Govt going into selling insurance business?

First we have compulsory annuity schemes. Now we have automatic Medishield for kids. And more schemes for youth and young adults on the way. Where else can one sell insurance in a large scale to the masses in such an easy manner. Compulsory and automatic. The latter, ok, can opt out within a month after automatic inclusion. And at $30 annual premium, I concur that it is affordable. What if the opt out rate is too high to make the scheme not economical? Would it then become compulsory? It is a good scheme and good for the people? Why not make it compulsory in the first place? Or why not make compulsory annuity be automatic and allow the people to opt out of the scheme if they do not want to? The premium cannot be a key consideration to decide whether it is compulsory or automatic I supposed. $30 versus $1000 or more per annum?


Abao said...

I thought they can always do it through NTUC income......

Anonymous said...

the government just made you pay for your fellow Singaporean's medical bills.

The question is whether our medical system is efficient?!

Khiat Han Hwee Adrian said...

The medical cost is escalating. If the cost is kept unchecked, the insurance cost will escalate as well.

With an aging population, the insurance cost will also go up.

The 1st tier insurance is necessary to ensure govt does not need to pay anything out from their own pocket.

The principle is simple. "I must ensure profitability in every agencies. I will not help you because I believe that you refuse to help yourself"

redbean said...

we have the best talents in the profession. is it efficient? or it decides to be efficient in a way it deems fit?

when every admission is in tens or more thousands, it is a huge strain on many families, except some exceptional families.

at these rate, many already rather die than live, and many have their pockets and bank accounts cleaned up because of their medical conditions.

what would it be like if it is going to keep increasing unabated?