Medishield Life Consultation - Surprise! Affordability is an issue!

[Confuseous]

IT IS not just lower-income earners who are worried about rising premiums under the proposed MediShield Life.

Even those who currently pay private insurers for enhanced health coverage are asking how the new national scheme will affect them.

This is what a committee, tasked with working out how to implement MediShield Life, learnt after its first feedback session with 54 members of the public last night at Ren Ci Community Hospital.

Committee chairman Bobby Chin revealed that citizens were generally supportive of the new national health plan, which will cover everyone for life, regardless of age or pre-existing conditions.

"I find this encouraging as it underscores a shared value of caring for the old and needy in our society," said Mr Chin, a former managing partner of accounting giant KPMG.

But besides worries about affordability, one issue highlighted is how the new scheme will impact the integrated plans (IPs), for which about 60 per cent of MediShield policyholders have signed up.

Provided by five insurers, these plans incorporate the basic MediShield and allow up to $1,400 in premiums a year to be paid through Medisave.

The enhanced coverage under these plans gives patients the option of choosing better wards, such as B1 and A-class in a public hospital, or seeking treatment at a private hospital.

At the upper end, premiums cost more than $8,000 a year.

Given that MediShield's transformation into MediShield Life in 2015 will affect the IPs, people are worried that the premiums for these will rise.

One person even asked if the committee can look into moderating any increase, said Mr Chin.

He promised: "As part of the review, the committee will be consulting insurers to explore how the IPs will evolve with the introduction of MediShield Life."

Many who attended yesterday's closed-door session voiced concerns over high premiums, especially when they get older.

Other questions raised so far include queries of whether people will still pay for premiums without significant out-of-pocket expenditure, and how these changes might affect Medisave accounts.

 

[Sinkie]

Fuck man, these bunch of chobolans committee better do a good job or come 2016, I assure you PAP will be finished!!

 

[xingguy]

<a href="http://s962.photobucket.com/user/xingguy/media/Misc/TCCAbstain_zpsfb6b65e9.jpg.html" target="_blank"><img src="http://i962.photobucket.com/albums/ae107/xingguy/Misc/TCCAbstain_zpsfb6b65e9.jpg" border="0" alt=" photo TCCAbstain_zpsfb6b65e9.jpg"/></a>

 

[bic_cherry]

Pre-funding not feasible for MediShield Life

IT IS not just lower-income earners who are worried about rising premiums under the proposed MediShield Life.
Even those who currently pay private insurers for enhanced health coverage are asking how the new national scheme will affect them.
..….

The Straits Times, Published on Nov 25, 2013
Pre-funding not feasible for MediShield Life
CURRENTLY, MediShield requires an annual premium that varies according to age. Younger people pay a lower premium, while older people pay a higher sum.
The Government is now planning to introduce MediShield Life, which covers people for life.
There has been some discussion about pre-funding for MediShield Life ("Problems with pre-funding" by Mr David Boey, last Tuesday; "Merits of pre-funding" by Ms Maria Loh Mun Foong; last Thursday; and "Caring for the old should be the norm" by Mr Geoffrey Kung; Forum Online, last Thursday).
The aim is for the insured person to pay a level premium to cover him for life. This is akin to a life insurance policy.
In both cases, the claim rate is lower for younger people and higher for older people. Pre-funding allows a person to pay a level premium that is deemed by an actuary to be sufficient for his lifetime.
There is, however, one key difference that makes pre-funding not feasible for MediShield Life.
In a whole-life policy, the sum assured is fixed for the duration of the contract.
For medical insurance, the cost of treatment is expected to rise over the years due to inflation. Also, the cost depends on the choice of hospital and specialists, and can vary significantly from one claim to another.
Some countries have adopted measures to make medical treatment more affordable for older people through cross-subsidies and supported by general taxation. They do not try to achieve this goal by using pre-funding under individual contracts.
Tan Kin Lian
Copyright © 2013 Singapore Press Holdings. All rights reserved.
http://www.straitstimes.com/premium...funding-not-feasible-medishield-life-20131125

 

[bic_cherry]

Re: Pre-funding not feasible for MediShield Life

The Straits Times, Published on Nov 25, 2013
Pre-funding not feasible for MediShield Life
CURRENTLY, MediShield requires an annual premium that varies according to age. Younger people pay a lower premium, while older people pay a higher sum.
The Government is now planning to introduce MediShield Life, which covers people for life.
....
http://www.straitstimes.com/premium...funding-not-feasible-medishield-life-20131125

MOH response:

The Straits Times, Published on Nov 27, 2013
Role of pre-funding
WE THANK Mr David Boey ("Problems with pre-funding"; Nov 19), Ms Maria Loh Mun Foong ("Merits of pre-funding"; last Thursday) and Mr Tan Kin Lian ("Pre-funding not feasible for MediShield Life"; Forum Online, Monday) for sharing their views on the concept of pre-funding for MediShield.
The letters from Mr Boey and Ms Loh may have created the wrong impression that the proposed pre-funding concept will require the younger generation to cross-subsidise the current elderly.
For MediShield, the pre-funded amount contributed by each cohort is set aside for the future use of their own respective cohorts, and not used to cross-subsidise the current elderly.
To address concerns over affordability of premiums among the current cohort of elderly Singaporeans, the Government has indicated its plans to provide help for the older generation of Singaporeans.
As noted by Mr Tan, health-care costs tend to be higher for the elderly. This, plus the effects of medical advancements and changing expectations, will put further upward pressure on future premiums as we age.
For this reason, it will be even more important to set aside some premiums in advance, or pre-funding, to address concerns of premium affordability during old age.
With pre-funding, members pay higher premiums during their working ages and, in return, can receive rebates to offset their own future premiums when they grow old.
With the ongoing review and enhancement of MediShield to MediShield Life, one of the key issues the MediShield Life Review Committee hopes to engage the public on is increasing the role of pre-funding. The committee welcomes all Singaporeans to provide their feedback or sign up for upcoming discussion sessions through www.medishieldlife.sg
Philip Sim
Deputy Director,
Corporate Communications
Ministry of Health
Copyright © 2013 Singapore Press Holdings. All rights reserved.
http://www.straitstimes.com/archive/wednesday/premium/forum-letters/story/role-pre-funding-20131127

 

[bic_cherry]

Separate accounts for each Medishield-life cohort- do u trust PAP to maintain it?

Duplicate post delete...

 

[winnipegjets]

Re: Separate accounts for each Medishield-life cohort- do u trust PAP to maintain it?

The PAP is totally clueless on what to do ...they want our money but don't know how to steal it from us without us making a fuss.

 

[bic_cherry]

Separate accounts for each Medishield-life cohort- do u trust PAP to do what they say

Separate accounts for each Medishield-life cohort- do u trust PAP to do what they say?

...
The Straits Times, Published on Nov 27, 2013
Role of pre-funding
...
For MediShield, the pre-funded amount contributed by each cohort is set aside for the future use of their own respective cohorts, and not used to cross-subsidise the current elderly.
...
Role of pre-funding

One wonders what MOH means by "their own respective cohorts", do the boundaries of what defines a "cohort" change the way GRC boundaries change? (Or how difficult it is to distinguish whether PA is actually the publicly funded political mouthpiece of the PAP)

If MOH cannot determine what defines a 'cohort' boundary NOR keep separate accounts for EACH cohort, then MOH is better off not blowing smoke in peoples eyes since isn't medisave already run on the concept of "prefunding"- money segregated in an account, unusable except for serious illness (and current medishield insurance premiums) and which usually snowballs into old age?

Perhaps the PAP is trying to disincentivise people from migrating and to reward new PR/ citizens for accepting pink IC, but to conceive medishield life on such premise quite dishonest indeed.

So why reinvent the wheel when medisave and medishield and medifund are already doing their part? Why medishield life- to reduce the burden on govt (medifund) is it?

Medifund currently cost SG govt only $100million p.a. to fund, but the annual national income from foreign worker Levy's alone is a whopping $4 billion p.a.(able to fund medifund for 40years at 2012rates). Indeed, the health of Singaporeans seems to be worsening due to obesity, unhealthy lifestyles, and the lack of exercise. Perhaps a lifestyle change might decrease healthcare expenditure, rather than communist era policies (another form of national service) which require the compulsory, unquestioning acquiesce of all.

Ref:
Is the People's Association a Political Tool of the PAP?

 

[soIsee]

Re: Separate accounts for each Medishield-life cohort- do u trust PAP to do what they

While this issue of determining the appropriate amount that could be charged as premium for some medical related coverage the REAL issue as to what had brought cost to be so HIGH AS FEES charged by hospitals for various services and procedure have been intentionally been overlooked.

Take for example one restructured hospital A fee for a procedure 1. Charged under pte billing the same procedure abeit wih a different naming method, can be charged up to 80 to 90% more in another restructured hospital B also under pte billing.
Now one may ask how did the happen?

Both billing are done and performed by equally competent doctors/specialists and the only differences it seem is the venue.

If such issues are happening under pte billing what sort of 'different charges' are occurring as subsidised billing.

Some one have been playing the numbers on numerous billings all across different hospitals for years.

And the numbers have all the time been going up.

And someone like a Ministers and his merry bunch are saying cost is the real issue as to what should be the amount of premium to be charged.

 

[kezgtree]

Re: Separate accounts for each Medishield-life cohort- do u trust PAP to do what they

...as mention by LHL that medishield will be enhance so that the lower income will be covered...and of course premium to increase. Private insurance have automatically raise up whatever to LHL point and many of those even with more than 40k in the medi-save are required to pay CASH becoz there is a limit to draw from it.

 

[Confuseous]

Re: Separate accounts for each Medishield-life cohort- do u trust PAP to do what they

It is very obvious by now that when LHL announced the big deal about the insurance scheme and you have the morons clapping mindlessly on the TV screens, it was just a gimmick to make his NDP speech capture the headlines for the feel good effect. Nothing was not and have not been planned, let alone thought about. It took three fcuking months for a committee to be announced, another six months of consultation. The govt has painted itself into a corner. The insurance companies know that the govt is committed to a position - it is now a simple case of seeing how much they can squeeze out of the citizens and the govt.

 

[lifeafter41]

IT IS not just lower-income earners who are worried about rising premiums under the proposed MediShield Life.

Even those who currently pay private insurers for enhanced health coverage are asking how the new national scheme will affect them.

This is what a committee, tasked with working out how to implement MediShield Life, learnt after its first feedback session with 54 members of the public last night at Ren Ci Community Hospital.

Committee chairman Bobby Chin revealed that citizens were generally supportive of the new national health plan, which will cover everyone for life, regardless of age or pre-existing conditions.

"I find this encouraging as it underscores a shared value of caring for the old and needy in our society," said Mr Chin, a former managing partner of accounting giant KPMG.

But besides worries about affordability, one issue highlighted is how the new scheme will impact the integrated plans (IPs), for which about 60 per cent of MediShield policyholders have signed up.

Provided by five insurers, these plans incorporate the basic MediShield and allow up to $1,400 in premiums a year to be paid through Medisave.

The enhanced coverage under these plans gives patients the option of choosing better wards, such as B1 and A-class in a public hospital, or seeking treatment at a private hospital.

At the upper end, premiums cost more than $8,000 a year.

Given that MediShield's transformation into MediShield Life in 2015 will affect the IPs, people are worried that the premiums for these will rise.

One person even asked if the committee can look into moderating any increase, said Mr Chin.

He promised: "As part of the review, the committee will be consulting insurers to explore how the IPs will evolve with the introduction of MediShield Life."

Many who attended yesterday's closed-door session voiced concerns over high premiums, especially when they get older.

Other questions raised so far include queries of whether people will still pay for premiums without significant out-of-pocket expenditure, and how these changes might affect Medisave accounts.

Looks very similar to Obamacare. Universal coverage comes at a price.
I am very sure the premiums will go through the roof.

Be prepared for a big premium increase, if there is no subsidy/support from the government and it's being administered by the Insurance companies.

 

[Equalisation]

Re: Separate accounts for each Medishield-life cohort- do u trust PAP to maintain it?

The PAP is totally clueless on what to do ...they want our money but don't know how to steal it from us without us making a fuss.

They already did.

Give us back all OUR hard-earned CPF money at age 55 NOW !!!

 

[johnny333]

Looks very similar to Obamacare. Universal coverage comes at a price.
I am very sure the premiums will go through the roof.

Be prepared for a big premium increase, if there is no subsidy/support from the government and it's being administered by the Insurance companies.

The difference in Spore is that it is the PAP which screwed Sporeans. All these years it was their policies which created the mess & I doubt they can or want to fix the problem because it will mean cutting back on profits.

Beginning to look like the only way things will improve in Spore is with a change in the gov't.

 

[rushifa666]

greedy medicine is robbing singaporeans blind! anyone who bought medicine in malaysia will know. the same brand cost the same as our so called subsidised rates! Just how much are they profiteering?

 

[lifeafter41]

The difference in Spore is that it is the PAP which screwed Sporeans. All these years it was their policies which created the mess & I doubt they can or want to fix the problem because it will mean cutting back on profits.

Beginning to look like the only way things will improve in Spore is with a change in the gov't.

One more thought came up is the co-pay which I believe too will increase tremendously.
Nevertheless, there is no free lunch in this world, somehow or rather, somebody is going to pay for it.

 

[johnny333]

One more thought came up is the co-pay which I believe too will increase tremendously.
Nevertheless, there is no free lunch in this world, somehow or rather, somebody is going to pay for it.

I have already experienced Spore's expensive medical system. That's why the next time I need to be hospitalised I intend to go elsewhere for treatment. I will of course have to pay out of pocket for such treatment but with the way costs are increasing in Spore I think it would be cheaper elsewhere.

Local hospitals can also be dangerous places because of HOTA & many staff from the 3rd world working in Spore's medical system.

So if I'm going to pay $$$ might as well go somewhere else where they appreciate my business.

 

[ginfreely]

Insurance companies will take the chance to terminate the as charged policies and force everyone to have deductible and co-payment. Premium sure increase until so high that no way the as charged policies can continue.

IT IS not just lower-income earners who are worried about rising premiums under the proposed MediShield Life.

Even those who currently pay private insurers for enhanced health coverage are asking how the new national scheme will affect them.

This is what a committee, tasked with working out how to implement MediShield Life, learnt after its first feedback session with 54 members of the public last night at Ren Ci Community Hospital.

Committee chairman Bobby Chin revealed that citizens were generally supportive of the new national health plan, which will cover everyone for life, regardless of age or pre-existing conditions.

"I find this encouraging as it underscores a shared value of caring for the old and needy in our society," said Mr Chin, a former managing partner of accounting giant KPMG.

But besides worries about affordability, one issue highlighted is how the new scheme will impact the integrated plans (IPs), for which about 60 per cent of MediShield policyholders have signed up.

Provided by five insurers, these plans incorporate the basic MediShield and allow up to $1,400 in premiums a year to be paid through Medisave.

The enhanced coverage under these plans gives patients the option of choosing better wards, such as B1 and A-class in a public hospital, or seeking treatment at a private hospital.

At the upper end, premiums cost more than $8,000 a year.

Given that MediShield's transformation into MediShield Life in 2015 will affect the IPs, people are worried that the premiums for these will rise.

One person even asked if the committee can look into moderating any increase, said Mr Chin.

He promised: "As part of the review, the committee will be consulting insurers to explore how the IPs will evolve with the introduction of MediShield Life."

Many who attended yesterday's closed-door session voiced concerns over high premiums, especially when they get older.

Other questions raised so far include queries of whether people will still pay for premiums without significant out-of-pocket expenditure, and how these changes might affect Medisave accounts.

 

[lifeafter41]

Insurance companies will take the chance to terminate the as charged policies and force everyone to have deductible and co-payment. Premium sure increase until so high that no way the as charged policies can continue.

In fact, this is already happening with Obamacare in the US.
Coming to Singapore soon.

My thought is will there be an opt out option.

 

[ginfreely]

In fact, this is already happening with Obamacare in the US.
Coming to Singapore soon.

My thought is will there be an opt out option.

People who have religiously paid health insurance premium since young are the ones who lugi and end up paying for everyone else. At least in USA got subsidy for people under poverty line and the poor get free insurance, here probably end up everyone will pay for everyone while govt pay nothing since no poverty line.