Do an accuarial audit of Medishield before changes are made....

[TopSage]

Last year Medishield to in far more premiums than the total it paid out to the insured.
The difference is a whopping 30%. Is the Medishield a break even system or is it building surpluses and profit within the scheme.

Covering the old and those with pre existing conditions in principle is the right thing to
do. In order to include patience with expected higher medical bills in the future, mathematically we
have to expect premiums to go up in order for the scheme not to go into deficit. How the extra premium is distributed is open to discussion - Chua Mui Hong suggested that pple with pre existing conditions like herself be group into a high risk group and pay more, others believe it should be a flat scheme where those who have pre existing conditions pay the same as those who do not. Of course how mucht load those in a higher risk group is a matter for discussion because iI the loading is too high, yo may not be lessening the burden of these people...,if they pay the same as others then the premium increase may be hard for healthy people within pre existing to stomach.

Form this scheme to work, Msdishield must now be made compulsory as with all insurance system that cannot reject pple with pre existing conditions.....otherwise people can enrol only when they get sick causing the scheme to be infeasible...

Because pple cannot get out of the scheme, we must now put in place an a curial audit to ensure the scheme does no lead to excessive surplus. In the past, pple who believe medishield is making money can refuse enrolment into the scheme. So as a tax payer I find it hard to support the scheme unless it is in dependently established it is not a designed to generate surplus.

Next is the increase in premiums. At the end of the day it is about taking more from each person to help those who need medical care the most. How is this different from taxes such as GST or income tax? It is somewhere in between in terms of progressiveness. It would be better if this increase in premium be funded by progressive income tax on the rich or cuts in other areas of spending SK as to not further burden our middle and lower middle income groups.

 

[Kenneth]

Last year Medishield to in far more premiums than the total it paid out to the insured.
The difference is a whopping 30%. Is the Medishield a break even system or is it building surpluses and profit within the scheme.

Can provide data for your claim?

 

[TopSage]

Medishield frontloading is not a con job..

Some misguided feller put out a posting on his blog that goes something like this:
1. Before front loading you pay less n premium when young and this escalates as you get older.
2. So if you sick or died under the front loading scheme, you always pay more net premiums as it is front loaded.
3. Therefore, the front loading scheme is a rip off.

The above logic is highly flawed. You take a group of healthy individuals at age 20, when they get sick and died will be for all intent and purpose randomly distributed based on the a curial maths.
What front loading does is this:
1 Flatten the premium curve by raising the early premiums and lowering the later premium.
2. The longer you live the more favorable the scheme.
3. Because the premium is flattened out, there is a cross over age at which you began paying less total premium that under the non front loaded scheme.

If done properly the scheme merely transfers risk from one group to another. This scheme was proposed by the WP in its manifesto because they found out man old folks could no longer afford the over high premiums in their old age. By helping those who get old pay less the premiums have to be flatter across the age groups.
.
The guy who say this is a "con job" has an incorrect nderstandng of the schdme

 

[TopSage]

Can provide data for your claim?

http://therealsingapore.com/content/hypocrisy-affordable-healthcare-singapore

Leong gives the excess of premiums over payout as 40% on average...you can go through his numbers as well as the stars he gave in his book F1 or F9. I chose to use 30% because it is the minimum figure of past 20 yrs to be conservative

 

[Kenneth]

http://therealsingapore.com/content/hypocrisy-affordable-healthcare-singapore

Leong gives the excess of premiums over payout as 40% on average...you can go through his numbers as well as the stars he gave in his book F1 or F9. I chose to use 30% because it is the minimum figure of past 20 yrs to be conservative

Ask for data, give me another article from the extreme anti-PAP website, U really a retarded.

 

[TopSage]

Ask for data, give me another article from the extreme anti-PAP website, U really a retarded.

What anti PAP, ?! The article contain data from the medishield financial report you can look up pulse don't be lazy Kenneth, here is the dtata in a table form:
http://s8.postimg.org/xyiz84a1h/medishield.png

 

[Kenneth]

Re: Medishield frontloading is not a con job..

Some misguided feller put out a posting on his blog that goes something like this:
1. Before front loading you pay less n premium when young and this escalates as you get older.
2. So if you sick or died under the front loading scheme, you always pay more net premiums as it is front loaded.
3. Therefore, the front loading scheme is a rip off.

The above logic is highly flawed. You take a group of healthy individuals at age 20, when they get sick and died will be for all intent and purpose randomly distributed based on the a curial maths.
What front loading does is this:
1 Flatten the premium curve by raising the early premiums and lowering the later premium.
2. The longer you live the more favorable the scheme.
3. Because the premium is flattened out, there is a cross over age at which you began paying less total premium that under the non front loaded scheme.

If done properly the scheme merely transfers risk from one group to another. This scheme was proposed by the WP in its manifesto because they found out man old folks could no longer afford the over high premiums in their old age. By helping those who get old pay less the premiums have to be flatter across the age groups.
.
The guy who say this is a "con job" has an incorrect nderstandng of the schdme

Please show us the link of the feller blog.

 

[Kenneth]

What anti PAP, ?! The article contain data from the medishield financial report you can look up pulse don't be lazy Kenneth, here is the dtata in a table form:
http://s8.postimg.org/xyiz84a1h/medishield.png

Can you see anything from the table? I can't really read what is inside the table.

 

[TopSage]

Can you see anything from the table? I can't really read what is inside the table.

Oh Kenneth too lazy to compile and check the data yourself. Want people to spoon feed you....really jialat.
Now zoom big big for you lah:


Still cannot see get new spectacles hor.

 

[Kenneth]

Oh Kenneth too lazy to compile and check the data yourself. Want people to spoon feed you....really jialat.
Now zoom big big for you lah:
View attachment 11971

Still cannot see get new spectacles hor.

Who believe the data? can u provide the original link? I believe this table been edited.

 

[TopSage]

Re: Medishield frontloading is not a con job..

Please show us the link of the feller blog.

Waliao make me spoonfeed you again like a baby...is this one of your tricks Kenneth. You never heard of search engine?!
How you become so jialat?!

http://wherebearsroamfree.blogspot.sg/2013/08/medishield-life-front-load-is-another.html

 

[TopSage]

Who believe the data? can u provide the original link? I believe this table been edited.

You have proof. Please show proof it is edited.

 

[Kenneth]

You have proof. Please show proof it is edited.

If u can't provide the original link, means something is not right.

 

[bryanlim1972]

If u can't provide the original link, means something is not right.

stop obfuscating. the government would have come out to denounce the data if it were so far off the mark.

 

[Kenneth]

Re: Medishield frontloading is not a con job..

Waliao make me spoonfeed you again like a baby...is this one of your tricks Kenneth. You never heard of search engine?!
How you become so jialat?!

http://wherebearsroamfree.blogspot.sg/2013/08/medishield-life-front-load-is-another.html

The blogger sound like u, look like a blog from yourself.

 

[TopSage]

If u can't provide the original link, means something is not right.

It is not that I don't want to provide proof because after I give you proof you say not real, proof is worng, whatever. All this data is from the the Medishield Financial Report.
Please don't be lazy and look it up, don't tell me you cannot read again:

http://mycpf.cpf.gov.sg/NR/rdonlyres/703B9E3C-995F-4C84-9368-AD6CD707D957/0/Financial_Statements.pdf

 

[TopSage]

Re: Medishield frontloading is not a con job..

The blogger sound like u, look like a blog from yourself.

Kenneth you are delusional.

 

[Kenneth]

stop obfuscating. the government would have come out to denounce the data if it were so far off the mark.

I am not the one obfuscating, is Topsage.

 

[Kenneth]

Re: Medishield frontloading is not a con job..

Kenneth you are delusional.

Please look at yourself in a big piece of mirror again, b4 u comments others.

 

[bryanlim1972]

How the extra premium is distributed is open to discussion - Chua Mui Hong suggested that pple with pre existing conditions like herself be group into a high risk group and pay more, others believe it should be a flat scheme where those who have pre existing conditions pay the same as those who do not. Of course how much load those in a higher risk group is a matter for discussion because if the loading is too high, you may not be lessening the burden of these people; if they pay the same as others then the premium increase may be hard for healthy people without pre existing to stomach.

Because pple cannot get out of the scheme, we must now put in place an a curial audit to ensure the scheme does no lead to excessive surplus. In the past, pple who believe medishield is making money can refuse enrolment into the scheme. So as a tax payer I find it hard to support the scheme unless it is in dependently established it is not a designed to generate surplus.

Next is the increase in premiums. At the end of the day it is about taking more from each person to help those who need medical care the most. How is this different from taxes such as GST or income tax? It is somewhere in between in terms of progressiveness. It would be better if this increase in premium be funded by progressive income tax on the rich or cuts in other areas of spending SK as to not further burden our middle and lower middle income groups.

much as i dislike CMH whose articles i still read, i feel cases like hers should still be lumped into the general risk pool. not everyone with pre-existings is as fortunate as her to have the means to pay for higher premiums. this defeats the point of the scheme. or means testing can be introduced and a special high risk pool can be introduced for those with the means.

its a great idea to get an audit done on the scheme. i hope this idea takes traction soon.

the increase in premiums will be inevitable. the government can extend an olive branch to singaporeans and shoulder a greater share of the increase. individual responsibility should still be emphasized but with a much softer touch.