Medishield Life – Promoting a new product

Today’s media is all about the highly expected new product, a medical Ferrari of sort, that the govt is adamant to sell to the whole population by compulsion. Like any new launch, we are hearing only the good news from the snippets being aired. The people have nothing to worry about. It will be very affordable, premiums will be no more than the current Medisave contributions. This looks like another ‘gum gum ho’ package vis a vis what you have in your Medisave Account. The caveat, premiums could go up at an opportune time. Heheheh. Think the formula for home/car buying, low upfront payment and pay and pay after that with interest going up at an opportune time.

There might be some freebies thrown out to attract the buyers and make the deals sweeter. There is a Pioneer Generation Package for those, probably 70 and above, and paid by the govt for life. This is no gimmicks, it will not be a one time payment or discount and then pay and pay like utilities bills and conservancy charges. Be very grateful for the kind mercy.

For those who are just below the 70 cut off point, be prepared to pay what the pioneering generation need not pay, for the rest of your life unless there is a new mercy, that premiums for the oldies will be frozen at a fixed rate or the govt will cough up more funding to subsidise the ‘very affordable’ premiums when one is 80, 90 or 100.
Assoc Professor Phua Kai Hong of the Lee Kuan Yew School of Public Policy said, ‘Can we trust insurance to contain future healthcare cost increases without stronger govt regulation on the supply side?’

There are a few things that the people must be worried about, the profits of insurance companies, the unstoppable escalating medical cost that would lead to higher premiums to ensure profitability to of the insurers. The fact that insurers are still in the equation is something that must be of great concern. There is no reason why the govt cannot self insure this scheme if private insurers can do so. What is the catch that the govt will not want to take on this role? A compulsory scheme has removed all the other untidy and unnecessary issues of marketing and taking care of a big sales force. It is purely an administrative job.

The merits of self insuring are obvious. Cut down the cost of middlemen, cut down the profit motive, and any surpluses form the previous years can be ploughed back to lower the premiums of the insured. No need super talents to know such simple stuff.
The other big unknown is the runaway medical cost if not curbed by the strong arms of the govt. The cost in govt hospitals must be regulated to prevent any smart alec from raising fees to raise their bonuses or to subsidise their pet projects. There are also issues of over consumption like all schemes that are covered by insurance.

To take the logic of pioneering generation and the idea of ‘yin shui si yuan’ or when we drink from the well, we will remember the source, the oldies that needed medical care are not confined only to the pioneering generation. Every generation will get old and older and the state must play a big role in their welfare. It is better to set aside money to look after the oldies that have done their parts in contributing to the nation than to give the money away freely to foreigners and foreign organizations to show off that we are rich and can afford to splash hard cash everywhere.

The real stuff and maybe pain will come after the initial euphoria in a new launch. What will be added on when everyone is sucked into and stuck in an inescapable scheme? It is a flawless proposition, like the 6.9m population. Everyone shall welcome it with open arms and can sleep soundly after that. There is no downside but only goodness.

Kopi level - Green


Anonymous said...

Medishield life is good and become cheaper when there are more people in Sinkieland. Or rather more foreign talents converted to Sinkies. Insurance works best on numbers, the bigger the number the bigger the pool to get the funds, tio bo?

That's the reason why a 6.9 million population is needed.

Just an ordinary Sinkie's understanding of Medishield or whatever shield lah.

Anonymous said...

Or rather more foreign talents converted to Sinkies.
Anon 9:02 am

Tiok. A lot of things will become very good also, not just Medishield Life.

Anonymous said...

Papigs.... knnbccb, the truth is out.

According to msm reports,

The fucker said:

"their annual Medisave contributions should be enough to pay the ENTIRE MEDISHIELD LIFE PREMIUMS...he added"

Knnccb.... slowly our cpf funds are getting drained to enrich those insurance companies.
Kuan yew.... live long, u fucking bastard

Anonymous said...

Be whether it is Medishield Life or CPF life, all issues have been politicised whereby all citizens would be held hostage with no option given even though it is your own $. They can spend between $200m to 400m per year on foreign students but zero cents on own citizens.

Anonymous said...

HDB flats are priced affordably according to how much you have in your CPF Ordinary Account. Medishield Life will be priced affordably according to how much you have in your Medisave Account.

No worry, they know how much you have in your CPF. So perfect.

Virgo49 said...

CPF should administer the Medishield Life Insurance just like the DPS (Dependent Protection Scheme)

This one, like PA, not much meat for the Insurance Agencies to eat and suck dry.

See, after so many years got SURPLUS and redistributed to all members even out of the DPS at aged 60 but not the DEAD already,

So should be administer by the CPF Board where they can monitor and tell the hospitals not to sharpen their knives too sharp as many of members' funds running out in the long run.

Chua Chin Leng aka redbean said...

Hi Virgo, CPF as the choices insurer is obvious and logical. But if they want other insurers to take over, there will be very clever reasonings to put forth, like GST to help the poor, ERP to ease congestions, privatising govt hospitals to raise quality, privatised media and public transport for competition.

Anonymous said...

I got so much money in my CPF, I don't know what to do with it.
So I will be voting PAP because PAP has so many ways to help me spend my CPF money.

Anonymous said...

I already feeling very happy for you, knowing that you b voting for the papigs. Let's cheer to kuan yew longevity.

Long live kuan yew.

And witnessing the fruits of his actions as they unfold on his family.

Knnccb.... papigs, huat ah...

Anonymous said...

Anon 11:23 is a wise man. Let the govt decide how to spend his money for him. Don't have to sweat the small stuff. No need to crack head what to buy, how much to buy, expensive or not.

The govt will know what to buy for him at the most affordable price. So senang.

Anonymous said...

The Singapore Government never sells anything to Singaporeans. They just shaft it down their throats. Just like that!

Anonymous said...

Whether CPF administer the Medishield Life or their appointed insurere is irrelevant. Who owns a great part of Great Eastern or NTUC Income. It is all 'kar kee nan' behind close doors, like the bankers, goldsmiths and etc..

patriot said...

The SIN Government makes Sinkies pay for goods the Latter may not want. It is also goods that they may not need or get after having paid for them, what do we call such transactions? Ransom, extortion, appropriation, robbery or what?


Anonymous said...

'Mr Gan said that working adults should not need to fork out any extra cash to pay for the new MediShield Life. That is because the Govt intends the individuals to pay the higher premium entirely from his Medisave.

He said that the individual’s annual Medisave contributions should be enough to pay for it.

Accordingly, Mr Gan said that over time, the Medisave contribution will have to go up “at an opportune time”, without elaborating further.'

This is what the Medishield Life is all about, your money in the Medisave account. Be afraid, be very afraid.
You cannot bluff all the people all the time.

Anonymous said...

Whether we pay through medisave or in cash is the same. By using medisave, you just pay more from your CPF contributions and have less for retirement and other uses. That is the PAP's tactic of telling you 'lampar is par lan'.

Anonymous said...

If the minimum sum and medisave scheme is any indication, with increases every year with the sky as the limit, then medishield life will follow the same path down the road.

All the goodness of the scheme and affordability in the initial stages will be spelt out to sell and justify the scheme. What Sinkies should be afraid of will come after, as the scheme like CPF minimum sum and medisave schemes, will be up to them to dictate and slowly change the rules, conditions and increasing premium rates by siphoning easy money out of medisave, always with the argument that the scheme is affordable, like housing, healthcare, education and transport.

The trap is already set and Sinkies, as usual will fall into it, or just forced to accept it.