[Healthcare] Joo Chiat residents urgently need a reverse mortgage finance facility.
Me thinks that this is the best solution to balance healthcare costs for elderlies with the stratospheric property prices in Singapore. Singaporeans, led by Mah Bow Tan, have been worshiping the god of high property prices for far too long, so why not ask this god for some dividends in return rather than starting a medishield ponzi scheme that ask the young (with enough problems affording proper housing) to sponsor medical bills for rich elderlies?
HDB should provide reverse mortgage at an affordable 2.6% whilst banks can service pte property holders. 70% open market value (or indeed less since I'm not using the actual BTO sale price) can be a good limit to look at with only those hitting this mortgage limit being advised to downgrade or even rent a studio HDB flat from the govt linked company that houses 90% of Singaporeans- HDB!
The median HDB resale flat prices in 3Q2013 shows there to be sizable number of HDB flats transacted ABOVE HALF A MILLION (some >$1million cos <20 transactions/quarter areas- is not included), so what is against sick seniors moneytising their HDB at reasonable interest rates to fund their end of life care?!! Singapore has never socialised the cost of care provision to the middle class, so why is it doing it now? Already the young find it difficult getting a good place to stay in a land with a high gini coefficient so why so rich seniors need to be subsidised?
Perhaps, when medishield life is made compulsory, those owning homes above a certain value will have to pay higher premiums than those staying in homes that costs less. At the end of the day, those too sick to hold on to their private properties can always rent an old age unit from HDB- and that to me is equitability.
B.C.
Tags: healthcare, funding, Singapore, property, reverse-mortgage, insurance, inflation, ponzi, health,
Me thinks that this is the best solution to balance healthcare costs for elderlies with the stratospheric property prices in Singapore. Singaporeans, led by Mah Bow Tan, have been worshiping the god of high property prices for far too long, so why not ask this god for some dividends in return rather than starting a medishield ponzi scheme that ask the young (with enough problems affording proper housing) to sponsor medical bills for rich elderlies?
HDB should provide reverse mortgage at an affordable 2.6% whilst banks can service pte property holders. 70% open market value (or indeed less since I'm not using the actual BTO sale price) can be a good limit to look at with only those hitting this mortgage limit being advised to downgrade or even rent a studio HDB flat from the govt linked company that houses 90% of Singaporeans- HDB!
The median HDB resale flat prices in 3Q2013 shows there to be sizable number of HDB flats transacted ABOVE HALF A MILLION (some >$1million cos <20 transactions/quarter areas- is not included), so what is against sick seniors moneytising their HDB at reasonable interest rates to fund their end of life care?!! Singapore has never socialised the cost of care provision to the middle class, so why is it doing it now? Already the young find it difficult getting a good place to stay in a land with a high gini coefficient so why so rich seniors need to be subsidised?
Perhaps, when medishield life is made compulsory, those owning homes above a certain value will have to pay higher premiums than those staying in homes that costs less. At the end of the day, those too sick to hold on to their private properties can always rent an old age unit from HDB- and that to me is equitability.
B.C.
Joo Chiat residents raise concerns about healthcare, housing at dialogue session
Acting Minister for Culture, Community and Youth Lawrence Wong and Joo Chiat MP Charles Chong join in a laughing yoga session during a community visit to Joo Chiat constituency on Nov 17, 2013. Photo: Ooi Boon Keong
BY
ASHLEY CHIA
18Nov2013
SINGAPORE — Even though most of them live in private property, residents at Joo Chiat yesterday raised concerns about healthcare and housing affordability at a dialogue session.
More than a dozen residents asked questions at the session with Acting Minister for Culture, Community and Youth Lawrence Wong. All but two of them called for the Government to give greater healthcare subsidies and ease housing costs for the next generation, deviating from the theme of the dialogue: A caring community.
With about 99 per cent of homes in the area being private property, some participants noted that most of the residents — about 60 per cent of whom are seniors — are mostly “asset-rich but cash poor”. This means they cannot qualify for healthcare assistance, such as the Community Health Assist Scheme.
The discussion was held at the Siglap South Community Centre and attended by more than 200 participants as part of Mr Wong’s ministerial community visit to the constituency.
Nothing their concerns, Mr Wong assured that the Government is “very mindful” of housing and healthcare issues. He noted that it is already moving to increase healthcare expenditure and be more inclusive in insurance coverage, with the recent move to make MediShield mandatory for all citizens.
He also reiterated the Government’s commitment to making homes “affordable” for everyone, such as by building more homes. First-time buyers of new flats can also tap housing grants.
However, he cautioned that, for the Government to do more, it must find ways to get more resources and channel them to those in need.
So, while Singapore already has a very progressive tax system in place, “we are looking at how we can have a more progressive system in order to preserve and uphold this sense of a fair and just society”, Mr Wong said.
When asked by reporters if this meant increasing taxes, he said increases are not expected for now but, eventually, the Government will have to consider “some ways” to finance increasing expenditure.
He added: “So when we talk about a caring community, remember that it is not just the Government’s responsibility, it is our collective responsibility and if we want to do more ... we must do it in a sustainable way ... and don’t leave our children with bigger and bigger debts.” Ashley Chia
http://m.todayonline.com//singapore/joo-chiat-residents-raise-concerns-about-healthcare-housing-dialogue-session
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Tags: healthcare, funding, Singapore, property, reverse-mortgage, insurance, inflation, ponzi, health,
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