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A day earlier, Health Minister Gan Kim Yong assured Singaporeans that the 1% increase in the employer Medisave contribution next year and government subsidies, will be sufficient to cover the rise in premiums. (notice the government claimed the restoration of CPF would impact businesses but when the it wants to increase healthcare premiums across the board, increased business cost becomes a non issue)
What Gan has not said is a cause for concern for Singaporeans. When the Medishield Life figures are confirmed, Singaporeans will be in for a rude shock.
1 If Medishield Life is truly affordable, why the need for more than a million citizens to be given subsidies? This is similar to public housing which is so unaffordable that housing grants are needed by even the middle income.
2 Gan says that for “the middle- to lower-income Singaporean families, there will be a permanent subsidy structure to ensure that they …afford the premium for the family. This again proves the government is ‘helping’ only because after it has overcharged on the premium.
3 Gan uses the example of Mr Muthu, a project manager who earns $5,000 a month to highlight how good the ML deal will be. According to 2011* CPF statistics on wages (Annex J, table above), there were 1.363 MILLION CPF members who earned below $5000. Taking salary increments of the last 2 years into account, not all the 65,000 in the $4,500 to $4,999 income bracket will be earning above $5,000 today.
The reason for Gan to use the above example is to show the increment of 1% in employer Medisave ($50) next year will be able to offset the increase in the initial years of ML. It is disingenuous of Gan to use the Mr Muthu example because at least 1.3 million CPF members do not earn $5,000.
4 When the minister acts like an insurance salesman, promising heaven.... http://likedatosocanmeh.wordpress.c...-life-huge-premium-increase-will-be-an-issue/
What Gan has not said is a cause for concern for Singaporeans. When the Medishield Life figures are confirmed, Singaporeans will be in for a rude shock.
1 If Medishield Life is truly affordable, why the need for more than a million citizens to be given subsidies? This is similar to public housing which is so unaffordable that housing grants are needed by even the middle income.
2 Gan says that for “the middle- to lower-income Singaporean families, there will be a permanent subsidy structure to ensure that they …afford the premium for the family. This again proves the government is ‘helping’ only because after it has overcharged on the premium.
3 Gan uses the example of Mr Muthu, a project manager who earns $5,000 a month to highlight how good the ML deal will be. According to 2011* CPF statistics on wages (Annex J, table above), there were 1.363 MILLION CPF members who earned below $5000. Taking salary increments of the last 2 years into account, not all the 65,000 in the $4,500 to $4,999 income bracket will be earning above $5,000 today.
The reason for Gan to use the above example is to show the increment of 1% in employer Medisave ($50) next year will be able to offset the increase in the initial years of ML. It is disingenuous of Gan to use the Mr Muthu example because at least 1.3 million CPF members do not earn $5,000.
4 When the minister acts like an insurance salesman, promising heaven.... http://likedatosocanmeh.wordpress.c...-life-huge-premium-increase-will-be-an-issue/
