Forum: Doctors and financial advisers may give different advice on healthcare decisions

The Life Insurance Association of Singapore recently voiced its concerns about the spectre of rising Integrated Shield Plan (IP) premiums caused by providing “more comprehensive coverage” (Balance health insurance coverage with long-term affordability, April 27).

The letter recommended that consumers who purchase hospitalisation insurance such as IPs can benefit from advice on policy coverage and terms provided, as well as regular reviews, with qualified financial adviser representatives (FARs).

The public should be made aware of the importance of narrowing the knowledge gap to actively participate in making the eventual decision on the purchase of an adequate health insurance package. This requires a combination of preparation, active questioning, and independent research.

We would also like to take this opportunity to advise that members of the public can benefit from getting holistic advice from their doctors on the medical care they may need for themselves and their family members to make informed decisions on health insurance coverage.

The medical profession’s regulatory and licensing body, the Singapore Medical Council (SMC), requires doctors to “make the health of my patient my first consideration” (SMC Physician’s Pledge) ^_ doctors have to advise and provide care options that are in the best interest of the patient. This principle is commonly known as the duty of care that doctors owe patients.

The insurance industry and FARs may have different considerations from the medical profession when providing advice and recommendations. The FAR’s relationship with consumers is traditionally based on a suitability standard, that is, options or advice given to consumers must be contextually suitable for the consumer, and recommendations are made on a reasonable basis.

This is a different standard from the regulatory standard described above for the medical profession, that is, when a doctor manages a patient, he owes the patient a duty of care, and he must make his patient’s health his first consideration. As such, advice and recommendations given by a doctor and a FAR may be different from time to time due to the fundamental differences in regulatory requirements and ethical considerations.

Patients are advised to be aware of this difference in approach when making decisions on the provision of healthcare for loved ones, especially where it involves medical needs and how these relate to health insurance.

Daniel Lee (Dr)
President
Singapore Medical Association
 

Wong Chiang Yin (Dr)
Master
Academy of Medicine Singapore