The Medishield Life is a great scheme for the good of the people
theoretically. It is going to bring affordable healthcare to everyone,
especially those who really really need it, those who are already very
sick with existing conditions. How much more can one hope for when no
insurer would want to touch them with a ten foot pole? Now everyone is
waiting for the details to see how real this can be and how many will be
covered and how much will it cost.
Personally I have doubt if there can be a comprehensive insurance cover
for everything and every one. It cannot be for many simple reasons. When
the principles of insurance are turned upside down, when the
uninsurable will be insured, when the highest risk will be made to pay
less and the least risk will have to pay more just do not make sense.
In the matter of life and health, the young are the less risky group and
normally will pay the lowest premiums for insurance. The older one
gets, the nearer one gets to the other end when death and serious
illnesses are as sure as the sun will rise. Naturally the premiums to be
paid by the oldies will be many times higher than the young. And
covering people above 70 and into the century is inconceivable and makes
bad business sense and bad insurance. Further, who needs insurance at
those ages and who can afford the premiums?
The first major flaw, to cover the young and make them pay for the
oldies is incomprehensible. And who will be made to pay for the young
who have no income?
The second big flaw, covering the high risk oldies, and making them pay
less. I am wondering just how low would they be made to pay when the
risk is so high. And it is unimaginable to get oldies paying insurance
premium throughout their lives into the 70s and beyond. Many of them
will be economically inactive, with no income and probably exhausting or
depleting whatever little savings they have. Where got money to pay?
Then who will pay for them, the govt or their children?
Now, the paymaster must naturally be the parents of the young and the
children of the olds. Yes the economically active that will have to pay
for their own insurance and the insurance premiums of their children and
parents. God have mercy for this piece of sandwich.
Designing insurance schemes that violate the principles of insurance
policy will not work as it will not be workable or sustainable. Either
the premium will be so high or the insurers will all go broke. What is
the likely outcome once reality sets in, when the numbers do not make
sense, is that there will be a watered down version that may be a big
let down.
16 comments:
RB, in coming up with Medishield life, maybe PM Lee or his advisers know something which you don't?
That's why PM Lee is not as concerned as you are on what you described?
Or maybe you misunderstood? Or maybe..., and more maybes...?
@Redbean //Designing insurance schemes that violate the principles of insurance policy will not work as it will not be workable or sustainable.//
How dare you question the wisdom of the harvard and cambridge trained elites? Old man already said its the best team since ever assembled. Just everything say yes, yes, yes quadrillion times can liao. Other things never ask you pls tape up your filthy mouth and itchy fingers. You only need read right things, write right things and think right things. Anything not sarpork yakult and his multimillion dollars taxpayers funded paid kakies is wrong thing. Better wake up mr old bean.
One good thing, empty the Medisave. Second good thing, you pay and pay until you die.
I did not know he is so rich, that's why I was wondering and concerned how he could afford such a big car.
Let's make this insurance Medi-Free.
It's time Singaporeans stop raiding our bank accounts.
It's time Singaporeans use our money in OUR Singapore Reserves to pay for our insurance.
Singapore reserves is for a rainy day.
And medical insurance is also for a rainy day.
So it's time to use OUR (Not PAP's hor) Singapore reserves to pay for Medi-Shield.
And we call this insurance Medi-Free to emphasize that it is free for all citizens.
Otherwise, what is our Singapore sons doing national service for?
So many trying to make ends meet. Still got money to buy comprehensive insurance for life?
We should have a pay as we go system. The healthcare cost should be shouldered by all citizens in the form of income tax.
It should be adjusted yearly base on previous year healthcare expenditure.
Today, I see a evil plan in medishield life. It is a ponzi insurance scheme that citizen can be made to pay until their last drop of CPF.
1) It works in this way. Citizen have some $ in their CPF.
2) PAP raise sickcare price.
3) PAP raise sickcare insurance contribution
4) citizens are screwed.
>1109am
Citizens are screwed whether they implement this healthcare scheme.
How can the govt force the oldies to take up compulsory insurance to empty their Medisave accounts? The premium is not joke.
If the govt wants to make it compulsory, the govt must pay for it and the oldies will be very happy and definitely vote for the govt.
@ Veritas
"We should have a pay as we go system."
You mean we don't have a pay as we go system now ??!!
What planet are you living on?
In fact our system is "overpay" as we go system.
- overpay for HDB flats that belong to HDB
- overpay for cars
- overpay for COE
- pay filial piety tax in the form of maid levy when we hire maid to look after parents
... the list goes on.
Does Singapore reserves grow by magic?
No!
It grows because of the hard work of all Singaporeans.
So what is wrong with using the Singapore reserves to pay for the MediShield premiums?
Who benefits?
Singaporeans.
And what is so wrong with this?
Only PAPigs will say that benefiting Singaporeans is raiding the reserves.
@ 4.05pm "If the govt wants to make it compulsory, the govt must pay for it and the oldies will be very happy and definitely vote for the govt."
The problem is many might just take whatever given to them but still not give votes to the giver. So the giver now every night also likely sleep with a lot of worries cos once out of power if kenna like Gaddaffi or Mubarak fate then will be unthinkable and end of the world for them. Maybe you can suggest to them ways to remain in power so maybe they can consider pay for old people's premium from gehmin annual badget or resarve. Want dip into pagpippy bank must lose face ask the "almost statue like almost nothing to do very bored fella" for 2nd pw to unlock but tis "fella" skaly very bored afer so many years later asked many many qns then younger dragon very pekchek cos think both oso dragons but 12 ears apert. hee hee
Until grandfather dies;
Do you think the millionaire leopards can change their spots.
The real NatCon can only start after Grandfather passes away.
@ 7.08 pm
HE may live for another 10 years or more. Means may outlive you! And many others including many old old uncles and grannies here. Lol
@ 7.08 pm
Another few yrs you may need to change the address to great grandfather. Lhl becomes the grandfather. Ha ha ha
@ RB /Designing insurance schemes that violate the principles of insurance policy will not work as it will not be workable or sustainable./
Think ah long cabinet needs a talent like u to tell them all your wise words and wisdom. Sg short of talents. Old man says sg would become nothing if dumb people get in. A great talent like you should be contributing in the cabinet so sg wont become nothing with potential dumbass people down the rd. Call a spade a spade. Mb all the youngish young punks need a nanny like u to babysit till they politically mature.
@ Anon 7.29pm
Ah long now in ceena. Must wait come bk then make recommendations. But tiday his oppice just anulls many kantna fromoted liao. Lonno gut vacuntcies for uncle or not leh! But hor if uncle cuntna get ask drink tea then next time no time blog liao. No chance buy him kopi teh milo hullick coke pepsi kickapole mirinda bangtong lamejuice tiger childsbert ankle henknuckle gilatao xyz. So he insude liao shiok shiok also every monk money many many no need ask for cupee liao. Uncle next time no need worries ml too expensuve luao cos even bypass only 8 lollars. No belief go ask call moon one.
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