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.

Image Credits: pixabay.com

#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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Switching To An Electricity Retailer? Here’s What You Need To Consider

Since April this year, households in Jurong have been able to choose who they wish to buy electricity from, thanks to the soft launch of Open Electricity Market by the Energy Market Authority. One early adopter who exercised his choice to switch to an electricity retailer is Mr Luqman Haniff, a 30-year old with seven family members staying with him. We share about his journey here.

1. Household Electricity Consumption

One of the first things to look at before switching to a retailer is to find out more about your past electricity usage. That was exactly how Mr Haniff started off his Open Electricity Market journey. By looking through his past electricity bills, he was able to estimate how much his electricity bill would come up to if he were to pay by the regulated tariff or by the rate offered by electricity retailers. This helped him to choose a price plan that best suit his household’s needs.

What is the regulated tariff?

Let us take a look at how the regulated tariff is derived. The regulated tariff is reviewed every quarter by SP Group and approved by the Energy Market Authority (EMA). It consists of two key components – fuel cost and non-fuel cost. Fuel cost reflects the cost of imported natural gas while the non-fuel cost reflects the cost of generating and delivering electricity to homes. Below is a snapshot of the historical tariff rates.

Electricity retailers’ standard price plans

On the other hand, electricity retailers are free to customise their price plans according to their business strategies, current market conditions and the level of competition in the market. That said, the two main types of standard price plans are:

      • Fixed Price Plan– You pay a fixed rate throughout the duration of the contract. This rate may be higher or lower than the regulated tariff.
      • Discount Off the Regulated Tariff Plan – You enjoy a discount off the regulated tariff throughout the duration of the contract.The rate may change every quarter in tandem with the prevailing regulated tariff.

Besides visiting the retailers’ websites to check on their offers, Mr Haniff made use of the Price Comparison Tool on the Open Electricity Market website to compare the different standard price plans offered by retailers. Like him, you can make use of this tool to help you decide on the plan that would be most suitable for you.

2. Consumer Needs

Different households use electricity differently and may also have different ways of managing their electricity expenses. For instance, a family who prefers to keep their electricity bills as stable as possible may find the Fixed Price Plan more suited for them since they could better manage their overall household expenses.

On the other hand, another family may consider going with the Discount Off the Regulated Tariff Plan if they prefer the certainty of enjoying savings no matter how the regulated tariff changes.

Before Making the Switch…

Now that you are almost on your way to signing up with a retailer, do take note of the following as well:

Fact Sheet

Before you sign up for a plan, your electricity retailer will provide a Fact Sheet which summarises key contractual terms of your preferred price plan such as:

  • Contract duration
  • Type of price plan
  • Rate offered by the electricity retailer
  • Payment terms
  • Early termination charges, if any

Ask the retailer to explain any terms and conditions that you are unsure of.

Consumer Advisory

Electricity retailers will also need to obtain your acknowledgement on a Consumer Advisory notice which outlines what you need to be aware of before signing the contract.

Promotions and freebies

To draw more customers, electricity retailers may offer freebies such as vouchers and cash rebates. While they may entice you to sign up with them, one thing to remember is that these freebies are usually a once-off benefit. Hence, it is always better to think long-term and make sure you stand to benefit from switching to a retailer in the longer run.

From the get-go, there seems to be a wide range of standard price plans offered by electricity retailers. However, upon closer examination, the plans mainly differ in terms of contract duration and rates and come with different sets of terms and conditions.

As you review your choices, find out about your electricity consumption patterns, compare the different standard price plans by using our check-list and finally, be sure to take note of the things to consider before making the switch. You will be well on your way to benefit from Open Electricity Market, just like how Mr Haniff did!

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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

Image Credits: pixabay.com

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

Image Credits: pixabay.com

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

Image Credits: pixabay.com

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

Image Credits: pixabay.com

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.

Image Credits: pixabay.com

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.

Image Credits: pixabay.com

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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The Risky Assumptions When Planning Your Retirement

Have you ever wondered how much money do we need in our silver years to be able to afford our desired lifestyles? Most adults would be relying solely on their CPF funds to finance their retirement. Asset-rich but cash poor retirees could be thinking of renting their HDB flats out to supplement their retirement funds. There are indeed several ways to build up our retirement income. However, we must be mindful of avoiding some of the dangerous assumptions when planning for our retirement.

Oversight To Account For Inflation

Inflation can have a big impact on retirees even if they have been historically low. According to Monetary Authority of Singapore, Singapore’s historical core inflation averaged an annual 1.7% since 1990. While 1.7% per annum may not appear alarming, it will compound to a staggering 66% over a span of 30 years! If you are a retiree receiving a fixed amount of stipend, the value of your money will decrease with each passing year. Hence, your retirement funds will be eroded by inflation if they are not carefully managed. Unfortunately, inflation does not stop just because you have stopped working. Therefore, it becomes important that your investment grow at rates that are at least equal or better than the rate of inflation to protect the value of your retirement funds. How do we then continue to enjoy the taste of life at our retirement years without feeling the pinch of inflation, especially when we have stopped working and receiving salaries?

Reliance on Rental Income From Property

Some adults plan to rely on rental income from investment properties to supplement their retirement funds. However, with the recent cooling measures announced in July 2018, investing in a second residential property is increasingly out of reach for most working adults.

Some retirees might be thinking of renting out the vacant rooms in their HDB flat especially as their children gradually might have left the home that they grew up in. However, this option comes with its own set of inconveniences. It could take a couple of months before a tenant can be found. There is also the administrative hassle of providing tenant’s details to HDB for record-keeping. Of course, all these pale in comparison to stories of horror tenants who damage the HDB flat or are tardy in their rental payments. In such circumstances, renting out their HDB flats may not be the best option to supplement your retirement income.

CPF LIFE Alone Might Be Insufficient

For a retiree who sets aside the maximum Enhanced Retirement Sum (S$271,500), the monthly payout from CPF LIFE is expected to be about $2,000 per month. If this amount is sufficient to pay for your daily expenses during your retirement, then this is definitely a good safety net for you to rely upon. However, it is not true that all Singaporeans and Singapore Permanent Residents can depend on their CPF funds to finance their retirement entirely. In fact, it is widely reported that almost 4 in 10 CPF Accounts do not even have enough funds to meet the Basic Retirement Sum. For the group of retirees who do not generate enough funds from their CPF LIFE payouts, it is necessary to generate extra income from alternative sources such as investments.

Future-proof Your Retirement Funds With The AIA Retirement Saver (III)

Given that young professionals lead hectic lifestyles, they may not have the time and energy to plan for their eventual retirement. Yet, planning ahead to future proof our retirement is essential and the AIA Retirement Saver (III) is one of the ways to do that. The AIA Retirement Saver (III) is a simple and hassle-free retirement solution which provides a guaranteed stream of retirement income for 15 years. Your hard-earned savings is safely secured since the capital is guaranteed; you will get back every dollar that you contributed at your desired retirement age. On top of that, you will receive potential monthly dividends which could help to cushion the impact of inflation. Premium payment duration is also flexible; single lump sum, 5 years, 10 years or simply pay till your desired retirement age – 55, 60, 65 or 70. It is easy to get started because no medical underwriting and check-up is required. In essence, the AIA Retirement Saver (III) is truly an easy and stress-free solution tailored to any individual retirement plan.

Conquer The Uncertainty & Plan For Your Desired Retirement

With the AIA Retirement Saver (III) solution, individuals can cast aside their retirement worries as their savings will be in the good hands of professionals. The AIA Retirement Saver (III) can be an additional pillar to supplement your retirement funds. As it can be tailored to maintain the purchasing power of your retirement funds, you can be assured that you will still be able to enjoy your desired lifestyle during your twilight years. Don’t leave your retirement to uncertainty. You can certainly plan for the uncertainty by taking action now.

 

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