1/07/2008

Secrets of Singapore's success - Compulsory

Make it compulsory Stanley Jeremiah, a chartered insurer, suggested that with the high cost of medical bills, it is desirable to have compulsory medical insurance coverage. Hmmm, we are going to have compulsory annuity insurance, now this. Actually not a bad idea. It is good for the people and will protect them when it hits them. And with legal fees getting higher and higher, we should also make it compulsory for people to buy legal insurance in case they got into a lawsuit. Make it compulsory for people who keep killer dogs also. What does compulsory means? It means your money is not your money. People can just legislate it away and make you buy things or spend your money on things that you do not need or want. Other people will decide how you spend your money. Means Testing is not much difference. You must spend your money. This is another great secret to Singapore's success.

10 comments:

Anonymous said...

cannot believe that they are considering the income of son-in-laws and daughter-in-law and grandchildren..... this seem to indicate the real intention is not to help but to extract more cash....

Anonymous said...

Of course Stanley Jeremiah will say that, he is in the insurance business. It will mean more business for him.

Anonymous said...

Since when has anything in Singapore even been yours to being with ? Your CPF is not yours. Your HDB flat is not yours. Even your private landed property is not truly yours. Just ask those who have been lucky enough to be on the receiving end of the Land Acquisition Act.

Anonymous said...

Didn't they tell you Singapore is a 'City of Possibilities'. Anything is possible, even the impossible becomes possible. Just hold your breath for more.

redbean said...

actually the future of singapore is in good hands. we have the best men and women in charge. sleep well.

Matilah_Singapura said...

It's only a matter of time before legislation is introduced applying to compulsory health insurance.

It is the only way to prevent the public health system from financial collapse because many too idiots expect "free" medical aka "Universal Healthcare"—a doomed concept.

redbean said...

let me see, we have medisave, medishield, medifund, and what else. i think it is a good idea to have an insurance to cover all these schemes in case one of them does not work.

let's call it 3M Insurance. that should be quite good i think.

later we can introduce another one in case the insurer goes bust.

Anonymous said...

Very soon we will need a healthcare insurance watchdog to make sure nobody, especially doctors and hospitals, abuses the various healthcare insurance scheme by charging much more than normal when health insurance comes into the picture.

Many years ago I was working in a shipping company and ship's crews used to come ashore for dental treatment provided by a dental surgeon appointed by the company. Some of the dental bills raised by the dental surgeon for some tooth extractions really boggles the mind. The dental surgeon knew that the crews are covered by medical insurance and they therefore marked up the charges so high that the insurers wrote back to complain that in their country even if you change the whole set of teeth provided by nature for the crew it will cost less than what the surgeon charged. And we are not talking about third world countries.

And that is what medical charges will become in Singapore, because the insurers are paying for it. Guess who will be the biggest losers.

redbean said...

our hospitals need not worry about singaporeans not being able to pay. there is medisave to draw on and the retirement account which has a substantial amount of money to fall back. then there is the hdb flat to force sell.

now, including all the insurances, where is the problem of paying?

as for the failure or weaknesses of a full fledge insurance scheme like those in the US, not the same. here we will manage it very well.

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