Dr Koh said that the net premium increase after subsidies will be limited to around 10 per cent in the first year and added: “We
will continue to hold to our commitment that premiums will be
affordable and no Singaporean will lose their MediShield Life coverage
due to financial difficulties.”
The MediShield Life Council has recommended that the Medishield Life scheme be enhanced and the premiums be adjusted to…
Posted by Koh Poh Koon – 许宝琨 on Monday, October 19, 2020
SINGAPORE: Premiums for MediShield Life may increase by up to 35 per
cent in the next few years - before subsidies - as the MediShield Life
Council seeks to improve benefits of Singapore’s national health
insurance scheme.
“The MediShield Life Council has made
preliminary recommendations for the MediShield Life benefits to be
enhanced, and for premiums to be correspondingly adjusted,” said the
Ministry of Health (MOH) on Tuesday (Sep 29)." ....
Under the recommendations, those aged 61 and above will see the
highest increase in premiums of about 35 per cent, before subsidies.
But
the net increase for all Singaporeans will be kept to about 10 per cent
in the first year, after factoring in existing and additional
subsidies, including a one-off COVID-19 subsidy announced on Tuesday. CNA
While the premiums collected in the last 4 years have been more than the payouts, with an average of $1b left in the reserves, ie premium collected less payout.the conventional term for this is gross profit, Medishield Life premium is expected to go up as much as 35%. There are two main reasons for this. One, must make provisions for more claims, real or just a projection only, never mind. It is the people that will be paying, ie OPM. When making other people pay is concerned it is always good, excellent, to err on collecting more than collecting less. Must build on the reserves, the bigger the reserves the better. The profits are now termed as reserves or put into the reserves for payouts in the future, like a rainy day.
The second reason for premium hike is more benefits, enhancements. Wow, the govt is so caring. They want the people to be very well taken care of, with more benefits. Say thank you to the govt for this kind and compassionate intent. Wait a minute, someone said before, when the govt is going to help you, be frighten, be very frighten. I think no need to be frighten lah. Only pay and pay with your CPF that is actually not your money what. So why worry, why be unhappy? But make sure you put in more money into your CPF to save for your retirement. There is a big hole that will keep leaking money from your CPF. You can never have enough money in your CPF just like you can never have enough of enhanced benefits. Think of it also feel shiok. Come on, tell us how much more benefits we can get, just like looking at the CPF statements and smile.
Singaporeans are so fortunate to have so many caring people, caring about their CPF savings and their well being. You can never save enough to contribute to more voluntary schemes that are planned for your own good by the govt. What more compulsory schemes in the pipeline to tap on your CPF savings?
Got some more or not? Thank you very much.
The moral of the story is that other people plan and you pay. The good thing is that you don't have to think and don't have to plan. Let others do the thinking and planning for you, using your life savings. And you cannot say no, cannot opt out.
PS. This is another scheme that says CPF is not your money. Other people will decide what you need, how much you need even if you don't need, and how much they want to take from your CPF. And you cannot say no, cannot complain. You just have to pay and pay.