atans1

Medishield: Expert on whether to buy integrated plans

In Financial competency, Financial planning, Uncategorized on 19/10/2016 at 4:58 am

 

Younger S’poreans who can’t afford to misspend money on useless, unnecessary stuff should heed the wise words of Tan Kin Lian the ex-CEO of NTUC Income who was sadly persuaded by the likes of Goh Meng Seng to stand for president.

The message basically is “Don’t buy Integrated Plans. Juz rely on Medishield for all its flaws”:

When you buy an integrated plan, or go to a non-subsidized ward*, you are helping the government to reduce its subsidy. You get a ward with 4 patients** instead of 6 patients*** and have the chance to choose your doctor. In most cases, these differences do not really matter to the quality of the care. But you are paying a much bigger bill (due to lower government subsidy) and you have to pay a much higher premium (maybe 2 or 3 times) to cover this difference. Is this really necessary?

http://tankinlian.blogspot.sg/2016/10/bad-design-for-medishield-life.html

(Emphasis mine.)

Someone who realised the folly of an integrated plan and wanted to revert was told

It is easy for you to convert back to Medishield Life. Call the insurance company and ask them if they will give you a pro-rata refund for the premium that you have paid for the integrated plan. If they can, you can convert immediately. If no, you can convert to Medishield Life at the next renewal date.

http://tankinlian.blogspot.sg/2016/10/move-back-to-medishield-life.html

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Healthcare for cheapskates

Older S’poreans who are well-off but cheapskates (otherwise known as “value for money” folks of which I’m one) use SingHealth, go to B2 wards and only have Medishield. The really hard-core try for C class but get found out and are whipped publicly.

Now their secrets on B2 and Medishield is public knowledge.

For those who voted against the PAP using SingHealth, B2 and only Medishield has another advantage. U can give the PAP the finger and have your cake and eat it. Eat yr heart out Queen Jos: us peasants (plebs) can be like millionaire ministers too. Have cake and eat it. And give the PAP the finger.


More on TKL

He lost his deposit in the PE, and thus indirectly helped the PAP’s prefered candidate to win. Bad advice and personal quirks made him look like a clown. He’s eccentric but no clown. I should know. I helped him help the mini-bonders (though sadly we didn’t help them that much) so I should know. But I fell out with him when he listened to “bad” advice. But to be fair, I’m not an easy person to work with.

Since the PE, he’s focused on his core competency of dishing out financial advice, Example

Financial Services Consumer Association

I have updated a few articles on financial planning and insurance in the FISCA website. They answered questions that were sent to me by ordinary people. You may find these articles to be useful and relevant.

Click here to view these articles. 

I have also produced about 10 videos covering different topics on financial planning and insurance. Each video is about 5 to 10 minutes. One video is longer.

Click here to view these videos.

I invite you to view to vote on the issues listed here. You will win a book prize – Financial Planning for Young People.

If you are tired of receiving my messages, you can click on the link below to unsubscribe from all future mailings. 

Click here to unsubscribe from all future mailings.

Tan Kin Lian
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*The real challenge is in dealing with treatment in a non-subsidized ward, i.e. B1 and A ward. The term “non-subsidized” is not a proper description. There is a small subsidy in B1 wards. TKL

**B1 has four patients to a room and has aircon.

***B2 has six patients to a room and has no aircon. C (“Cattle”?) class has nine to a room.

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  1. rich blokes like him only see docs at private clinics/hospitals.

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