Around 1.5 million policyholders can expect to face premium hikes for health insurance once the moratorium on freezing Integrated Shield Plan (IP) premiums ends on Oct 31.

The Straits Times understands that the average premium increase will be between 9 and 15 per cent but the hikes are expected to impact only certain IPs, particularly those covering private hospitals.

This is because the number and dollar amount of claims made at private hospitals have shot up compared with those at public hospitals.

The Life Insurance Association (LIA) said the average IP claim incidence rate has been growing at approximately 9 per cent a year.

It noted that the overall average bill incurred by IP insurers increased by 8.7 per cent for private hospitals each year from 2012 to 2014 compared with just 0.6 per cent for public hospitals.

During the same period, the average inpatient bill for private hospitals was almost double that for public hospitals and four times more than recorded at day surgeries.

The LIA statistics also showed that IP insurers paid out claims amounting to $488 million in 2014 alone.

Healthcare is expected to be the biggest cost in retirement and many people have ranked this as their top concern.

The LIA told The Straits Times yesterday: “We recognise that the current rate of escalating claim costs in Singapore is not sustainable and that when it comes to IPs, premiums would need to correspondingly be increased to keep up with the claim amounts for IP insurers to continue offering these policies.”

It has been reported that two IP insurers have been making only marginal profits, with three racking up losses on such policies.

In May, French insurer AXA Life joined the IP market here as the sixth provider.

The LIA also noted while MediShield Life has led to some savings for IP insurers, these will be offset within one to two years by more – and costlier – claims being lodged.

The association released some recommendations yesterday, such as the pre-approval of medical treatment, to address the issue of escalating claim costs for IPs.

NTUC Income said it is reviewing its entire IncomeShield portfolio.

“At this point, we plan to increase the premiums of some plans in 2017. However, we are still working out the details, including the level of increase,” it said.

IP rider premiums are excluded from the one-year moratorium. So far, at least two insurers – Income and Prudential – have increased their IP rider premiums.

This article was first published on Oct 14, 2016.
Get a copy of The Straits Times or go to straitstimes.com for more stories.

Her fingers moved across the keyboard, and with each stroke, a slice of her life was revealed – for all to see.

She was driven by a need to share her experience from the night before. But she did it without thinking things through thoroughly.

Jane (not her real name), 27, who works in the financial industry, said: “I would often post on social media without thinking too much about the consequences.

“After all, everyone does it and I didn’t think that people would pay so much attention to my posts.”e

Unfortunately, some of her 1,000 Facebook “friends” noticed.

On one occasion several years ago, she decided to call in sick and skip work after she had a headache from drinking too much at a party the night before.

An acquaintance tagged her in a photo hanging out at the club on the same day she was absent from work. It did not help that Jane had also shared on Facebook that she had a hangover on the day that she was on medical leave.

Jane said: “Technically, I wasn’t doing anything wrong because I really didn’t feel well, but my boss spoke to me about it once I was back at work.

“Looking back, I could have lost my job if my boss was the ‘picky’ sort.”

Jane, who used to treat her social media account as an outlet to “unload” her grievances, said that her social media posts have also got her in trouble with her colleagues.

UGLY CONFRONTATION

She went on a tirade about some of them and although she did not mention any names, it eventually led to an ugly confrontation, she said.

“In the past, I would also post about it when I was unhappy with my family members, but they didn’t know because they were not on my social media accounts,” she said.

“But it’s different at work and I admit that I was being unprofessional.”

Jane eventually left her job.

She said: “I guess it was a toxic working environment and my posts were toxic as well.

“I don’t post as much any more because I’m happier at my new workplace.”

And that is the reason, Jane thinks, that Donald Trump makes some of his most disastrous and hate-filled comments online.

“He must be feeling upset about all the criticism that he has to face.

But, she added: “I would think he would be more careful because he has such a big audience, unlike me.”

‘Drunk tweeting’ could be campaign tactic

Most people have a natural filter when it comes to sharing their thoughts online.

But mistakes can be made when a person is feeling particularly exhausted, emotional or tense, said PRecious Communications managing director Lars Voedisch.

“In the past there is drunk dialing, then there is drunk texting and now there is drunk tweeting,” he explained.

Donald Trump might be an example, as observed in a New York Times article last month.

His most unpredictable and vehement tweets often appear in the early morning, when the Republican candidate is away from his minders and unwinding after a long day of campaigning.

But are Trump’s online outbursts really made in his moments of weakness? Mr Voedisch thinks that those “emotionally overcharged” posts were probably deliberate.

He said: “One of the key tactics at the start of Trump’s campaign was his radical and controversial opinions. He probably did it on purpose, knowing that he would get the headlines the next morning.

“His tweets could also be a typical deflection technique to bring the attention away from a previous controversy.”

Social media and communications consultant Belinda Ang, thinks that while Trump’s tweets will come across as “extreme” to most people, supporters may find such interactions personal and authentic, reaffirming their support for the candidate.

She said: “They would feel engaged, and that he is just being straightforward and not hiding anything. We cannot assume his true intent though – whether he is being emotional or has an informed agenda.”

For the rest of us, the experts strongly recommend thinking twice before posting anything on social media.

Mr Voedisch said: “Most people have hundreds of friends on social media and that doesn’t include friends of your friends too. Your posts might be posted privately but it can get extremely public.”

Ms Ang has a tip for those who wish to rant anyway.

“Type it out but before you hit the ‘post’ button, press backspace and erase it alphabet by alphabet,” she said.

“This way, you can practise self-censorship but at the same time manage your emotions and not allow your anger to build up.”

Trump’s recent rant-tweets

• Oct 12 – Insulted 2008 Republican presidential candidate John McCain “The very foul mouthed Sen. John McCain begged for my support during his primary (I gave, he won), then dropped me over locker room remarks!”
• Oct 11 – Slammed his own party and Republican leader Paul Ryan “Our very weak and ineffective leader, Paul Ryan, had a bad conference call where his members went wild at his disloyalty.”
• Oct 10 – Ridiculed Hillary Clinton “History lesson: There’s a big difference between Hillary Clinton and Abraham Lincoln. For one, his nickname is Honest Abe. #RattledHillary”
• Oct 5 – Dissed media outlet CNN “Wow, @CNN is so negative. Their panel is a joke, biased and very dumb. I’m turning to @FoxNews where we get a fair shake!”
• Sept 30 – Attacked former Miss Universe winner Alicia Machado with untrue claims “Did Crooked Hillary help disgusting (check out sex tape and past) Alicia M become a US citizen so she could use her in the debate?”

This article was first published on October 14, 2016.
Get The New Paper for more stories.

Her fingers moved across the keyboard, and with each stroke, a slice of her life was revealed – for all to see.

She was driven by a need to share her experience from the night before. But she did it without thinking things through thoroughly.

Jane (not her real name), 27, who works in the financial industry, said: “I would often post on social media without thinking too much about the consequences.

“After all, everyone does it and I didn’t think that people would pay so much attention to my posts.”e

Unfortunately, some of her 1,000 Facebook “friends” noticed.

On one occasion several years ago, she decided to call in sick and skip work after she had a headache from drinking too much at a party the night before.

An acquaintance tagged her in a photo hanging out at the club on the same day she was absent from work. It did not help that Jane had also shared on Facebook that she had a hangover on the day that she was on medical leave.

Jane said: “Technically, I wasn’t doing anything wrong because I really didn’t feel well, but my boss spoke to me about it once I was back at work.

“Looking back, I could have lost my job if my boss was the ‘picky’ sort.”

Jane, who used to treat her social media account as an outlet to “unload” her grievances, said that her social media posts have also got her in trouble with her colleagues.

UGLY CONFRONTATION

She went on a tirade about some of them and although she did not mention any names, it eventually led to an ugly confrontation, she said.

“In the past, I would also post about it when I was unhappy with my family members, but they didn’t know because they were not on my social media accounts,” she said.

“But it’s different at work and I admit that I was being unprofessional.”

Jane eventually left her job.

She said: “I guess it was a toxic working environment and my posts were toxic as well.

“I don’t post as much any more because I’m happier at my new workplace.”

And that is the reason, Jane thinks, that Donald Trump makes some of his most disastrous and hate-filled comments online.

“He must be feeling upset about all the criticism that he has to face.

But, she added: “I would think he would be more careful because he has such a big audience, unlike me.”

‘Drunk tweeting’ could be campaign tactic

Most people have a natural filter when it comes to sharing their thoughts online.

But mistakes can be made when a person is feeling particularly exhausted, emotional or tense, said PRecious Communications managing director Lars Voedisch.

“In the past there is drunk dialing, then there is drunk texting and now there is drunk tweeting,” he explained.

Donald Trump might be an example, as observed in a New York Times article last month.

His most unpredictable and vehement tweets often appear in the early morning, when the Republican candidate is away from his minders and unwinding after a long day of campaigning.

But are Trump’s online outbursts really made in his moments of weakness? Mr Voedisch thinks that those “emotionally overcharged” posts were probably deliberate.

He said: “One of the key tactics at the start of Trump’s campaign was his radical and controversial opinions. He probably did it on purpose, knowing that he would get the headlines the next morning.

“His tweets could also be a typical deflection technique to bring the attention away from a previous controversy.”

Social media and communications consultant Belinda Ang, thinks that while Trump’s tweets will come across as “extreme” to most people, supporters may find such interactions personal and authentic, reaffirming their support for the candidate.

She said: “They would feel engaged, and that he is just being straightforward and not hiding anything. We cannot assume his true intent though – whether he is being emotional or has an informed agenda.”

For the rest of us, the experts strongly recommend thinking twice before posting anything on social media.

Mr Voedisch said: “Most people have hundreds of friends on social media and that doesn’t include friends of your friends too. Your posts might be posted privately but it can get extremely public.”

Ms Ang has a tip for those who wish to rant anyway.

“Type it out but before you hit the ‘post’ button, press backspace and erase it alphabet by alphabet,” she said.

“This way, you can practise self-censorship but at the same time manage your emotions and not allow your anger to build up.”

Trump’s recent rant-tweets

• Oct 12 – Insulted 2008 Republican presidential candidate John McCain “The very foul mouthed Sen. John McCain begged for my support during his primary (I gave, he won), then dropped me over locker room remarks!”
• Oct 11 – Slammed his own party and Republican leader Paul Ryan “Our very weak and ineffective leader, Paul Ryan, had a bad conference call where his members went wild at his disloyalty.”
• Oct 10 – Ridiculed Hillary Clinton “History lesson: There’s a big difference between Hillary Clinton and Abraham Lincoln. For one, his nickname is Honest Abe. #RattledHillary”
• Oct 5 – Dissed media outlet CNN “Wow, @CNN is so negative. Their panel is a joke, biased and very dumb. I’m turning to @FoxNews where we get a fair shake!”
• Sept 30 – Attacked former Miss Universe winner Alicia Machado with untrue claims “Did Crooked Hillary help disgusting (check out sex tape and past) Alicia M become a US citizen so she could use her in the debate?”

This article was first published on October 14, 2016.
Get The New Paper for more stories.

SINGAPORE – Singapore’s central bank on Friday held policy steady despite a surprisingly sharp economic contraction in the third quarter, but analysts say the weak inflation and growth outlook will likely force policymakers to ease further.

Singapore’s economy contracted by 4.1 per cent in the third quarter on a seasonally adjusted annualised basis, from the previous three months, the biggest slump since 2012, data from the statistics office showed. Forecasts had centred on 0.3 per cent growth.

The affluent city state’s open economy has felt the brunt of a global slowdown and a downturn in commodity prices, while a cooling in Singapore’s major trading partner China has put the shackles on the domestic manufacturing sector.

After a brief bounce, the Singapore dollar quickly turned lower, falling as much as 0.4 per cent to 1.3865 against the US dollar, nearing a seven-month low set on Thursday, as traders took stock of the grim gross domestic product numbers.

Despite the weak GDP figures, the Monetary Authority of Singapore (MAS) said in a statement it would keep the width of the policy band and the level at which it is centred unchanged, maintaining the rate of appreciation of the Singapore dollar policy band at zero per cent. “The current policy band provides some flexibility … to accommodate the near-term weakness in inflation and growth,” the MAS said in its semiannual policy statement.

But a number of analysts expect the MAS would be forced to ease in coming months. “The bigger story is that GDP was very, very weak,” said Michael Wan, economist at Credit Suisse in Singapore.

“MAS risks being behind the curve. They should ease – inflation is low, growth is slow and slowing and it looks like it’s not going to improve anytime soon.”

Particularly worrying for economists, the manufacturing sector shrank 17.4 per cent, due to a decline in transport engineering and the volatile biomedical sector. Even the once-vibrant services sector contracted for the third consecutive quarter.

The MAS manages monetary policy by changes to the exchange rate, rather than interest rates, letting the Singapore dollar rise or fall against the currencies of its main trading partners based on its nominal effective exchange rate (NEER) because trade flows dwarf the city state’s economy.

Sixteen of 18 analysts in a Reuters survey had predicted that the MAS would keep monetary policy unchanged this month. In April, the central bank unexpectedly eased policy.

SIGNS OF SLACK

Economic growth in the city-state has remained anaemic in the past two years and analysts worry about the paucity of catalysts to spark momentum any time soon.

Entire floors at central shopping malls are vacant as weak domestic demand has hurt retailers while a slowing global economy has meant tourists have less money to spend. Most industries face a labour shortage exacerbated by immigration curbs and wages are running well ahead of productivity. Vacancies in office and residential buildings hit multi-year highs.

The downturn in commodities has hurt the offshore and marine industry, with debt woes engulfing companies such as Swiber Holdings Ltd, Swissco Holdings LTD and Rickmers Maritime.

Even the financial industry, which has put the tiny 51-year-old island city on the global map, is under pressure as its once-booming private banking sector struggles under tougher compliance rules.

The services sector contracted 1.9 per cent in the third quarter. The MAS expected 2016 economic growth to come in at the lower end of the 1-2 per cent forecast.

Medium-term core inflation was seen trending towards, but average slightly below 2 per cent, while all-items inflation has bottomed, it said. “Our base call … is that we will get a re-centering in April,” RBS economist Vaninder Singh said, referring to a possible one-off depreciation of the Singapore dollar.