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14-02-2015, 05:20 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
MEDISHIELD LIFE: NO TRANSPARENCY, PREMIUMS INCREASED OVER 100%?
Post date:
14 Feb 2015 - 1:21pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/singapore-hospital_0_1.jpg?itok=YpSHLH9_ (http://therealsingapore.com/sites/default/files/field/image/singapore-hospital_0_1.jpg)
According to the Straits Times news report “MediShield Life: How will you benefit from it? (http://www.straitstimes.com/news/singapore/more-singapore-stories/story/bookmark-your-guide-medishield-life-20150120)” (Jan 20) – “Go to www.medishieldlife.sg/calculator (http://www.medishieldlife.sg/calculator) to calculate your estimated MediShield Life premiums after subsidies.
The premiums can be full paid from Medisave. Those with serious pre-existing conditions will have to pay 30 per cent higher premiums for 10 years.”
Calculate your increase in premiums
I visited the Medishield Life premiums calculator web site and entered a 60 year old Singaporean earning $2,000 gross monthly income staying in a 3-room HDB flat.
The annual premium is $515, $575, $635, $695 and $755 for the next five years.
66% increase in premiums
This is an increase of 13, 26, 40, 53 and 66 per cent over the existing premium of $455 (http://mycpf.cpf.gov.sg/CPF/my-cpf/Healthcare/General_Info_MSH-Scheme.htm).
For a person with pre-existing conditions, the premiums are 30 per cent higher for the next 10 years.
This works out to $669.50 increasing every year to $981.50 by the fifth year – an increase of 47 to 116 per cent over the existing premium.
If you are a family of two persons – the total premium that you have to pay on the fifth year is $1,963, which is $1,053 more than the existing premium.
Can you imagine how much the premiums will increase to by the 10th year?
One family’s increased premiums
And I have not even added in the increase in premiums of the children in the family yet.
If you have parents who are 80 years old – their premiums are $566 increasing yearly to $615 by the fifth year, despite the pioneer generation subsidies.
Affordable?
No amount of Medisave contributions can ever be enough to pay for such high premiums, despite protestations and assurances that most people will have enough Medisave to pay.
Medishield Life premiums are affordable – my foot!
Be transparent please
Once again, Medishield Life is being shaft down our throats without the actuarial study being made public to disclose information like the premiums and claims projections.
By the way, the actuarial study on CPF Life has also never been made public.
Win battles lose war
TRS Contributor
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?200607-MEDISHIELD-LIFE-NO-TRANSPARENCY-PREMIUMS-INCREASED-OVER-100-Who-Should-Hari-Kiri&goto=newpost).
MEDISHIELD LIFE: NO TRANSPARENCY, PREMIUMS INCREASED OVER 100%?
Post date:
14 Feb 2015 - 1:21pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/singapore-hospital_0_1.jpg?itok=YpSHLH9_ (http://therealsingapore.com/sites/default/files/field/image/singapore-hospital_0_1.jpg)
According to the Straits Times news report “MediShield Life: How will you benefit from it? (http://www.straitstimes.com/news/singapore/more-singapore-stories/story/bookmark-your-guide-medishield-life-20150120)” (Jan 20) – “Go to www.medishieldlife.sg/calculator (http://www.medishieldlife.sg/calculator) to calculate your estimated MediShield Life premiums after subsidies.
The premiums can be full paid from Medisave. Those with serious pre-existing conditions will have to pay 30 per cent higher premiums for 10 years.”
Calculate your increase in premiums
I visited the Medishield Life premiums calculator web site and entered a 60 year old Singaporean earning $2,000 gross monthly income staying in a 3-room HDB flat.
The annual premium is $515, $575, $635, $695 and $755 for the next five years.
66% increase in premiums
This is an increase of 13, 26, 40, 53 and 66 per cent over the existing premium of $455 (http://mycpf.cpf.gov.sg/CPF/my-cpf/Healthcare/General_Info_MSH-Scheme.htm).
For a person with pre-existing conditions, the premiums are 30 per cent higher for the next 10 years.
This works out to $669.50 increasing every year to $981.50 by the fifth year – an increase of 47 to 116 per cent over the existing premium.
If you are a family of two persons – the total premium that you have to pay on the fifth year is $1,963, which is $1,053 more than the existing premium.
Can you imagine how much the premiums will increase to by the 10th year?
One family’s increased premiums
And I have not even added in the increase in premiums of the children in the family yet.
If you have parents who are 80 years old – their premiums are $566 increasing yearly to $615 by the fifth year, despite the pioneer generation subsidies.
Affordable?
No amount of Medisave contributions can ever be enough to pay for such high premiums, despite protestations and assurances that most people will have enough Medisave to pay.
Medishield Life premiums are affordable – my foot!
Be transparent please
Once again, Medishield Life is being shaft down our throats without the actuarial study being made public to disclose information like the premiums and claims projections.
By the way, the actuarial study on CPF Life has also never been made public.
Win battles lose war
TRS Contributor
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?200607-MEDISHIELD-LIFE-NO-TRANSPARENCY-PREMIUMS-INCREASED-OVER-100-Who-Should-Hari-Kiri&goto=newpost).