"If people just rely on pure private insurance and everyone keeps escalating costs, you end up in a situation like the US. People do deserve access to catastrophic health insurance coverage, and that's a social good, but when you add all these extra bells and whistles to the product, people start thinking they need all these things, and that drives the costs up.” - Shiyan Koh, Managing Partner of Hustle Fund" - Jeremy Au
"Obamacare is basically like our public option, which is the base level, but NTUC Income is different. NTUC is a cooperative that offers insurance, unlike a private company, and it's for the benefit of its members. The benefit for its members is that they have affordable insurance—healthcare, car, and all the other types of insurance available. I think the existence of such a player balances the market. Public healthcare provides an option for those who don't want to go private, and private insurance offers an alternative for those dissatisfied with public options. You need both options. If it were purely private, that's not a good solution, and if it were purely public, like the NHS, that also wouldn't be ideal because it limits competition and choice. But by removing NTUC Income, the question becomes: how much would it cost? And would another cooperative insurance provider ever emerge again to offer that countervailing force and compete?” - Shiyan Koh, Managing Partner of Hustle Fund" - Jeremy Au
"Insurance is a really interesting product because, if you think about its history, it goes back to ships sailing to the New World being insured against sinking pirates, and all that sort of stuff. The idea is to insure against a catastrophic event. For most Singaporeans and PRs, our national healthcare system covers that, but people also buy insurance as integrated shield plans on top of it. However, as we've seen in the US, if you create incentives for people to make more money, prices go up. When consumers don't necessarily feel the direct cost of their healthcare decisions and choices, it frees up doctors and medical providers to increase pricing, which can possibly lead to overconsumption and negatively impact everyone else in the system.” - Shiyan Koh, Managing Partner of Hustle Fund" - Jeremy Au
In this episode, Jeremy Au speaks on Kamala versus Trump USA election, NTUC Income Insurance privatization by Allianz, and Indonesia D2C and Productivity Solutions Grant with Shiyan Koh.
Keywords: Kamala vs Trump USA Election, NTUC Income Insurance Privatization by Allianz, Indonesia D2C, Productivity Solutions Grant PSG, Shiyan Koh, Singapore, USA, Financial Security, Thought Leadership
