When I read that the govt is going to take over the Eldershield
insurance scheme, I cringed. What, another profitable business taken
over by the govt and another compulsory insurance scheme in the making?
It was reported that this scheme would be replaced by the compulsory
CareShield that would be implemented in 2020 for those between the ages
of 30 and 40. In a way the optional ElderShield scheme would be history
and the new compulsory CareShield would take its pace.
The only consolation about this announcement is that it would be run on a
‘not for profit’ basis and ‘there will continue to be premium rebates’
said MOH. This is the first time that a compulsory insurance scheme is
going to be run on a ‘not for profit’ basis.
What about the other compulsory schemes like CPFLife and MediShieldLife,
would they also be converted and run on a ‘not for profit’ basis as
well? The principles and intent of these compulsory schemes are the
same and rightly these two schemes should also be run on the same basis
and NOT for profit.
By the way, how many insurance schemes does a person need? I think as
many as they can afford to, say 20 or 100, still will be needed. But how
many poor buggers or an average guy can afford so many insurances? Many
already are squeezed to have life insurance, not to talk about housing
insurance and car insurance, and medical insurances. Of course it is
good for you. But is it good or friendly to your pocket, to your life
savings in the CPF?
When would enough be enough? Would the number of compulsory insurances
go the same way as the nation’s reserves and town council reserves, just
keep collecting, as much as possible, unlimited, infinito? What is
wrong about collecting more money from the poor buggers?
We can understand that the millionaires have no problem paying for more
compulsory and voluntary insurance schemes. If they need more and money
not enough, they can write their own pay cheques, increase their own
million dollar pay to pay for all the insurances they want and desire.
But for the hand to mouth ordinary Singaporeans, this is no joke, this
is serious matter, a matter of life and death, a matter of food in the
empty stomach, children’s pocket money, a matter of making ends meet.
Please lah, remember, the ordinary average Singaporeans are not
millionaires like you and cannot afford to have so many compulsory
insurance schemes no matter how good and how desirable. And stop having
more designs on their life savings in their CPF. They don’t have much
left to be robbed.
31 comments:
Knn Rb good article but be careful your last sentence may get u into trouble
Revolution!
Just like mass hdb prices are "highly" subsidised. But how come can generate so much positive cash flows year after year despite huge infrastructure costs charged? You tell me lah? Got accounting background also blur. State capitalism can be very profitable for the State... Locked in huge citizen customers base n monopolistic.. Wah Lau .. Poa Chia. Old saying that govt must separate from business is wisdom. Govt officials cannot be businessmen. Conflict or no conflict of interests? For citizens or Chia citizens? You tell me lah. But Lau Goh implemented Inc n paid themselves sky high pay n bonuses. Businessmen or public servants? You tell me lah.
Mr RB. I had a quick check on the Careshield Premium calculations apps just for curiosity.
Wah piang annum S$1388 plus for my age group.Much much more than Medishield Life.
Check for my friend who is having the Eldershield coverage all the while. About S$388 plus.
So those oldies who wanted to join now pay nearly three times than those already on the scheme
S$1400 plus a year just to safeguard and claim a miserable $600 plus??
Also the stringent criteria.Now they want to have a large base of young dies as early as 30s on compulsory schemes.
How many billions they gonna to collect.?
Even now Medishield, wah piang so many limitations to claims.
They have what's ceiling amount and own co payments.In the end the bulk still comes from your Medisaves.
What's Insurance schemes they propagating ?
When you are confused with this good intention non profit title, $ will quietly and slowly leaks from where you kept or are being held, by the time you found out the facts, it is already to late.
In Singapore, you can die but cannot fall sick.
The various compulsory insurance scheming schemes are basically designed by the rich, powerful, highly intelligent and calculative beings to benefit themselves - making use of economy of scale to serve the selfish cheapskate interest of the top wage earners, who are already enjoying unimaginable perks.
In other words making use of the poor and average joes (the masses) to pay for the filthy rich (the minority of minority).
This piece of rock is really going to the dogs.
Western democracy is a ponzi scheme where the rich and powerful manipulate the political system to entrench themselves in power. The people are subjected to constant never ending propaganda opiate and dulled into unknowingly thinking that the rogues, crooks and scoundrels are the best candidates to be elected to be their representatives in the government. This can be seen in the political system of the United States. They have legalised corruption in the form of lobbyists. Every candidate standing for election has a lobbyist who may either be a millionaire or a rich and powerful corporation to finance his candidature. The same goes with the political party which has strong financial support from lobbiists which are rich influential powerful corporations. Of course it is pay back time once they are put in positions of power in the governments.The demands must be met to satisfy the greed and insidious motives of the lobbists at the expense and to the detriment of the people and the country.
In the US it is usually the rogues, crooks and scoundrels who are elected by default of the ignorance of the citizens, the electorate. Once in power the politicians and the government will carry out policies purportedly for the good of the people but in actual fact to satisfy the greed and demands of their self-interest and avariciousness. Policies will hence be introduced to control the people in all spheres of life from peoples personal life through surveillance, peoples movements, property and finance high cost of living and education, high cost of living and education, high cost of health in clinical, medical and hospital charges.
Also there are the illogical compulsory insurance schemes which do not benefit the people except for the enrichment of the insurance corporations and the government.
Some third world countries are aping the sinister American systems and causing a lot of worries, trouble and problems to the people. A certain South East Asian country go even further to introduce all kinds of ponzi schemes to hijack the peoples money and savings purportedly for the good of the people but in actual fact this type of llegalise robbery will hurt the people and the country and will eventually lead to the country's demise.
According to Chinese Confucian philosophy the government, the ministers and government officials are called servants of the people and the country. If they fail to serve the people except to enrich themselves then according to Confucius teaching and theory they have forfeited the Mandate of Heaven to rule and the people and the country have the right to revolt and throw them out of the government.
When will Singaporeans wake up before they are driven to their graves.
A flabbergasted citizen
Eagles Eyes
They implemented so many schemes and made them compulsory to collect our money whether in cash of from our Coffins'funds. The schemes are so complicated and many seniors find it hard to understand, I don't know about our young ppl ? For the very rich, and elites holding high posts and mini$tars, they have no problems paying. When they announce new schemes, our immediate reactions to it is: die la, where to get money to pay. No wonder many ppl weeks in and weeks out are buying hopes, like 4D, big sweeps, toto, etc.
because these web and net look transparent, hard to notice, it grows slowly at the beginning, the moment you believe it is safe and unharmed, it expands rapidity, when you wake up you are already inside the spiral web / fish net, obviously you are finish. Who do you want to blame?
Blame the 69.9%.
Actually we only need a few insurance:
1. shield plan(must)
2. reducing term mortgage (if still otang)
3. home fire & contents (shop around for the cheapest)
4. term life (if got dependents)
5. term critical illness (if got family history)
6. 3rd party vehicle (if driving)
For someone in their 60s with no dependents, kids all grown up & working, home paid up, don't drive .... he/she will just need shield plan & home fire/contents insurance. That's all.
Total annual premiums should be less than 5% of our annual income. Any higher and you are either overpaying or over insuring.
Other types of insurance are optional good to have (e.g. personal accident, eldershield, disability income),
Or are just lousy value (e.g. whole life, endowment, savings, ILPs).
So far only 1 insurance got refund/rebate of premiums --- SAF group term life insurance. Coz most of the insured are relatively young & healthy .... collect more than pay out, so they will refund every few years.
The cheapest if you travel quite a lot on nearby trips to Matland etc. Also accident prone due to old age etc.
No need every now and then buy when you want to go for short trips.
P.A- Personal Accident. Just 20 to 30 per month and can cover quite a big sum.
Also now can see TCM. But now Banks selected customers offered PA banis are now more selective.
Poor man's Insurance.
Cheers
Life insurance schemes, health insurance schemes and social insurance schemes should be optional and not make compulsory unless the proposer has sinister ulterior motive to make huge profits out of it at the detrimental expense of the paying citizens. What happen to these people? Have they no conscience or an iota of responsibility to genuinely serve the people rather than to serve themselves to get rich and powerful. When people are working they have to pay income tax as well as other indirect taxes. When they are sick it is the government's duty and responsibility to take care of them and rehabilitate them to good health. Otherwise why does the government need to collect or extort hundreds of billions of dollars every year from the indefensible people. When will the crunch come for the people to realise it is unbearable for them to be burdened with such obscene taxes that will eventuallly goad them to revolt and remove the Mandate of Heaven from the unscrupulous crooks and scoundrels that have lost touch with the people at large.
Fair play and justice is essential if everybody wants to survive otherwise it will be the demise of all.
@ Govt cheat my money!!
This is one of the most rocking developments in our world-famous brand of State Capitalism . Make people pay insurance to “protect them” from life’s vagaries. Pay until money finish….so that they are always dependent on The State. Gotta say, this is just PURE GENIUS.
First, con the people with the Ponzi scheme called CPF, then when retirement arrives dun give them money. Then force them to pay insurance --- which is just another form of TAXATION.
No wonder China will win. They sent 20,000 - 30,000 state officials to “study” in our universities and hallowed schools of the Religion of Government aka “Lee Kuan Yew School of Public Anal Rapery” ...oh sorry… I mean Public Policy. π€‘
The insurance biz is great because of a thing called FLOAT. That is a massive amount of “spare cash”. Even if they tell you “not for profit” it is bullshit. Profit is built into the SCAM...I mean scheme.
If you want to know more on how this works, Google Warren Buffett… he is a master of the insurance game, that’s why he owns one of the biggest ones in the world.
If you visit any city, the largest skyscrapers are owned by banks...and INSURANCE companies.
State Capitalism Forever! ππππ»π»π»π₯π·πΊπͺπ€£
Insurance business just papers for your paper monies.
Later, all sorts of barriers in claims.
@ Lui chiak bay liau
https://amp.businessinsider.com/warren-buffett-insurance-float-2017-4
Insurance float is like a loan where the lender actually pays you to take their money.
What other business can match this? Talk about “free kick”... this is better than free kick because so easy to make money lah.
Govt say “not for profit”. But the fact is insurance float is part of the business. So at any one time insurance companies will have several hundred million or maybe even billions of CASH. They don't have to make profit from premiums. Their revenues alone from that large pool of cash invested conservatively are huge.
PAP genius lah. I think Singaporeans will vote them back in. Better still, I think China might “copy” Singapore once again. China is Singapore's State Capitalism magnified by many ORDERS of magnitude. πͺπ²π°π€
Non-profit or not-for-profit doesn't mean cheap.
A lot depends on the salaries / bonuses of the staff running the operations, as well as other operational & execution costs e.g. rentals, utilities, IT systems, building & estates maintenance, legal services etc etc.
For insurance it also depends on how conservative i.e. kiasu, you want to maintain an actuarial buffer --- how large a float to cover all foreseeable future claims.
In Singapore, we have among the highest paid civil servants in the world, and a lot of operational costs are also very high.
Secondly, PAP is very kiasu type, hence their insurance schemes are calculated with plenty of buffers i.e. you pay more than is actually required.
That's why the payout ratio for Medishield & Eldershield is so low ---- collect hundreds of millions but only pay out a few millions in claims.
This actuarial buffer is also on the kiasu side for CPF Life, which is an annuity insurance. Hence over the next 30-40 years you will see the same thing i.e. most people will not collect back their CPF principal + interests they could have earned.
Financial analysts have calculated that the current CPF Life computations means that you need to live until at least 88 just to get back your principal + interests. But the S'porean life expectancy is 85 or less (males is 82).
PAP does this becoz they die die want all these insurance schemes to never run out of money which will require the govt to bail them out.
@622
Being kiasu (PAP style) will only make the float LARGER. Means they'll make more money. Insurance only invests conservatively.
All insurance scheme are too milk people one lah. How can these people (insurance companies bosses) who travel first class, drive big cars, live in lux houses be so nice? They are all out to con ordinary folks. They are enemies of ordinary folks.
The question is not how many schemes, but how many 'skims' we are getting before we get to the 'not for profit' talk. We hear a lot of talk about 'Indian Accounting' and wonder whether this is another scheme that will soon qualify as that.
I suppose Leong Sze Hian is not available to do a little dissection of the schemes now that he is busy with his own 'kopi drinking' invitation.
Note that listed insurance companies givetheir shareholders above average dividends yearly.
Since insurance business is so profitable, then insurance buyers are suckers.
Worse still, many who are forced to buy insurance are suffering from breach of human rights !!
Tell you real story.
Woman bought major illness policy.
A few years later, got advanced stage cancer.
Submit claim for medical treatments. Insurance company replied, your submission of medical history (non cancer or major illness matters) was not complete. So we return all the premiums you paid. No deal.
Fighting for life, where got time to bring them to court.
Bo Piah, accepted back the premiums.
Luckily family got a bit of money to pay for treatments.
Imagine those who cant afford, and got played out.
Facing death, got time to fight insurance company, you tell me?
How many time is kind of story repeated behind the scene?
Guaranteed "eat" business is INSURANCE business.
China came to learn, but learn only the good stuff.
China sneered at the millionaire salary of politicians.
China sneered at housing for speculation. Xi just said, housing is for living, not speculation.
China sneered at our CPF scheme. Their CPF scheme, people contribute little and take back a lot. No compulsory insurance schemes. All retirees very rich, can travel round the world.
"All retirees very rich, can travel round the world." - very agree !!
While China retirees are enjoying their golden years vacationing around the world, Singapore retirees are cleaning office toilets or hawker center tables !!
China people can retire at 50. Pension of few thousands every month from govt. Travel round the world and stay 5 star hotels. Can buy and drive cheap cars. Those no home will be given apartments same size as 4 room flats free or minimal rental 100 renminbi. That's why you see photos and videos so many elderly so carefree and relaxed, exercising, dancing, singing. Where got see them collect cardboard, pick up cans, clean toilets, sweep roads, wash dirty dishes, or even be security guards or drive taxi? And many of these elderly also not so old, only 50+ can relaxed liao.
Wah seh. Millions scoot away leh. What is the Ang Moh doing ah? Our military equipment is it from Ang Moh? Handle by which kind of people? The uniform is white? Skin is yellow? Banana skin is yellow, inside is white leh. Opposite. Why no talent no talent need foreign talent? Are we more Ang Moh style? Or Ah Tiong style? Or Banana style? Or opposite Banana style?
Millions scoot away is what kind of people ah?
I am what kind of people ah? I go every where, see Chinese like me leh. But my problems not solve. Weird ah? Is it opposite Banana style problem?
https://www.theonlinecitizen.com/2019/01/09/are-authoritarian-governments-backing-each-other-up/
I want to luff at the old leaders on top at every country. They are not very smart. Do they watch tv? Real problem people got show face? Why Fan Bing Bing kena or gong ah? Does Fan Bing Bing belong to Ang Moh style, Ah Tiong style, Banana style or opposite banana style? Millions scoot away that one, President Xi want to zoom on him a not?
I got study in Singapore one hor. Cambridge O Level leh. Military equipment from Ang Moh? Alliance with Ang Moh? Ang Moh is democratic, Au Coin sack? China Communist party, communist style, Fan Bing Bing kena fine? Every country want their peasant life to be better?
In Singapore, got 6 smoke bomb, my dad sleep void deck, the on top people I see a lot of Chinese leh. What style they using? Ang Moh style? Communist style? Banana style? Or opposite banana style? The old leaders in Singapore is very luffable. I am a daft, so when is people going to solve my issue for me? Singapore is Ang Moh alliance right? Than I should luff at Ang Moh old leaders. Most luffable. Millions can scoot away?
Hong Kong peasant even more luffable? British time also live in cages? China time also live in cages? Who scoot you all money ah? British? China? Malaysia? Guangzhou? Penang? In Singapore got Penang style send your parents go JB? Got Penang Police in Singapore? Can ask the Ang Moh why ah? Got Ah Tiong millions scoot away? Got Penang style go JB? Where the money ah Ang Moh?
Even I go army, fall sick must pay my own. Expect me to go war with Ang Moh alliance? The China Army see my uniform snipe me? The Ang Moh army see my skin snipe me? How ah? Got British approve the swoop than what political coward? Than chinese Ah Tiong million scoot away?
Lan Hao Lan era? Anyone know where is LKY Iron fist? And Ong Teng Cheong MRT style? Make sure MRT dont close early, dont delay, dont spoil? On top salary how much compare to other country ah? What kind of people is on top? Can the Ang Moh check? Make America Great Again, Money leh Money leh? Peasant here in Singapore also money leh money leh? Ah Tiong millions scoot off?
Any China people use Ang Moh military equipment in Singapore a not ah? What is 5.26pm saying? If got China people got paid using Ang Moh milltary equipment in Singapore, how much ah? While I sitting at home? Expect me to protect country, pay lowly for first 2 years plus, and after that must go so many times? Siao Boh Ang Moh? Want go IMH a not? Like to approve the swoop so much, want drink soup a not?
7.57pm, u mean he Kena lim Kopi or just Kena sue. If drink Kopi high chance Kena dor re mi and at his age very jialat leh.π
https://youtu.be/g8DrfjqiYrY
To the greedy leaders. This one for you.
At one time, AIA Assurance had one Cricitcal Illness Policy.
You pay the premiums up to a certain year and there onwards they will cover you of all critical illnesses.
But when many reaching that stage when they promised no more paying of premiums, AIA withdraw their guarantee and said must continue paying till the end of your policy terms.
Intervention by the Insurance Body they agreed to refund premiums or pay less for the balance terms
This is how these insurance companies kept and rescind their
Promises when they found that the going is not favourable to them
As for Anon 8.55pm many insurance companies when faced with a major claim will sieve thru their records trying to find any loopholes to decline or lessen the claims.
They will for instance try to find any exception clause that the insured had signed or not declared pre existing illness and deny your claims.
Now, they have to accept pre existing illness.
So insurance companies had their own big big buildings assets.
@ Virgo
Not everyone is insurable. Just like bad drivers can’t get insurance or they have to pay very high premiums, some people in certain conditions are simply uninsurable. For e.g.: if you tried to take out life insurance at age 85, good luck to you. π€£
Insurance companies are demons when it comes to paying out claims. Of course they will put up “resistance” --- that’s obvious lah. Insurance relies on contracts between the insurer and the insured. You have to read the fine print and understand it. Your paperwork has to be tip-top. You also better standby a lawyer to tekan the insurance company if it comes to that. That’s life on this planet in the modern world lah.
Consider the alternative: not having insurance. You mati lah. Unless you are very rich, not being insured is a LOSING PROPOSITION. By simple human nature, insurance is a “negative” expense. People will rather spend their money having a jolly good time and neglect the fact that almost everyone gets sick, and that costs a lot of money. For e.g.: in the last 2 years of life, the average person will spend 80% of their total medical expenses for their entire life. So if you cannot cover that, it is really very bad news indeed.
The PAP is very clever. Never make the mistake in thinking they are STUPID. They might be “evil” or “ruthless”, but stupid they are definitely not.
They don’t want a welfare state, so the RISK associated with medical and healthcare expenses are to be borne directly by the citizens. In that way, they can assure that the cuntry’s healthcare is FULLY FUNDED and will not run out of money, like the NHS in the UK and other cuntries like Canada and France where the govt has to borrow or tax like mad just so they won’t go bankrupt.
I’m not saying I support the PAP’s move to force insurance on the people...but let’s be real here: The People Get The Government They Deserve, so like it or not, the people have chosen.
BTW, compulsory insurance is a TAX. I hope people understand that.π²π²π°π€
Post a Comment