As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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Saturday, 11 March 2017

Financial Independence : Withdrawal??? Passive Income > Living Expenses??? (Good time to refresh before my talk)


Read? Financial Independence : Withdrawal??? Passive Income > Living Expenses???

True Story! Damn Good Advice!


Reply #4 on Nov 15, 2015 at 9:33am me200, candy188, and 1 more like this

ReplyQuote  Post Options

Post by oldman on Nov 15, 2015 at 9:33am

As I am now a consumer of healthcare insurance, what I am learning about insurance companies scares me even more. I was in hospital for a few weeks in Oct and chalked up a bill of well over $100,000, which I had to pay out of my own pocket first. I blamed the hospital for being too kiasu by getting money from me first

Then, a letter from the insurance company arrived and stating that they will not be paying anything until my oncologist replies to their list of questions. The insurance company tells that this process can easily take another 10 weeks! I then called my oncologist who kindly filled up the list of questionaire and sent it back to the insurance company. Let me see whether the insurance company finds other ways of dragging its feet. 

Of course no one wants to stay in hospital for a few weeks unless he is very sick! Glad to say, I am now on the road to recovery ... but have still to sort out these insurance issues which I previously thought will be transparent to me. How wrong I was! 

For those with private health insurance cover, be aware.... your policy may require you to have a few hundred thousand dollars sitting idle in the bank..... yes, this is not mentioned even in the fine print and certainly will not be mentioned by your insurance agent!

At best, if you have private healthcare insurance and intend to make use of the private hospitals or approved clinics, you should view your insurance plan as a reimbursement plan.... you have to pay upfront first and your insurance company hopefully will pay you back ( yes, there will be clauses in your insurance plan to allow them the flexibility of reviewing all charges before paying you back). Payback time is also up to the insurance company. 



12 comments:

  1. CW,

    This is probably why some who have paid Integrated Plans decide to downgrade from Private to Public hospitals, and public A class to B class?

    ReplyDelete
  2. The reimbursements will come eventually. Just use credit card to accumulate rebates/points first.

    Shield plan to cover A Ward and Private Hospital + Cash Rider to pay up to the first cent of the bills is still the best health protection plan.

    ReplyDelete
    Replies
    1. Walau. $100k bill can use credit card.

      Delete
    2. Can, unless your are super high networth client.

      How many has this credit limit? Few only.

      Delete
  3. Can be more then 100k/month or months for the dreaded carcinoma case.

    My BIL have to borrow from relatives to pay first before re-imbursement from Insurance.

    ReplyDelete
  4. Uncle CW,

    Wah, got this kind of case. Thanks for the heads-up

    ReplyDelete
  5. the ministry which oversees health matters, be it treatment in private or govt hospital, shld be aware of the health insurance plan one is with, to avoid paying first then seek reimbursement
    It is not easy to cough up a few hundred k ...

    ReplyDelete
    Replies
    1. Before any major treatment there is counselling session on expected cost. So some know themselves will down grade.

      Delete
  6. jia you on the upcoming talk!!! :d

    ReplyDelete
  7. Wow, that is scary, CW8888, is this for real?

    Why would this be the case?

    There is no way, anyone will have that kind of cash lying around, okay, your friend is an exception, but seriously, an average person can only dream of having that kind of cash

    ReplyDelete

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