Latest news with #Gosar
Mint
19-06-2025
- Health
- Mint
Why AYUSH claims keep getting rejected despite new insurance rules
Chhattisgarh-based Moin Vanak, who suffered from diabetes, hypertension, and poor digestion, turned to naturopathy for relief from persistent shoulder, knee and calf pain—as well as sleep issues. He got admitted for a 10-day in-patient treatment at a NABH-accredited facility, paying the expenses out-of-pocket despite having insurance, and later applied for reimbursement. Despite holding a valid policy, his claim was rejected. The insurance company said, "as per submitted documents, the patient was admitted primarily for diagnostic and evaluation purposes." Vanak has submitted his doctor's justification for why in-patient (IPD) care was essential, but the claim remains under dispute. "They are doing so even as the hospital is NABH-accredited," he said. As per the Insurance Regulatory and Development Authority of India (Irdai) directive issued in January 2024, all health insurance policies must cover AYUSH—Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy—treatments on par with modern medicine. While earlier policies included exclusions and sub-limits, insurers are now required to remove these. Yet, some exclusions remain. For instance, Star Health's comprehensive policy still excludes yoga and naturopathy. Niva Bupa's Reassure 2.0 plan also excludes yoga. Also read: Financial resilience: Why emergency funds are more crucial than ever Steep rejection rates Despite growing interest, many claims get rejected. 'We have spoken to a couple of AYUSH hospitals whose administration told us at least 70% insurance claims get rejected," said Shilpa Arora, co-founder & COO, Insurance Samadhan. Mumbai-based CA Mayank Gosar faced a similar situation. His parents, suffering from diabetes and digestive disorders, took a 7–8 day treatment at a NABH-accredited centre. 'There was substantial improvement in health post the treatment. They had taken panchakarma and detoxification therapies, full body acupressure, abdomen pack, neck pack, hydrotherapy and various other ayurvedic procedures," said Gosar. Gosar's mother's claim was rejected on grounds that the treatment didn't need hospitalisation. 'The doctor had clearly mentioned in the justification letter that staying in the AYUSH hospital for 7-8 days was medically necessary," he said. In his father's case, insurers kept asking for the same documents and have not processed the claim for over a year. Gosar has now approached the Insurance Ombudsman. Also read: Health insurance vs medical corpus: What should senior citizens prioritize? Faridabad-based Bhairav Vashishth's claim, initially rejected, was eventually accepted for cashless coverage. His daughter was undergoing treatment for morphea, a rare skin disease. 'After multiple rounds of back and forth and a justification by the doctor, the company accepted our request for cashless coverage," he said. What insurers say Insurance companies argue that AYUSH claims are treated like any other. 'We have observed a significant increase in the uptake of AYUSH treatments under health insurance. From FY24 to FY25, AYUSH claims rose over 30% and the amount paid grew around 48%," said Bhaskar Nerurkar, head - health administration team, Bajaj Allianz. A major challenge is the lack of standard treatment protocols. 'For the same condition, AYUSH medical management could differ greatly from allopathy. Sometimes insurers take an arbitrary stance on whether IPD was needed," said Sreejith Edamana, COO, Apollo AyurVAID. He added, 'More than 80% of our urban patients have insurance coverage, so it is critical to make the process seamless. Industry conversations to improve this are underway." Edamana also flagged CGHS pricing issues. 'Some insurers demand discounts on outdated CGHS rates last updated in 2016. This becomes a loss for everyone—patient, hospital, and insurer," he said. What patients should know Before opting for AYUSH treatment, confirm if your chosen hospital is in-network and NABH-accredited. Admission to an AYUSH hospital must be based on prior consultation and clear diagnosis by a recognised practitioner. Missing documents or unclear justification for hospitalisation often lead to claim rejection, said Bhabatosh Mishra, COO at Niva Bupa. 'You cannot simply go to an AYUSH center and get admitted. There must be a prior consultation with recognised AYUSH doctors and diagnostic reports justifying IPD treatment," he added. Hospitals must meet specific standards: at least five IPD beds, qualified practitioners available 24/7, and dedicated therapy sections. Mishra said that they have seen some AYUSH centers listed on travel aggregator websites offering a pleasant stay or organising an ayurveda retreat. "If you are a hospital treating ailments, how could you project yourself as a hotel?" he said. Also read: Life insurance is an interest area for us, says Star Health MD & CEO Anand Roy Also distinguish preventive vs curative care. 'Insurance covers treatment for disease, accident or infection. But preventive care—like managing blood sugar or BP without a formal diagnosis—may not be covered," said Bajaj's Nerurkar. Watch out for inconsistencies in hospital records. 'Sometimes the supervising doctor is qualified, but internal papers may mention someone else. That creates grounds for rejection," said Arora of Insurance Samadhan. As AYUSH gains ground, coordination between insurers and AYUSH hospitals is essential. Standardised packages and transparent billing could enable smoother, cashless claims. Curiously, even Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB-PMJAY), the government's flagship health scheme, is yet to include AYUSH treatments in its coverage. Also read: How corporate India is quietly becoming the health insurer for your parents
News18
17-06-2025
- Business
- News18
Wants Vs Need: Is Middle Class Choosing Debt Over Wealth? Post Triggers Debate
Last Updated: Ultimately, Gosar asserts that the middle class is not trapped by the system but by their own choices. In a thought-provoking LinkedIn post, a Data Scientist Monish Gosar, challenges the widely held belief that the middle class is a victim of the financial system. According to Gosar, they are, in fact, willing participants. Gosar illustrates his point with an example of a friend who earns Rs 15 lakh per annum and pays Rs 45,000 in EMIs each month. Instead of opting for a Rs 3 lakh used car, the friend chose a Rs 10 lakh new car, justifying the decision with 'I deserve it." Gosar argues that this mindset is precisely what banks expect. Credit card debt in India has doubled to Rs 2.92 lakh crore in the past four years, and personal loans have surged by 75%. However, Gosar points out that no one is forced to accrue this debt; it is a result of individuals choosing instant gratification over delayed wealth. The money spent on luxury items like iPhones and fancy dinners could have been invested in mutual funds or other wealth-building avenues. Confusing Wants With Needs One of the critical issues highlighted by Gosar is the confusion between wants and needs. People justify expensive purchases by convincing themselves they are necessities, such as buying a car for office use when, in reality, the decision is driven by a desire for social status and luxury features. Social media platforms like Instagram have exacerbated this issue by making individuals feel inadequate, even if they are financially well-off. This has led to a culture of competing with strangers, driving people to make financially irresponsible decisions. Gosar notes that many middle-class individuals ignore basic financial mathematics, such as the 36% interest rate on credit cards compared to the 12% returns from mutual funds. Emotional decisions often lead to substantial financial commitments without considering the long-term costs, such as the Rs 3 lakh in total interest paid over five years for an EMI of Rs 18,000. Ultimately, Gosar asserts that the middle class is not trapped by the system but by their own choices. Banks merely provide the rope; individuals choose to tie the knots. While acknowledging that the system could improve and financial education should be enhanced, he emphasises that every financial decision is a personal choice. Accepting this responsibility is the first step towards making better financial decisions. First Published: June 17, 2025, 10:50 IST
Economic Times
16-06-2025
- Business
- Economic Times
'That iPhone could have been a mutual fund SIP': Data scientist blames ego for Indian middle class's EMI burden
TIL Creatives India's middle class is spiraling into debt not due to systemic oppression, but because of poor financial choices, says Monish Gosar. His post argues that emotional spending, lifestyle inflation, and social media-driven aspirations have led to rising credit burdens. (Image: TIL Creatives) A ₹10 lakh car. A brand-new iPhone. A weekly fancy dinner. In today's India, these have become silent symbols of success—tokens of middle-class arrival. But what if these very purchases are costing the Indian middle class its financial future? That's the provocative argument made by Mumbai-based data scientist Monish Gosar in a hard-hitting LinkedIn post that's ignited sharp reactions online. With India's credit card debt ballooning to ₹2.92 lakh crore in just four years and personal loans rising 75%, Gosar isn't pointing fingers at banks or inflation. Instead, he turns the spotlight inward: 'Banks didn't trap us,' he writes. 'They offered the rope. We tied the knots.' His message is as blistering as it is timely— we're not victims of the system; we're participants in our own downfall. In a country where a ₹15 LPA salary is seen as upper-middle-class comfort, Gosar paints a sobering picture of self-sabotage. Recalling a friend who chose a ₹10 lakh car over a ₹3 lakh used one, Gosar recalls the justification: 'I deserve it.' But instead of admiration, he offers a warning: 'That's exactly how the system wins.' Gosar's critique is rooted in numbers, not nostalgia. He contrasts the 36% interest on credit cards with the 12% returns from mutual funds—showing how the rush for status symbols overrides long-term sense. 'That iPhone could've been a mutual fund SIP,' he writes. 'We made emotional decisions. And we ignored the math.' The result? A generation struggling not because they're underpaid, but because they're overextended—financially, emotionally, and socially. This isn't just about one man's opinion. Saurabh Mukherjea, founder of Marcellus Investment Managers, recently echoed the anxiety gripping India's white-collar class. In a podcast titled Beyond the Paycheck , he declared the traditional salaried path 'dead,' citing automation, AI, and collapsing middle management structures as signs of the end of job security. 'Much of what was supposed to be done by white-collar workers is now done by AI,' he said, warning of a middle class clinging to dreams that no longer exist. Mukherjea, like Gosar, isn't pessimistic—he's urging a mindset shift. From consumerism to entrepreneurship. From passive income to active risk-taking. From EMIs to equity. Gosar's post also cuts into another uncomfortable truth—how digital platforms like Instagram have distorted financial priorities. 'We started competing with people we don't even know,' he writes. The endless scroll of curated lifestyles has nudged many into equating self-worth with net spending, blurring the lines between wants and needs . It's not that occasional indulgence is inherently wrong, as some netizens pointed out. But Gosar's message is about scale and intent—are we buying because we value the product, or because we crave validation? The comment section under Gosar's post reveals a nation split. Some defend the pursuit of comfort, pointing to rising living costs in metros. Others echo his call for responsibility. But one thing is clear—the middle class is standing at a crossroads. The dream of stable jobs, EMIs, and eventual retirement is under siege from inflation, AI, and a broken housing market. Yet within this crisis lies an opportunity: to rethink what success looks like, to decouple status from spending, and to embrace financial mindfulness over mindless consumption. As Gosar concludes, 'The system didn't trap us. We trapped ourselves. Every swipe, every EMI — that was on us.' The question is: can India's middle class untie the knots before it's too late? Because in the end, that iPhone really could have been a SIP—and that mindset could be the difference between debt and dignity.
Time of India
16-06-2025
- Business
- Time of India
'That iPhone could have been a mutual fund SIP': Data scientist blames ego for Indian middle class's EMI burden
A ₹10 lakh car. A brand-new iPhone . A weekly fancy dinner. In today's India, these have become silent symbols of success—tokens of middle-class arrival. But what if these very purchases are costing the Indian middle class its financial future? That's the provocative argument made by Mumbai-based data scientist Monish Gosar in a hard-hitting LinkedIn post that's ignited sharp reactions online. With India's credit card debt ballooning to ₹2.92 lakh crore in just four years and personal loans rising 75%, Gosar isn't pointing fingers at banks or inflation. Instead, he turns the spotlight inward: 'Banks didn't trap us,' he writes. 'They offered the rope. We tied the knots.' His message is as blistering as it is timely— we're not victims of the system; we're participants in our own downfall. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 23.7% Returns in last 5 years with Shriram Life's ULIP Shriram Life Insurance Undo Math, Not Magic In a country where a ₹15 LPA salary is seen as upper-middle-class comfort, Gosar paints a sobering picture of self-sabotage. Recalling a friend who chose a ₹10 lakh car over a ₹3 lakh used one, Gosar recalls the justification: 'I deserve it.' But instead of admiration, he offers a warning: 'That's exactly how the system wins.' Gosar's critique is rooted in numbers, not nostalgia. He contrasts the 36% interest on credit cards with the 12% returns from mutual funds—showing how the rush for status symbols overrides long-term sense. 'That iPhone could've been a mutual fund SIP,' he writes. 'We made emotional decisions. And we ignored the math.' You Might Also Like: Can middle class depend on salaried employment? Saurabh Mukherjea gives 10 commandments of entrepreneurship The result? A generation struggling not because they're underpaid, but because they're overextended—financially, emotionally, and socially. The System Isn't Rigged. It's Responsive. This isn't just about one man's opinion. Saurabh Mukherjea, founder of Marcellus Investment Managers, recently echoed the anxiety gripping India's white-collar class. In a podcast titled Beyond the Paycheck , he declared the traditional salaried path 'dead,' citing automation, AI, and collapsing middle management structures as signs of the end of job security. 'Much of what was supposed to be done by white-collar workers is now done by AI,' he said, warning of a middle class clinging to dreams that no longer exist. Mukherjea, like Gosar, isn't pessimistic—he's urging a mindset shift. From consumerism to entrepreneurship. From passive income to active risk-taking. From EMIs to equity. Instagram vs. Investment Gosar's post also cuts into another uncomfortable truth—how digital platforms like Instagram have distorted financial priorities. 'We started competing with people we don't even know,' he writes. The endless scroll of curated lifestyles has nudged many into equating self-worth with net spending, blurring the lines between wants and needs . You Might Also Like: 'The salary dream is dead': Market guru Saurabh Mukherjea drops truth bomb on India's middle class It's not that occasional indulgence is inherently wrong, as some netizens pointed out. But Gosar's message is about scale and intent—are we buying because we value the product, or because we crave validation? Middle Class at the Crossroads The comment section under Gosar's post reveals a nation split. Some defend the pursuit of comfort, pointing to rising living costs in metros. Others echo his call for responsibility. But one thing is clear—the middle class is standing at a crossroads. The dream of stable jobs, EMIs, and eventual retirement is under siege from inflation, AI, and a broken housing market. Yet within this crisis lies an opportunity: to rethink what success looks like, to decouple status from spending, and to embrace financial mindfulness over mindless consumption. As Gosar concludes, 'The system didn't trap us. We trapped ourselves. Every swipe, every EMI — that was on us.' The question is: can India's middle class untie the knots before it's too late? Because in the end, that iPhone really could have been a SIP—and that mindset could be the difference between debt and dignity.
Hindustan Times
16-06-2025
- Business
- Hindustan Times
‘ ₹15 LPA salary, ₹10 lakh car': Data scientist calls out middle class for financial choices
In a post that's resonating across professional networks, data scientist Monish Gosar has sparked widespread conversation by challenging the commonly held belief that the middle class is a victim of the financial system. Instead, he argues, they are 'willing participants'. Gosar opens his viral LinkedIn post with a bold claim: 'Unpopular opinion: The middle class is not a victim of the system. They're willing participants.' Drawing on a personal anecdote, he describes a friend earning ₹15 lakh annually who opted for a ₹10 lakh new car over a more affordable ₹3 lakh used vehicle. 'I deserve it,' the friend had said, 'I work hard.' But Gosar points out this very mindset is what keeps banks in business. 'And that's exactly what banks want us to think,' he writes. Backing his opinion with data, Gosar states that credit card debt in India has nearly doubled in four years, hitting ₹2.92 lakh crore. Personal loans, he notes, have grown by 75%. Despite these staggering numbers, he insists no one forced individuals to take on this debt. 'We did it willingly.' In his post, Gosar criticises the middle class for choosing instant gratification over long-term wealth. 'That iPhone could've been a mutual fund SIP. That fancy dinner could've been an investment. We knew this. We chose differently,' he laments. Also read: Twins adopted by separate families become best friends then discover they're sisters He further argues that the confusion between wants and needs fuels financial irresponsibility: ''I need this car for office.' No, you wanted the social status. The AC, leather seats, and brand logo were wants, not needs.' Gosar also blames social media for distorting financial goals, claiming platforms like Instagram have made high earners feel poor. 'We started competing with people we don't even know,' he writes, illustrating how comparison culture contributes to emotional and irrational spending. '36% credit card interest vs 12% mutual fund returns. We chose to pay banks instead of earning from markets," he added. He sums it up starkly: 'The system didn't trap us. We trapped ourselves. Banks simply offered us the rope. We chose to tie the knots.' While Gosar acknowledges that the system could be improved and that financial education is lacking, he ultimately places responsibility on individuals. 'The moment we accept this responsibility, we can start making different choices,' he concludes. Many took to the comments section to respond. A user wrote, 'Reasons why this generation is crying on stuff cuz they buy stuff to please people than actually owning it for themselves.' Another added, 'Absolutely valid points in this post — personal responsibility in financial choices is real, and many of us have fallen into the 'I deserve it' trap. But there's another side to consider, especially for those living in tier 1 cities.' Also read: Khan Sir addresses 'ghoonghat controversy', reveals reason behind wife's red veil
