Why does a person need medical insurance coverage at 90, or 70? Well if one is LKY or Wee Cho Yaw, when life is a bliss, when everyday extra on earth is better than another day in paradise, you would need insurance even at 100 with the premium costing $100k a year.
Would a 70 year old retiree need to have medical insurance if he is living alone in his lease buy back flat or with his retired wife? Or would a retiree living with his children, supported by his children, still need medical insurance at 70? He will if he wants to continue to live to 100 and pay for all the gadgets they are going to insert into his body or chop dying parts off his body when the parts are not working anymore.
I would say this is a very subjective point. I do not need insurance at 70. I rather use the money to amuse myself or give it to the children and grandchildren. What is the point of paying so much insurance and more for medical bills that may come to hundreds of thousands when one is already 70? But if one has all the money in the world, why not?
Consider an average person with no income, just living and waiting to be called home to the Lord, is it worth it to spend the children’s money, a few hundred thousands, to live for another few months or few years? Is it worth it to spend whatever that is left in one’s CPF savings, including the ransom held for one’s own good in Medisave for more insurance premium? It may be an issue of affordability or an issue of where to spend the money.
A lease buy back scheme on a HDB flat may not be enough for a long hospital stay. It will bankrupt people under such scheme as the bill is no small matter. And after paying the bill and with nothing left, then what?
The thought of medical insurance after 70 is amusing. The thought of medical insurance at 90 must be a joke to many.