Sunday, December 29, 2013
Everyone is clueless about health plans
I am not surprised. This is the same strategy big business and in this instance insurance companies use to fatten their profits all over the world. The old style was to keep it simple but opaque and the new way is to be more transparent especially when compared to what was formerly, but highly complex. You wonder what is the regulator doing about it, but many people do not know that in many societies business increasingly do not just have the balance sheets but also could overwhelmingly arbitrage their knowledge against the government and hence the people. That is why IDA, MDA, LTA etc., are having such a hard time meeting our standards of effectiveness. We are all working for businesses now and they are becoming increasingly unaccountable. In the USA they even wiggle their way into crafting the legislation to defend and promote their own interest. How did you think the pieces fell in place leading up to the financial crisis of 2008?
If our health insurance plans are deemed complex, they haven't tried Obamacare. That is the egregious gold standard.
Whatever it is, the insurance providers with the health care system at the back always make sure the lawmakers can afford their own care or you bet they will try incredibly harder to make sure the plans are in good order. I am tempted to insist that the our leaders ought to have the same type of health care as the rest of us but you can bet on it that nobody would want to serve the nation in those capacities. In other words, suck in it up Singaporeans.
Posted by PengYou at 2:52 PM