4/11/2012

Medical Insurance coverage at 90!

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.

27 comments:

Anonymous said...

Allow me to just say that Medical Insurance at 80 year old and above is not a JOKE.
IT IS THE RIDICULOUS AND PERVERTED IDEA OF MORONS AND PEOPLE TOO IMAGINATIVE FOR THEIR OWN GOOD!!!

patriot

Anonymous said...

I am a 73 year old man comfortably self supported. I fully agree with you in every single word. This is a ploy set up by the insurance company to make more profit.

Chua Chin Leng aka redbean said...

Hi 73 year old man, welcome to the blog. Every human bean must accept his mortality. We are not made to live forever and a time will come when all our parts will not work or would even fall off.

The only solution that is worth the while is to have a new younger body. Maybe that will be possible in the future when they can clone bodies for replacement: )

Matilah_Singapura said...

I can't believe this is actually happening.

Jumping fucking jesus on a craker....

Matilah_Singapura said...

However on second thoughts, at least there are insurance companies willing to "construct" such products to meet a demand, and thus offer "choice" to the market.

Thus a 100k premium at an advanced age would be in keeping with most peoples expectations -- even those who don't understand math or actuary processes.

Go insurance companies go! You are too big to fail anyway!

Here in Oz, the fucking silly cunts have medical insurance for PETS! Yes, you can get it over the counter at most supermarkets, so that you can peace of mind that if Fido or Fluffy gets injured from an act of animal cruelty by one of those filthy, barbaric dark-skinned immigrants, you can rest assured knowing that the vetinary bills are completely covered.

I expect this world to get nuttier as human beings are indeed an interesting species to observe.

Chua Chin Leng aka redbean said...

What's wrong with insurance for pets? The wrong part is that they make medicare for pets or beans so expensive that you got no choice but to buy the insurance. Then they called it free market mechanism. Hahaha, like not building flats and claim market demand pushes up prices.

The more sick things about so called free market economy is that they used the law to sell snake oil and claimed that it is legitimate. Or worst, they use the law to rob you by forcing you to buy snake oil which you don't need.

Anonymous said...

Come on! When You got money, You can insure your arse, nails and hairs. BUT, when You are living from foot to mouth, forget about insurance even if You know more than the docs that You are dying.
Modern man has gone beyond being ridiculous!

DL said...

Can you show me which insurance company charge you $100K premium for medical insurance at age 70 years old.

Get your facts straight before shooting from the keyboard.

Chua Chin Leng aka redbean said...

Hi DL,

This is what I wrote 'you would need insurance even at 100 with the premium costing $100k a year.

Can you read? Is this enough as a reply?

AJ said...

HI RB,

Medical insurance is relevant to those who can't afford medical bills beyond your means. Don't think it is applicable to LKY and Wee CY.

AJ said...

HI RB,

Medical insurance is relevant to those who can't afford medical bills beyond your means. Don't think it is applicable to LKY and Wee CY.

Chua Chin Leng aka redbean said...

Hi AJ, welcome to the blog.

Yes, people like LKY and WCJ can self insured. They don't need any insurance.

And not everyone needs insurance. The crime is to compel everyone to buy insurance regardless of their needs. Some need, some don't need, some need more, some need less. Some need for a short period, some longer period.

DL said...

RB,

Yes, I can read definitely better than you.

Your article is so misleading to tell people that medical insurance is not required when you are old.

Rich or poor, old or young, everyone needs medical insurance. Your children will curse at you should you some day landed in hospital and they pay for your heafty medical bills.

Do you know how much it cost to have a major operation in the hospital?

Do not mislead the public by saying that not everyone needs insurance.

Everyone needs insurance, especially the poor.

Ask SIA to fly their planes without insurance coverage, or ask your children to drive without insurance.

Such shallow thinking needs to be upgrade. Read more and learn more.

You don't have to reply, I will not read your postings anymore. Waste of time.

Anonymous said...

Redbean, say good riddance to this nitwit. He doesn't even know what you are writing? Gosh!

What an idiot!

Chua Chin Leng aka redbean said...

Ya, he reads what he wants to read and sees what he wants to see. Maybe suffering dyslexia.

Anonymous said...

Ah, I think he is a member of the internet brigade here to cast ills at your site. He is so shallow that he did discredit to his masters.

Anonymous said...

Does he matters at all?
Not oni he did not understand, me do not know what he had posted.

patriot

Anonymous said...

agree. that's a dimwit.

Chua Chin Leng aka redbean said...

Hi DL,

Maybe you are no longer reading. I have passed 60 and not having to pay a ransom to the rascals in white. And as far as I am concerned, when the time comes for me to go, I will happily go.

When one accepts his mortality, one needs not be conned, be frightened by the snake oil sellers, and be separated from his money. Only the ignorant or those who fear death, will be exploited by those who see through their weaknesses.

I don't even waste money on annual medical checkups. The only check ups I had was during my uniform days and when I ROD. I bet anyone above 60s going for a check up will be told that there are growths everywhere and parts to be changed, and of coure a lot of money to pay.

There are so many helpless lonely souls who can barely move their body parts but clinging to life, to live on and on. I never believe that is the way to live and to buy more medical insurance to be in those living dead condition.

I am just an ordinary bean that will pass through this world like any ordinary bean. We are just passing through.

PMI said...

Wow, informative blog and articles! Thank you for your take on medical insurance at 90. Truly enlightening!

Chua Chin Leng aka redbean said...

Hi PMI, welcome to the blog. And thanks for your compliment.

Life Insurance Policy said...

Yes, totally agree that the more you age, the more you need medical insurance! Hope everybody gets this before its too late.

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