Our health insurance is like a Ponzi scheme. The difference is this scheme is perfectly legal and everyone keeps paying year after year with increasing premiums and nobody hopes to claim from it. Whenever someone makes changes to the scheme, believe me, premiums definitely will go up. The terms and conditions are not fixed at buy-in and they could be changed as and when ‘they’ like. Sigh.
There is really no advantage to buy-into the scheme from a young
age but it has been made mandatory here! Why? Because ‘they’ needed the masses’
‘blood money’ to make huge profits by paying some claimants.
Now, there is a ‘war’ going-on between the LIA (Life Insurance Association) and SMA (Singapore Medical Association) because both want to make more ‘blood-money’ from the insured. Our ‘Big Bro’ is stepping in to mitigate the ‘noise’ but rightfully our MediShield-Life should be separated from those IP because private insurers are using it as a smoke-screen to jack up their premiums whenever big changes are announced. These players are not transparent and often explain vaguely the need for any premium increase.
Why then so many people still go for private IP?
One is they could afford it or someone is paying for it. Second, it’s a long wait at public hospitals which are the training grounds for new and young doctors to gain exposure. Doctors keep changing as many would later go into private practice to make more money. Thirdly, people want immediate health services, so many go for private. So, public or private? You decide, my friend!
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