5 Medical Mistakes That You Must Avoid

Financial security starts by avoiding these five common medical pitfalls.

#1: BY SHOPPING IN ONE PLACE

It goes without saying that pharmaceutical prices vary from location to location. You may be overpaying for a particular medicine bought at the same place. So, carefully compare the prices from the different providers to get the best price. According to Ministry of Health guidelines, every patient must get an itemized medication bill. Use this bill as a guide while shopping.

Do not hesitant to ask your physician for an affordable and efficient alternative, especially if you are taking medications on a long-term basis.

#2: BY NOT SHOWING FOR AN APPOINTMENT

Some of the doctor’s clinics or hospitals charge patients for not showing up. Said fees can be at least S$20. Remember, you are paying for their valuable time. If you cannot make it for an appointment, contact the office as soon as possible. Rescheduling can prevent your account from being overcharged.

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#3: BY SKIPPING THE GENERICS

New prescription drugs are expensive because they are Generic medicines are certainly cheaper and as efficacious as the patented medicines! Why is that so? New generic medicines are examined by the Health Sciences Authority to ensure that they have the same safety and quality standards as the patented ones. They must not only be chemically equivalent but also biologically equivalent in its effects within the patient’s body.

Interestingly, Singapore General Hospital once saved about S$900,000 after switching to the generic options of Gabapentin (for nerve pain), Alendronate (for osteoporosis), and Clindamycin (an antibiotic).

#4: BY TRASHING IMPORTANT TESTS RESULTS

There are many tests that the physician or lab technician can request. These tests include fMRI, CT scan, and Complete Blood Count test. It is important to keep a copy for yourself. If another doctor wants to run the same test, you can provide the recent copy of the test. Skipping another round of the expensive tests can save you a lot of money.

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#5: BY PAYING YOUR BILLS LATE

Late fees and interest charges add up! Over time, your bill can inflate like a balloon due to penalties. It is crucial to stay on top of your payments.

There are to actions that you can partake in. First, you may compare notes with the secretary to ensure that your bills are on track. Lastly, you can ask for a payment plan that works best for you. It is better to be upfront about your situation than to ignore it.

Sources: 1&2

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Budget-Friendly Ways To Look Taller

Wearing heeled leather shoes or skyscraper stilettos is not the only solution to a taller figure. Consider these affordable tips:

#1: MEET YOUR BEST FRIEND

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When choosing a style for your skirt or dress, A-line is the best way to go. An a-line cut exudes glamour and class that does not require too much fabric. You see, a pleated ball gown can make you appear smaller. A-line garments suit a petite bride better. Guests should put a focus on you and not what you are wearing.

#2: GET EVERYTHING FITTED

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Dropping by the fitting room to try an article of clothing is a good practice when shopping. Doing so ensures that the clothes you buy fit you perfectly. Choosing clothes that stay close to your body can make you appear taller. In contrast, baggy clothes will stretch the silhouette horizontally and make you seem wider. You do not want that! So, a shorter man must opt for streamlined silhouette.

#3: EMBRACE ONE COLOR

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As obvious as this may seem, dressing in a monochromatic manner can make you look longer. A head-to-toe outfit in one color won’t be breaking up your body in sections. A single hue will act as a continuous length that keeps on flowing.

#4: OPT FOR THE V

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What better way to accompany your a-line skirt than pairing it with a v-neck top? A v-neck top gives an illusion of a longer torso. It does not chop your shoulders away like wearing a tube top. Instead, it creates extra inches with skin exposure. Complete the look with chunky heels, stilettos, or platform sandals.

#5: DITCH THE WAISTCOATS AND BELTS

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Belts and waistcoasts have the same shorterining effect by creating a middle-section of the body. The horizontal line it creates cuts your body in half. It draws attention away from your overall “long” vertical line. After all, you do not need these accessories if your suit is tailored properly to your figure.

#6: WEAR NUDE SHOES

Lastly, wearing nude shoes create a leg-lengthening effect. They may have fallen out of the wagon with some of the high-fashion labels, but there is a reason why nude shoes are still popular with the masses. It is timeless.

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Sources: 1,2, & 3

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Everything You Need To Know About: Value For Money

When you hear the phrase “value for money”, what is the first thought that pops to your mind? Most people would say that it involves cost-effectiveness. Its definition goes beyond that. Value for money is a utility derived from every purchase or every sum of money spent.

It is based on the minimum purchase price and the maximum effectiveness of the purchase. Simply put, value for money should have four different dimensions. These four dimensions are: economic, efficient, effective, and equitable.

The value of money should be economic in terms of its processing. Inputs must have been procureed at the least cost for the relevant level of quality.

The value of money should be efficient in terms of its outputs. The value of outputs should be considered in relation to the total cost of the inputs.

The value of money should be effective in terms of achieving program outcomes. Sometimes, equity considerations are put in here.

Lastly, the value of money should be equitale in terms of ensuring that the benefits are distributed fairly.

EVALUATION OF VALUE FOR MONEY

There are different ways to evaluate the value for money. Here are just three of the common ones:

1. Cost Utility Analysis

When the evaluator needs to consider individual preferences, this is usually the method that they turn to. This approach takes two or more alternatives and compares their costs to their values. However, it can result to a number of potential outcomes.

2. Cost Effectiveness Analysis

This approach can be employed when you need to compare the programs that aim to achieve the same goal. It involves evaluation of two or more alternatives based on the relative costs and outcomes.

3. Cost Benefit Analysis

If you want to know whether the costs outweigh the benefits then, you must use this method. This approach is the evaluation of alternatives by determining the costs and benefits of each one. It highlights whether a course of action is worthwhile or not.

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It is essential for an evaluator to consider a variety of methods for determining whether an activity is value for money or not.

Sources: 1, 2, & 3

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Newbie’s Guide To Investing In Singapore

Contrary to popular belief, investing is not only for the rich and famous. Anyone can get started with an investing program. There are various ways to invest small amounts of money and to grow one’s portfolio over time. In fact, this differentiates investing from gambling. Investing takes time and effort!

#1: SET THINGS STRAIGHT

This week, I invited an insurance agent to enlighten my team about the products available in the market. She highlighted how important it is to map out one’s financial future. What are your goals? Will you keep the money for 3 years and withdraw all the earnings? Or, is the money coming from a disposable income that you can risk losing? You need to set a clear path to reach your target.

#2: FIGURE OUT HOW MUCH MONEY YOU NEED

Once you have your financial goals lined up, it is time to determine how much money you need to invest. Use online calculators such as the Central Provident Fund’s savings calculator to work out a monthly investment plan. What are the helpful strategies that you can employ to save money each month? Well, developing a budget is a good place to start.

If you do not seem to have enough money at the end of the day then, figure out what needs to be changed. Eliminate unnecessary expenses or expand your income streams. A combination of these two can help you adjust.

#3: KNOW HOW MUCH RISK YOU CAN TAKE

The next step is to identify your investment risk level. Are you willing to shell it all out just to gain high profits? Or, do you need to be as conservative as possible?

There are hundreds of investment programs that you can partake in. From bonds to equities as well as gold bars to expensive artworks, you need to narrow down your options. So, know your preferences.

Stocks gives you a hiigher return in the long run. However, it can be highly volatile in short-term basis. On the other hand, bonds are designed to create a steady stream of income. The most conservative option is the mutual funds. Think about these information.

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When things fall into place, you may open a brokerage account. Investing directly in shares and bonds or indirectly through the exchange-traded funds (ETFs) can be less costly. A mixture of investment types can help balance the potential gain and the risk.

Sources: 1 & 2

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What On Earth Are Investment Bonds?

DEFINITION

A bond is a fixed income investment in which an issuer or investor loans money to an entity. Entities such as companies or governments borrow the funds for a definite period of time, involving an interest rate. These bonds are used by said entities to raise money or finance a variety of projects.

PREPARATION

If you are comfortable with getting less money in return, then you will benefit from investing on bonds. You may think that bonds are less risky than others. However, this statement is not entirely true. Bonds are usually less risky than stocks when you are comparing products from the same issuing company.

Most investment bonds are whole of life. Thus, there is no minimum term. At surrender or during the occurence of death, a lump sum of money will be paid out. The amount of money depends on the bond’s terms and conditions as well as the investment’s performance.

ACQUISITION

a. Bond ETF

The ABF Singapore Bond Fund is listed on the Singapore Exchange and managed by Nikko Asset Management. Investors can easily sell or buy holdings in the bond fund for as low as S$100. This fund buys the bond issuance of quasi-government entities such as Temasek, LTA, and HDB. What’s the main catch? There is no maturity period for this. The fund will use the proceeds to buy other bonds. You will receive your principal by selling your holdings in the open market.

b. Singapore Government Securities (SGS)

The Singapore Government issues bonds under SGS. It offers treasury-bills, SGS Bonds, and Singapore Savings Bonds. These are typically risk-free and are applied through the three local banks.

c. Investment Grade Bonds

Whether you believe it or not, bonds come with bond credit ratings. These ratings measure credit worthiness. An investment grade bond (i.e., AAA, AA+, or AA) means that the bond issuer is unlikely to default.

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These are just some things that you must consider before investing on bonds. Best of luck on your financial journey!

Sources: 1, 2, & 3

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