Medicare in USA - complicated and expensive

USA provides Medicare to its elderly. It is a generous scheme, but it is too costly. And it has become very complicated. This kind of problem is felt by most countries in the world. And Singapore is no exception - except that in Singapore, the people have to bear a large part of the cost. And insurance is not a solution - as it can get out of control.

http://money.cnn.com/2011/11/01/pf/medicare_plans.moneymag/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

What is the solution? I will say frankly what I think - and it will not be popular. We have to manage expectation. We must realise that people will have to die one day, and that using expensive medicine to prolong life is not the answer - the person who is cured will suffer a lower quality of life and the treatment will bankrupt the family (or the state). The medical profession will be able to find new wonder treatments, but they will be too costly for the patients or the country to bear, and will make the medical specialists rich.

We must educate people to accept that there is a financial and practical limit to medicine, and to accept that life will have to end one day. If doctors think that they can cure the patient, they should only collect their fees on success, and not on failure. If this success fee is practised, many doctors will not undertake treatment that are not likely to succeed.

Obtaining The Best Auto Insurance Quotes Online

The ever increasing number of vehicles on the rods has also increased the number of mishaps and accidents that people get into. In such a scenario, having an automobile insurance can be a life saver for people who own and drive a car. The cost of repairing a vehicle damaged in an accident together with the medical bills in case of an injury can sometimes cause serious financial crisis. With a majority of insurance companies providing their services online, people are increasingly looking for auto insurances quotes online to save time and money.

Most people want to have insurance quotes which not only provide the maximum coverage and benefits but are also reasonably priced. For finding such auto insurance quotes online, one needs to do some research and compare the estimates offered by diverse providers along with the type of coverage and other benefits provided by them. Investing a little time in learning about the different types of policies being offered by the numerous providers can help you save a good amount of money that is otherwise spent in paying higher premiums.

Searching for affordable auto insurance quotes online, also eliminates the need of middlemen who take a good percentage of the insured amount as their commission. Moreover, personal involvement makes the insurer well aware of the finer details of their policies as well as the various terms and conditions involved, which are generally overlooked while obtaining the quotes from a middleman. This reduces the chances of complications and rejection at the time of filing claims and causing distress to the policy holders.

For obtaining the most suitable and inexpensive insurance quotes online, it is vital to look for the quotes from insurance companies known for their transparent and honest dealings with their clients. In addition, it is also advisable to clearly outline your coverage requirements and the estimated budget while seeking the quotations from such providers. Enquiring about any additional discounts that you might be eligible for, depending on a large number of factors such as the type of vehicle, its usage and even its period of ownership, can also help bring down the premium rates by a significant margin.

Accidents can happen anywhere and at any time and good auto coverage plans provides the much needed financial assistance to cover the unexpected costs of vehicle overhauling. As such it is vital to get the proper policy for your vehicle even before you get to drive it home for the first time.

Campbell Solberg Associates are one of the foremost and reputable insurance agents renowned for their economical, honest and genuine auto insurance quotes online. For more information on their services you can logon to their website http://www.campbellsolberg.com.

Mobile website for FISCA

If you have a mobile phone, you can access the mobile website of FISCA at http://fisca.mviso.com

Obama strategist defends handling of economy (AP)

WASHINGTON ? President Barack Obama's top political adviser is defending the administration's handling of the economy and blaming Congress for not pushing through more sweeping changes.

David Axelrod says Obama's strategy has been to do whatever he can to help the middle class, whereas Congress has been focused on "obstruction and delay." Axelrod suggests that Republicans are "willing to tear down the economy in order to tear down the president."

Obama has pitched a $447 billion jobs plan that would be paid for with an added tax on people who make at least $1 million a year. Senate Republicans have blocked action on the bill because they oppose much of the increased spending and the tax increase.

Axelrod spoke on CNN's "State of the Union."

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/ap/20111030/ap_on_go_pr_wh/us_obama_jobs

ali lohan new york election new york election survivor south pacific survivor south pacific michelle williams tyler perry

Regulation on Pay TV contracts

The MDA has now decided that they have to step in and regulate the Pay TV contracts as follows:

• The contract should not exceed 2 years
• There should be pro-rata refund on cancellation of contract.

This move, which is taken after a long time of free market practices, recognizes the weakness of the free market system. The businesses make things complicated and opaque and imposes unfair charges to boost their profits and take advantage of consumers.

There are many similar practices of this kind, for example, in life insurance contracts. In some countries, the regulators have decided to ban front end commission on these long term contracts, as they impose a heavy penalty on consumers, who were not aware about the front end costs.

There are so many bad practices that rip off consumers. The situation is especially bad in Singapore due to our legal system. At least, in USA, lawyers can take up class actions on behalf of consumers - but not in Singapore. 

I hope that our political leaders will learn about the reality of the free market and take the step to protect consumers - rather than leave things to be sorted out in the market. If the market can take care of these matters, there is no need to pay big salaries for ministers, political leaders and top civil servants.

Life in Denmark

One of my SMU students went for a few months of attachment in Denmark. Here is her observations about life there.

Hi Prof Tan, Life in Denmark is very different from Singapore. People here are very relaxed and know how to enjoy their life. In fact, they are one of the happiest people in the world. As you might now, Denmark is a welfare state with the highest income tax rate in the world. However, the welfare system is very well-run and efficient. Thus, the living standard over here is very high and most of the Danes receive good education. Compared to Denmark, Singapore is more bustling because we work way too hard. Here, the shops and supermarkets close at 6pm on average. There are many differences but I am really enjoying my time here so far.
I wish you have been well too. Hope to hear more about your experiences and thoughts about the presidential elections when we meet. 

Good news for Pinnacle Note Holders

I received this wonderful message from the US lawyer handling the class action. They have succeeded in getting the case heard in New York. There is still a lot of work that has to be done, but this is one major hurdle that has been crossed. As this is a class action, any compensation that may be won in the legal suit will be shared with all Pinnacle Note holders, regardless of whether they had been among the original complainants.

Dear Mr. Tan,
You may already have heard, but yesterday the NY Court denied Morgan’s motion to dismiss, which means that we can proceed in NY.  We still have a difficult road ahead of us, but this is a significant victory in the first battle.
Warm regards,
Dan

Linux Vs. Windows

This article will not attempt to advocate the use of Linux over Windows or vice versa. I will try to present the differences and similarities between Linux and Windows in a fair manner.

Overview:

We Buy Any Car

Both Linux and Windows (2000, NT, XP, Vista) are operating systems. Linux was inspired from Unix, while Windows was inspired from VMS.

While no single company "owns" Linux, Windows is owned by Microsoft. Various distributions (often referred to as "distros") of Linux come from different companies (e.g. Red Hat, Novell SuSE, Mandrake etc.), while all Windows flavors (95, 98, 2000, XP, Vista) come from Microsoft.

Both Linux and Windows come in Desktop and Server editions.

Cost:

As far as cost is concerned, Linux is very cheap or free. I used the word "very cheap" for enterprise users. While anybody can download, install and use Linux, the distribution companies usually charge for technical support.

Windows is expensive. You first pay for the copy of the software and then again for the technical support if you ever want it.

There is another catch though; Windows enforces you to use a single copy on a single computer. This is not the case with Linux though, once you purchase Linux, you can run it on an unlimited number of computers.

GUI:

Both Windows and Linux are GUI based operating systems.

I'm afraid but, Windows has better GUI than Linux and it will get far better with the upcoming Windows Vista release. Linux has two GUIs: Gnome and KDE. Linux is fast catching up and is evolving from a server operating system to a desktop operating system.

Command Line:

Both Windows and Linux comes with command line interface. Windows calls it the "DOS prompt", while Linux refers to it as the "shell". Linux's shell is far more superior than Window's DOS prompt. It can do a whole lot of things that are not possible in Windows. Linux support various command line shells such as BASH, Bourne, Korn, C shell and many other.

Third Party Application Software Availability:

Both Windows and Linux run third-party applications. Windows, compared to Linux, has far greater number of third party applications available for use. A program written for Windows will not run under Linux (although it can be made to emulate, but it will be very annoying and hence not recommened).

Linux's application base is, however, increasing threefold. On a more close examination, the average computer user uses the following applications 90% of the time: Word Processor (Office suite), E-mail client, Web browser, Media software, and Instant Messenger. Linux has all these applications and in fact has many flavors for each.

Like Linux, all third party applications are very cheap or free. Whereas, Windows applications can cost a leg and a limb.

Security:

Simply put it this way, Windows is not secure. If you are using Windows and don't have Antivirus, Anti Spyware, and firewall (memory and resource eating applications), your computer can get affected by a virus in less than 10 minutes. I remember restoring a fresh copy of Windows XP on my Toshiba A40 notebook. I was browsing the Internet with Microsoft Internet Explorer and my machine got infected with loads of spyware in less than 15 minutes!

Microsoft came up with Firewall and Anti Spyware products, but these programs run in the background and eat up your computer's precious memory.

Linux, on the other hand, doesn't have these issues. I'm not aware of any spywares for Linux. One can safely run a Linux distro without ever worrying about installing Anitvirus or Anti-Spywares.

Windows also has more security flaws than Linux. By security flaw, I mean a hacker can compromise the Windows operating system and break into your machine and destroy your files. But, flaws on Windows are quickly fixed and patches are often made available almost instantly after the flaw is reported.

Supported Hardware:

Windows was originally designed for Intel based machines. Earlier version of Windows NT also ran on RISC and Alpha architectures, but not anymore.

Linux run on a wide variety of hardware. And can support some very old legacy hardware. I've seen a Linux distro running on a 486 based machine.

Diver Availability:

As one author once said, "Windows is a bag of drivers". I think that is quite true. Installing a new hardware device is a piece of cake in Windows, whereas it can be a nuisance on Linux especially for average Joe. I can't in my wildest dreams imagine my dad installing a sound card successfully in Linux.

Things however will not stay the same for long. Manufacturers are also offering Linux drivers for their hardware, which will simplify the process.

Network Support:

Linux beats Windows bad in this area. Windows was never designed for the Internet. Unix, on which Linux is based, was designed for Internet (or Network) and is far more efficient compared to Windows. A senior Network Administrator working for a Fortune-500 company, recently pointed to me that if we monitor the traffic between exchange Windows based Exchange Server and Client, we can see that hundreds of packets are going to and from even when both are idle. He said that such is not the case with Linux.

However, our average Joe will never see or feel any difference. Windows Internet is good enough for him.

File System:

Windows Vista will use a new file system called WinFS. Earlier version used FAT (FAT16 and FAT32) and NTFS file systems, with NTFS being the preferred choice. Linux supports ext2 and ext3 file systems.

FAT file systems were mediocre, but NTFS can be compared with the Linux file systems.

Both file systems allows us to create directories, sub directories and file. Linux file systems are case-sensitive whereas, NTFS is not.

Normally, Linux systems cannot access NTFS file systems, but with the help of add-on software, it can.

Help and Documentation:

Linux help and documentation is quite good, accurate and to the point compared.

I've been using Windows for well over 8 years now. Frankly speaking, I hardly ever checked the accompanying documentation or the help file because everything is so simple that nobody needs to venture in the help file.

What should I buy?

OK. Truth hurts, but let it be. If you are average Joe, that extra 0 on Windows are worth spending. If you are looking an OS for your server, never even think about Windows. Buy Linux.

Linux Vs. Windows

Car Insurance Quotes Online - Making Huge Savings While Using Your Time Creatively

If you shop well, you'll realize huge savings in your car insurance. However, if you master the act, you'll both save much and still use your time in other creative activities. I've had the privilege of getting a difference of over $2,000 on a comparable car insurance policy (That's not a typo error!). And, the best part is that it took less than five minutes. Here's how you too can do it...First

6 Top Small Business Ideas for Aspiring Entrepreneurs

1. Image Consultancy

Due to the general obsession with looks, image consultancy is becoming a lucrative business. Whether its clothing, hair or make up, helping others decide how to look is a serious matter. To become an image consultant, you should have a genuine interest in the work and take a relevant course.

2. Life Coaches

Majority of people these days, whether they are successful or unsuccessful, want to solve the issues that they are facing in their lives. Some are going through a bad marriage, others are struggling with low self-esteem, and many of these people want help. If you believe that you can listen to problems and give sound, practical advice, then you may want to consider life coaching.

3. Services to Home-based Business

Running a home-based business is a good idea, but providing services to people working from home is even better. Here are some small business ideas: deliver products for a home-based business; create an online community for home-based business persons; provide maintenance services for home offices.

4. Art Dealers

People from all walks of life are investing in art these days, as it is increasingly becoming a lucrative investment. Of course, the business requires some passion for and understanding of art. Another possibility is becoming a local arts and crafts vendor for clients abroad. You may also want to consider starting a website on art.

5. Social Media Specialist

Nowadays, having an established site for your small business is not enough - you have to make use of social media sites to market your business. The job of a social media consultant is to help business owners by promoting their products/services on Facebook, Twitter, Digg and similar sites.

6. Reviewers

Reviewers, or critics, are people who are willing to give their opinion about a restaurant, a store, a hotel, a film or anything that needs to be reviewed. The advantages of this job include: free travel, free products/services that you have to review, the chance to closely look at different types of ventures and meet people from different walks of life and payment for your opinion.

An endorsement of the FISCA Financial Planning Workshop

Dear Friends,

On the 29 October, I just attend a talk by Tan Kin Lian on the basics of financial planning & investment. I thought it is good and I just wanted to share. (It is the 2nd time I'm attending it since I wanted to make sure I understand some important concepts presented by TKL)

Just when we think we know enough to manage our own finances (especially for those with kids), please consider again. Especially your friendly insurance or property agents (who happens to be your relatives or good friends) offering you financial planning advice, it is when we lose the most money (unknowingly) . These agents are not liars, for most part, they are simply "honestly wrong". A simple question, what is the biggest risk for a young person from age 25 - 55 yrs old ? Please make time to attend TKL's talk and you will know the answer. The knowledge gained will save you loads of $$ in the long term.

This talk is not about some secret recipe to strike it rich overnight or coercing you to buy some software package to make big bucks in the stock market. Instead, it is to share with you the basics of financial planning (budgeting, debts, savings, what insurance policy to buy, how big of a property you can afford, retirement planning, etc..) which has NOT been properly taught to most people. I feel it is time to put it right.

About Tan Kin Lian and his FISCA club:
Tan Kin Lian is the former CEO of NTUC Income. Since stepping down as CEO in April 2007, his activities have included organising public rallies for people who lost their money due to investing in Lehman Brothers' Minibond products to seek redress, and setting up FISCA, an organisation to teach people about long-term financial security.

TKL is a sincere and knowledgeable gentleman who is well versed in insurance products and also overall financial planning due to his previous work. I have benefited much from his talk and reading his books.

His workshops (and books) are developed such that it is easily understood by the lay-person, I have both his books
(1) Practical guide on financial planning
(2) Get Value from your life insurance

Please also consider joining http://www.fisca.sg/ as a member for $36 per annum. FISCA is a non-profit org. and its objective is to improve financial literacy among Singaporeans. As a FISCA member, one get to attend useful talks at a discounted rate of $20/$15 compared to non-members $30.

This is taken from FISCA website:
"FiSCA is committed to being an unbiased, up-to-date financial site with quality articles and advice to help improve financial literacy among Singapore consumers. Being a non-profit driven organization, FiSCA does not solicit sponsorship from commercial companies such as banks, nor do we get revenue through online advertising. We aim to be considered an objective and knowledgeable third party in financial-related issues, in order to provide quality, un-biased information on financial education to the general public. "

TKL has a similar financial planning talk coming up on the 26th November (write up on the event is attached), if you are keen, I can sign you up at a discounted rate of $15 since I'm a FISCA member. (Note: I don't make any money by signing you up or writing all this, just wanted to share this useful talk with you)

Time and money spent on gaining financial literacy is properly the best investment you'll ever made in yourself.

Personal Liability for Company Directors in Liquidations

Amplify’d from businessandlegal.ie

Company directors can be held personally liable for the debts of the company in exceptional circumstances. Fraudulent trading This would occur if a director carried on business with the intent to defraud but the intent to defraud must be proven. This is known as fraudulent trading. Reckless trading Reckless trading can also lead to personal liability for directors. Reckless trading is where a director is knowingly a party to the carrying on of any business of the company in a reckless manner. The most common occurrence of reckless trading is where it can be shown that the directors have permitted the company to incur liabilities without having reasonable grounds to believe that those debts would be paid. Failure to keep proper books of account is another offence that can lead to personal liability but if the director can show that he took reasonable steps or appointed another competent and reliable person to keep the company accounts he can avoid liability. Consequences for directors of an insolvent liquidation Read more at businessandlegal.ie

 

See this Amp at http://amplify.com/u/a1g8hj

Winding Up a Company in Ireland-Company Liquidation

Amplify’d from businessandlegal.ie

The company then ceases business save for whatever work is required to wind up the affairs of the company and distribute the assets.   If at any time the liquidator forms the opinion that the company is unable to pay its debts in full he must advertise and call a meeting of the creditors of the company. The members voluntary winding up then becomes a creditors’ voluntary winding up. (This is part or our small business law in Ireland series of articles) Creditors’ Voluntary Winding Up Once the liquidator has done his job he calls a final meeting of members and provides an account of the winding up. This meeting must be advertised in 2 daily newspapers and he then makes a return to the Registrar of Companies.   The company is then deemed dissolved three months after the Registrar receives the liquidators report and an account of the final meeting. Read more at businessandlegal.ie

 

See this Amp at http://amplify.com/u/a1g89v

PruFlexi Cash policy taken by a student

A student bought a PruFlexi Cash policy and after paying the premiums for 8 months, he asked my views about terminating the policy.

I asked him to send the benefit illustration to me. The total premium for 3 years would have been $3,600 and the cash value would have been $800, giving a loss of $2,800. If he terminate the policy now, after 8 months, the loss would have been $800. It seemed to be better for him to terminate the policy. The sum insured under the policy was only $15,000.

What was the purpose of buying a policy that offered a miserably low sum insured and resulting in a loss of $2,800 in savings for 3 years? There is a complicated series of cash payments which can be accumulated with interest at 1.5% p.a. After taking all of these payments into account, the yield on the policy looks rather poor. It would have been difficult for a lay person to understand how to evaluate such a policy - as it is quite complicated.

I asked him to check out the facts with the agent, as I could have been missing some essential point.  (Note: I have changed some figures slightly, but the essential facts are shown above.)

GENERAL ADVICE

It is a bad idea for a student to buy any life insurance policy - as it does not serve any useful purpose. Consumers should also avoid buying any complicated financial product that is difficult to understand.

Confusing bonus system for life insurance policy

Dear Mr Tan,
Recently I asked my friend to send me a quotation on income's vivolife policy.

Something that I don't really understand is the "terminal bonus" shown. On page 9, it showed the duration and the percentage of terminal bonuses for the years 2008 - 2010. What I don't understand is a percentage of what? A percentage of the reversionary bonus that had been declared thru'out the years or a percentage of the sum assured per $1,000?

Is the reversionary bonuses that is declared annually same amount for both death and surrendered portion? What I meant is that if for example, year 2010, the insurance company declared $7 per $1000 S.A for this particular policy. Regardless of if I were to surrender or make a claim, the bonus that is still payable in whichever situation is still $7 per $1,000 S.A.

If the above hold truths, then in the B.I of the attached, at year 40, at projected 5.25%, why is there a difference of about $40,000 in the total, when the difference in the guaranteed payout of death and surrender, respectively is about $20,000 difference?

Looking at the surrender terminal bonses and the death terminal bonuses for both 31 - 45 years, the terminal bonuses is shown at 186% - 212% .

REPLY
Please direct your question to the agent who is selling the policy to you, or to the management of NTUC Income.

I do not wish to spend time explaining this type of complicated matters, when it is the duty of the people who create the product to make the explanation. I only advice people to avoid buying any product that they do not understand.

Contractors for household services

The list of contractors for household services has been updated to show more services:
http://www.tankinlian.com/Redirect.aspx?PK=418378434b8e102f8aebde1ae83d78a1