employer just for the health benefits. It lets you be “free from worry” when you’re out of a job or are thinking about entrepreneurship.
I am a strong advocate for independent health coverage. Get one as soon as you can, because health insurance premiums go up with age.
What do you think?
by Vinaya HS on February 19, 2008
in Finance
We have,
Unit Linked [Life] Insurance Plans that combine investment and life insurance and guarantee purchasing power adequate to purchase the moon albeit in the long-term.
We have,
Unit Linked Pension Plans that combine investment and pension and guarantee purchasing power adequate to purchase the moon albeit post-retirement, which will anyway happen in the long-term.
Now we also have,
Unit Linked Health Plans, which combine ULIPs and health insurance. The idea: In a bull market, the ULIPs grow in value, you don’t suffer any panic attacks, the insurance company laughs all the way to the bank, and you get nothing. In a bear market, the ULIPs tank, you suffer every kind of panic attack, the insurance company still laughs all the way to the bank, and you still get nothing because,
The claim would be settled based on the net asset value of the scheme [which has tanked!] on that day.
Buy one, if and only if you can predict with 100% accuracy that you will be hospitalized only during a bull market.
The Simple Dollar says it best:
Insurance as an investment is a great investment for the insurance company but a terrible one for you.
