Being a female is a greater offence than being a smoker in Singapore.
Female people have to pay 23% higher care-shield life premiums than men do https://www.areyouready.sg/YourInfo...her-CareShield-Life-premiums-SUT20180722.aspx because they are calculated to costs 23% more than men to care for in old age.
According to professional actuaries, smokers make at least 50-71% higher healthcare costs claims and thus private healthcare insurance premiums for smokers is likewise increased in tandem http://boringinvestor.blogspot.sg/2015/08/the-insurance-cost-of-being-smoker.html . However, our vote buying, santa Claus PAP government has decided that smokers should be awarded this 50-71% discount off their true medishield-life premiums because at > 10% population, the PAP gahmen wants to pander populist policies to this tobacco puffing mob to win their popular vote.
On one hand, PAP claims to be clamping down on smoking but on the other hand, PAP is their secret sponsor in giving smokers an extremely generous 50-71% discount on what their medishield-life premiums ought to be.
If PAP gahmen intends to jail people who don't pay medishield-life premiums 1 year with up to $5000 fine http://www.asiaone.com/refuse-pay-medishield-life-premiums-you-could-be-jailed , then shouldn't people who purposely cause healthcare to increase either be compelled to pay higher insurance (like a COE, road tax tax and ERP to smoke cigarettes) or be jailed if they falsely declare that they are non smokers when in fact they smoke cigarettes.
I think that just like PMD which have to be licensed with number plates,smokers also need to display a number plate (or QR code sticker) prominently when they are smoking in any place open to the public that is clearly visible to NEA/HPB health check inspectors. Whenever spotted, NEA wardens will scan to QR code (big enough to scan upwind from 2m) to download the photo and particulars of the smoker to see if he has already paid his medishield-life premiums (with the 50-71% surcharge built in as well). He will be issued a summons to attend court or health assessment to see how much he owes the system if he is found not to have registered his smoking addiction and thus evaded the additional medishield-life premium appropriate to his smoking habit which is a genuinely high healthcare costs claims risk group. (He will be arrested if he has previously defaulted summons, unable to furnish particulars or failed to attend court).
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Ref:
The Insurance Cost of Being a Smoker
Sunday, 2 August 2015
Last week, I blogged about the cost of buying insurance at different ages. This week, we will discuss the insurance cost of being a smoker.
The chart below shows the difference in annual premiums for a level term insurance with critical illness benefits for a male with a sum assured of $1 million covering until 70 years old. Using age 25 as an example, a non-smoker would pay $3,149 in annual premiums for 45 years until age 70, while a smoker would pay $4,936. The difference is $1,787, or 57% more. The total premiums payable over the whole duration of the policy is $80,415 more for the smoker.
Difference in Insurance Premiums for Non-Smokers and Smokers
The percentage difference in annual premiums between non-smokers and smokers generally increases with age. At age 20, the percentage difference is 50%, while at age 65, the percentage difference increases to 71%. Thus, from an insurance point of view, it pays to quit smoking. If you have friends who are smokers, please share this blog post with them.
The above analysis is carried out based on level term insurance. There are other insurance products such as whole-life, reducing term and endowment insurance available on compareFIRST.sg. You can carry out similar analysis to determine how much you could save in insurance premiums by quitting smoking!
http://boringinvestor.blogspot.sg/2015/08/the-insurance-cost-of-being-smoker.html
Female people have to pay 23% higher care-shield life premiums than men do https://www.areyouready.sg/YourInfo...her-CareShield-Life-premiums-SUT20180722.aspx because they are calculated to costs 23% more than men to care for in old age.
According to professional actuaries, smokers make at least 50-71% higher healthcare costs claims and thus private healthcare insurance premiums for smokers is likewise increased in tandem http://boringinvestor.blogspot.sg/2015/08/the-insurance-cost-of-being-smoker.html . However, our vote buying, santa Claus PAP government has decided that smokers should be awarded this 50-71% discount off their true medishield-life premiums because at > 10% population, the PAP gahmen wants to pander populist policies to this tobacco puffing mob to win their popular vote.
On one hand, PAP claims to be clamping down on smoking but on the other hand, PAP is their secret sponsor in giving smokers an extremely generous 50-71% discount on what their medishield-life premiums ought to be.
If PAP gahmen intends to jail people who don't pay medishield-life premiums 1 year with up to $5000 fine http://www.asiaone.com/refuse-pay-medishield-life-premiums-you-could-be-jailed , then shouldn't people who purposely cause healthcare to increase either be compelled to pay higher insurance (like a COE, road tax tax and ERP to smoke cigarettes) or be jailed if they falsely declare that they are non smokers when in fact they smoke cigarettes.
I think that just like PMD which have to be licensed with number plates,smokers also need to display a number plate (or QR code sticker) prominently when they are smoking in any place open to the public that is clearly visible to NEA/HPB health check inspectors. Whenever spotted, NEA wardens will scan to QR code (big enough to scan upwind from 2m) to download the photo and particulars of the smoker to see if he has already paid his medishield-life premiums (with the 50-71% surcharge built in as well). He will be issued a summons to attend court or health assessment to see how much he owes the system if he is found not to have registered his smoking addiction and thus evaded the additional medishield-life premium appropriate to his smoking habit which is a genuinely high healthcare costs claims risk group. (He will be arrested if he has previously defaulted summons, unable to furnish particulars or failed to attend court).
=============
Ref:
The Insurance Cost of Being a Smoker
Sunday, 2 August 2015
Last week, I blogged about the cost of buying insurance at different ages. This week, we will discuss the insurance cost of being a smoker.
The chart below shows the difference in annual premiums for a level term insurance with critical illness benefits for a male with a sum assured of $1 million covering until 70 years old. Using age 25 as an example, a non-smoker would pay $3,149 in annual premiums for 45 years until age 70, while a smoker would pay $4,936. The difference is $1,787, or 57% more. The total premiums payable over the whole duration of the policy is $80,415 more for the smoker.
The percentage difference in annual premiums between non-smokers and smokers generally increases with age. At age 20, the percentage difference is 50%, while at age 65, the percentage difference increases to 71%. Thus, from an insurance point of view, it pays to quit smoking. If you have friends who are smokers, please share this blog post with them.
The above analysis is carried out based on level term insurance. There are other insurance products such as whole-life, reducing term and endowment insurance available on compareFIRST.sg. You can carry out similar analysis to determine how much you could save in insurance premiums by quitting smoking!
http://boringinvestor.blogspot.sg/2015/08/the-insurance-cost-of-being-smoker.html
