In addition, the Ministry of Health has said that the premiums for Medishield Life, taken from the people's Medisave accounts, will increase although this will be held constant for the first five years.
Such a statement is disturbing in two ways:
First, Medisave money is taken from the people's CPF accounts. There is already little left in one's CPF after the money is used for paying HDB loans. Taking even more money out to service Medishield Life premiums will mean greater hardship from Singaporeans when they retire.
Second, the Government says it will not increase premiums for five years. This is cold comfort to the people who have seen the GST rise from an early 3% to 4% to 5%, and then to the current 7%. Also, the Minimum Sum Scheme started by withholding $80,000 of an individual's CPF savings but has, through the years, doubled to $155,000 presently.
Singaporeans must beware that this could be a sugar-coated poison that could cost them dearly in the years to come.
The recommendations made by the Medishield Life Review Committee (MLRC), which have been accepted by the Government, adds yet another layer to an already confusing system that continues to place the burden on the people without significantly making a dent in healthcare costs.
Currently, Medisave, Medishield and Medifund, or the 3Ms, together account for less than 10% of total health expenditure in Singapore.