Thursday, October 1, 2009
Privacy of patient data
According to this report from the consultant McKinsey, it is better for the patient records to be available for analysis and hold doctors accountable to deliver the expected level of care. Campaigners for privacy may be playing into the hands of people who does not wish to be accountable for their mistakes or bad practice. This is an interesting conclusion.
Central Medical Records
A few months ago, I carried out a survey about the value of a central medical record system. Many respondents replied that they are interested to join this system, as it allow any doctor that is treating them to access the medical records. It also avoids having duplicate medical tests to be taken. Here are the survey results.
This system is designed primarily to handle the outpatient records (i.e the medical records that are kept in GP clinics). It is not intended to capture the detailed specialised records that are kept in hospitals.
You can read more about this system in this document. You can test the Demonstration system directly here.
This system is designed primarily to handle the outpatient records (i.e the medical records that are kept in GP clinics). It is not intended to capture the detailed specialised records that are kept in hospitals.
You can read more about this system in this document. You can test the Demonstration system directly here.
If you like the system, please help me to pass the word around to doctors, employers, insurance companies and the health authority. It can help to improve the delivery of medical services in Singapore.
NOTE: The records in this demonstration database are fabricated. In the real system, there will be controls to ensure that only the patient and the doctors authorised by the patient can see the records.
Benefit Illustration for a Life Insurance Policy
When the agent gave you a benefit illustration, did the agent explain the following?
1. That you have a 14 day free look period to cancel the policy for a full refund?
2. That the amount shown as "distribution cost" s taken away from your premium?
3. That the "effect of deduction" is taken away from your investments to pay the various charges under the policy?
If the agent has explained these points to you clearly. the agent is being transparent and can be trusted. If some of the information is hidden from you or the explanation is not clear, you have to read the benefit illustration again. If you need help, you can approach FISCA, www.fisca.sg
Tan Kin Lian
1. That you have a 14 day free look period to cancel the policy for a full refund?
2. That the amount shown as "distribution cost" s taken away from your premium?
3. That the "effect of deduction" is taken away from your investments to pay the various charges under the policy?
If the agent has explained these points to you clearly. the agent is being transparent and can be trusted. If some of the information is hidden from you or the explanation is not clear, you have to read the benefit illustration again. If you need help, you can approach FISCA, www.fisca.sg
Tan Kin Lian
Special treatment for Minibonds
There is a difference between Minibonds and the other credit-linked notes (i.e. Pinnacle Notes, High Notes).
For Minibonds, the credit default swaps did not fail. Only the swap counter-party (i.e. Lehman subsidiary) failed due to the liquidation of Lehman Brothers. PriceWaterhouseCoopers was appointed to arrange for the underlying assets to be released from the swap counter party and tranferred to another investment bank to handle the settlement.
For some notes, such as High Notes 5, Lehman Brothers was named as a reference entity for the credit default swap. The failure of Lehman Brothers caused the entire investment to be worthless.
For the Pinnacle Notes, the failure of a certain number of the underlying assets will cause a substantial or total loss of the investments. The investors have to wait and hope that these underlying assets do not fail. If they do, the investments will also be worthless.
It is not possible for any action to be taken to save the investments in the Pinnacle Notes, except to sell the notes to another party who is willing to take the gamble that it will not fail.
Different series of each credit linked notes are invested in different underlying assets and have different structures. It is difficult to make a general statement regarding these notes.
The Minibond class actions, led by Conrad Campos, are mainly to sue the distributors for failing in their duty to give proper advice to the investors. This is a separate matter from realising the value of the underlying assets.
For the same reason, the Hong Kong settlement only covered the Minibonds and not the other credit linked notes.
Tan Kin Lian
For Minibonds, the credit default swaps did not fail. Only the swap counter-party (i.e. Lehman subsidiary) failed due to the liquidation of Lehman Brothers. PriceWaterhouseCoopers was appointed to arrange for the underlying assets to be released from the swap counter party and tranferred to another investment bank to handle the settlement.
For some notes, such as High Notes 5, Lehman Brothers was named as a reference entity for the credit default swap. The failure of Lehman Brothers caused the entire investment to be worthless.
For the Pinnacle Notes, the failure of a certain number of the underlying assets will cause a substantial or total loss of the investments. The investors have to wait and hope that these underlying assets do not fail. If they do, the investments will also be worthless.
It is not possible for any action to be taken to save the investments in the Pinnacle Notes, except to sell the notes to another party who is willing to take the gamble that it will not fail.
Different series of each credit linked notes are invested in different underlying assets and have different structures. It is difficult to make a general statement regarding these notes.
The Minibond class actions, led by Conrad Campos, are mainly to sue the distributors for failing in their duty to give proper advice to the investors. This is a separate matter from realising the value of the underlying assets.
For the same reason, the Hong Kong settlement only covered the Minibonds and not the other credit linked notes.
Tan Kin Lian
Difference of 20% in Term Insurance premium
Hi Mr. Tan,
I got 2 different quotations for 30-year level term insurance covering death, terminal illness, and total permanent disability, sum assured S$400k.
Company X: S$752/year
Company Y: S$628/year
I asked the agent why Company Y is 20% more expensive. She said that it is easier to make claims under Company X. Is this true? Is it worthwhile paying the higher premium to make easier claims?
REPLY:
Do not believe the agent from Company X. Do not pay 20% more. The claim process should be the same.
I got 2 different quotations for 30-year level term insurance covering death, terminal illness, and total permanent disability, sum assured S$400k.
Company X: S$752/year
Company Y: S$628/year
I asked the agent why Company Y is 20% more expensive. She said that it is easier to make claims under Company X. Is this true? Is it worthwhile paying the higher premium to make easier claims?
REPLY:
Do not believe the agent from Company X. Do not pay 20% more. The claim process should be the same.
Free market (10) - Consumer protection
The governments in most countries consider it their duty to protect consumers from the bad practices of businesses.
In the financial services sector, it is possible for the financial institution to design products that take advantage of the ignorance of consumers and entice them with misleading promises that are not kept.
In the medical field, it is possible for drug companies to introduce products that may are unsafe for consumption or make benefit claims that are not verified by scientific evidence.
There used to be strong regulations on the sale of financial products, but the regulations have been weakened in recent years, during an era of deregulation. It was thought that, to promote financial innovation, financial products can be sold on the basis of product disclosure, and that should be left to make their own judgement about the suitability of the product, with the advice of financial advisers.
This approach turned out to be disastrous, as financial institutions introduced complex products that are designed to take advantage of the ignorance of consumers to reap big profit for the issuers. These products are sold with attractive commissions paid to the financial advisers, who pushed the products to consumers regardless of their suitability.
In America, the regulators took action to hold the financial institutions and advisers accountable for any misdeed. New legislation is now being introduced to set up an agency to protect consumers from predatory practices of financial institutions.
Singapore should consider similar measures as the problems faced by consumers here are of more serious than in America.
Fortunately, the control of the sale of drugs continues to be strongly regulated and consumers are well protected.
Tan Kin Lian
In the financial services sector, it is possible for the financial institution to design products that take advantage of the ignorance of consumers and entice them with misleading promises that are not kept.
In the medical field, it is possible for drug companies to introduce products that may are unsafe for consumption or make benefit claims that are not verified by scientific evidence.
There used to be strong regulations on the sale of financial products, but the regulations have been weakened in recent years, during an era of deregulation. It was thought that, to promote financial innovation, financial products can be sold on the basis of product disclosure, and that should be left to make their own judgement about the suitability of the product, with the advice of financial advisers.
This approach turned out to be disastrous, as financial institutions introduced complex products that are designed to take advantage of the ignorance of consumers to reap big profit for the issuers. These products are sold with attractive commissions paid to the financial advisers, who pushed the products to consumers regardless of their suitability.
In America, the regulators took action to hold the financial institutions and advisers accountable for any misdeed. New legislation is now being introduced to set up an agency to protect consumers from predatory practices of financial institutions.
Singapore should consider similar measures as the problems faced by consumers here are of more serious than in America.
Fortunately, the control of the sale of drugs continues to be strongly regulated and consumers are well protected.
Tan Kin Lian
RED Portal (16) - Nearby Projects
If you wish to choose a project near a certain school, you can go to the RED portal, click on Search >> Popular places, enter the name of the school and you will get a listing and a map showing all housing projects within 1 km. You can see the benchmark price of these projects to see if any fit within your budget. You can then drill down to look at the recent detailed transactions.
You can also buy a detailed RED property report for $25 only. You also have the option to buy a more detailed report from the Street Sine website, also for $25 only.
The RED portal is designed to provide information that is easy for you to access. Get the information, before you talk to any property agent. Make sure that you get a good price if you wish to buy or sell any condo or apartment.
RED portal.
You can also buy a detailed RED property report for $25 only. You also have the option to buy a more detailed report from the Street Sine website, also for $25 only.
The RED portal is designed to provide information that is easy for you to access. Get the information, before you talk to any property agent. Make sure that you get a good price if you wish to buy or sell any condo or apartment.
RED portal.
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