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Govt still claims it is not making profits after collecting $3.3 billion in Eldershield premiums and only paying out $133 million

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 http://theindependent.sg/govt-still-claims-it-is-not-making-profits-after-collecting-3-3-billion-in-eldershield-premiums-and-only-paying-out-133-million/

 

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A debate on parliament over the Government’s healthcare insurance schemes appeared to create more questions than provide answers to existing concerns the people have over programmes like Eldershield and Careshield.

For one, the Government claimed that it is not making “profits” even after it collected $3.3 billion in Eldershield premiums and only paid out $133 million.

Former Senior Minister of State for Health Chee Hong Tat said in Parliament yesterday that the excess amount collected by the Government will be used for the future: “This balance amount is not profit, it is to meet future liabilities.”

Chee added that the balance amount will be used to make claims as policyholders age: “If a pre-funded scheme does not have a positive balance when its policyholders are younger, the scheme is actually in trouble. It means there will not be enough financial resources to meet future liabilities, and when policyholders grow older and more of them start to claim, the scheme will have difficulties making the payouts.”

The current Senior Minister of State for Trade and Industry had been responding to queries on Eldershield by several parliamentarians, including Chia Yong Yong, Zainal Sapari and Ang Wei Neng.

 

Workers’ Party chairman also brought up the compulsory Careshield Life which will be imposed upon all Singaporeans from the age of 30, from 2020 onwards. Calling for a review of coverage, Lim asked: “I would like to emphasise the point that CareShield Life will be a compulsory scheme and young Singaporeans will have to pay 37 years of premiums. With this looming fact in mind, CareShield Life must have meaningful coverage. My view is that the three-ADLs (activities of daily living) test needs to be reviewed and adjusted.”

Chee responded that increasing payouts and lowering the claims criterion could make premiums more expensive. added that it is not feasible for those who do not make claims to pay discounted premiums, even if such a move could “incentivise healthy living”, as suggested by other MPs.

Chee’s remarks – coupled with the restrictiveness of the mandatory Careshield Life and Health Minister Gan Kim Yong’s confirmation in Parliament that women will have to pay higher premiums than men because they live longer – has angered several Singaporeans who have slammed the authorities for trying to “squeeze more blood” from Singaporeans.

One netizen added: “Explanation is very simple. ElderShield like CPF Life, Silver Housing Scheme, HDB, BTO, DBSS, EC, ERP, COE & CPF are all indirect tax. In short, they are all PAP scams”

 

 

 

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in the first place gov forcing peepur to buy insulan ish just WRONG oredi...

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IN 2016 more than S$1 billion surplus in premiums collected ...........has the collection increased, RESERVES ENLARGED but pay out ratio remained unchanged ????

The MOH said it will continue to monitor claims patterns and reiterated that MediShield Life premiums would not increase for the first five years. From last November to this September, it collected S$1.736 billion in MediShield Life premiums, close to half of which was government-supported. Part of the premiums are set aside because the scheme is designed for policyholders to “front-load” payments in their younger working days, that will become rebates in one’s older years.

MediShield Life, the basic hospitalisation insurance scheme covering all citizens and permanent residents, paid out S$614.3 million in claims in the first 11 months of its rollout, or 66 per cent more than the S$370.5 million paid out under its previous incarnation MediShield, in the same period the previous year.

..........................

Singaporean citizens getting back less from national health care insurance compared to Asian Tiger countries and Japan

click on link for complete article

There is in fact no cap as to how much Singaporeans have to pay for their healthcare, so much so that in 2012, more than 2,400 Singaporeans paid more than S$10,000 for their hospital bills. ................................

In 2013, the Medisave balance was S$64.9 billion. In 2014, the Medisave balance was S$70.5 billion. The government does not reveal statistics on the annual Medisave contributions paid by Singaporeans, so an estimate is deduced by subtracting the 2013 balance from 2014.

This suggests that Singaporeans paid S$5.6 billion into Medisave in 2014. This figure could be higher or lower as this is an approximate. But they got back only approximately S$0.852 billion, which is only 15.2% of what was paid.................................

Medisave is more convoluted than the national health insurance schemes in the other countries. Other than Medisave, there is also MediShield, which Singaporeans have to pay into. ............................

In 2014, S$766.5 million was withdrawn from Medisave to pay for MediShield premiums, which technically meant diverting 8% of Medisave premiums into MediShield, which the MediShield profits from.

In the same year, only S$448.1 million was withdrawn for MediShield claims. However, MediShield also earns surpluses, therefore in the context of Medisave premiums paid, citizens might only get back another 1% to 3% from MediShield.

Surpluses are also another factor that should be taken into account. In 2014, there was a  total of S$70.5 billion Medisave surplus, however only S$0.852 billion was given back to the public. This meant that only 1.2% of the surplus was given back...................

So where does all the money go?..................... click on link for complete article - wot

 

FUCK THE GREEDY CORRUPT JIAK SAI peeApee GABRAHMENT WITH THEIR INFINITE CREATION OF LARGE SURPLUSES FOR WHATEVER FUCK-SHIT-LIfE FUNDS POleeSHITS THEY CUM OUT WITH, ALWAYS IN TUNE WITH THE ESSENCE OF " WHAT'S WRONG WITH COLLECTING MORE MONEY ? "

AGGREGATING ALL THESE SURPLUSES BUT THE FUCK IS KNOWN OF THEIR LIQUIDITY POSITIONS, JUST LIKE THE FUCKING CPF FUNDS.

WHAT HAVE THE GREEDY CORRUPT JIAK SAI peeApee DONE WITH ALL THESE OVERlee AGGREGATED SURPLUSES OF FUNDS / NATIONAL RESERVES, HELPING THE POOR, by keeping them in the bank or use by SWF for GAMBLING buy high sell low investments ??????

YEAH, FUCK SB70 MAJOOLAH SB71 SUCporKERS TOO.

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18 minutes ago, ODACHEK said:

in the first place gov forcing peepur to buy insulan ish just WRONG oredi...

 

WHAHHHAHHHHHAAAAA THAT IS NOT WHAT THE FUGTARD USELESSleeTHESHIT hsien loong SAYS TO THE INTERNATIONAL MEDIA / AUDIENCE .......

Singapore not repressive, PM Lee tells CNN, Singapore News & Top ...

Jun 13, 2018 - Prime Minister Lee Hsien Loong in an interview with CNN's Chief International Correspondent Christiane Amanpour on June 11, 2018. PHOTO: MCI. Published.

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7 minutes ago, panda said:

 

WHAHHHAHHHHHAAAAA THAT IS NOT WHAT THE FUGTARD USELESSleeTHESHIT hsien loong SAYS TO THE INTERNATIONAL MEDIA / AUDIENCE .......

Singapore not repressive, PM Lee tells CNN, Singapore News & Top ...

Jun 13, 2018 - Prime Minister Lee Hsien Loong in an interview with CNN's Chief International Correspondent Christiane Amanpour on June 11, 2018. PHOTO: MCI. Published.

One day if a large meteor gonna strike sg, our PAP gov will tell us to stand together defend sg while they just board the new submarines and escape, this is the only scenario moi can think of for the SB70 to wake up.

  • Haha 1

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Just now, ODACHEK said:

One day if a large meteor gonna strike sg, our PAP gov will tell us to stand together defend sg while they just board the new submarines and escape, this is the only scenario moi can think of for the SB70 to wake up.

on the other hand,  SB70 may think it is auspicious ascending to live in eternity of the greedy corrupt jiak sai peeApee heaven ruled by ww2 evil wicked greedy corrupt hanjian san lee kuan yew. whahahhhahhhaaaahhhhaa

dun underestimate the power of SB70 majoolah SB71

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2 hours ago, layman said:

 http://theindependent.sg/govt-still-claims-it-is-not-making-profits-after-collecting-3-3-billion-in-eldershield-premiums-and-only-paying-out-133-million/

Former Senior Minister of State for Health Chee Hong Tat said in Parliament yesterday that the excess amount collected by the Government will be used for the future: “This balance amount is not profit, it is to meet future liabilities.”

 

What future liabilities?? use the $$ to pay themselves?? 😉

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1 hour ago, satayxp said:

What future liabilities?? use the $$ to pay themselves?? 😉

 

WHAT HAS BEEN SHOWN IS A GREEDY CORRUPT JIAK SAI peeApee GABRAHMENT TRACK RECORD CONSISTENTlee PREMIUMS COLLECTED HAS ALWAYS WAY EXCEEDED PAY OUTS, SURPLUS AFTER COST = PROFIT, INTO RESERVES, FUCKING HUGElee RESERVES INCREASINGlee RESERVES. BUT THEY WILL DENY " PROFITS " AND CONSCIOUSlee CHOOSE NOT TO EXPLAIN " Lie-Be-lee-TY ", AS USUAlee.

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2 hours ago, ODACHEK said:

in the first place gov forcing peepur to buy insulan ish just WRONG oredi...

 It's exactly the same as taxation for the benefits of medical expenses. However, in this case if you don't have the money to pay then you don't get the benefits unlike developed countries where healthcare is more or less universal. This way they get to collect as much without having the liability of taking care of those who can't work, or as some would claim "refuse to work to leech the system".

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Money goes into pocket so no profit made...

 

  • Haha 1

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Can't wait for 2020 to see the sb70 face when they get pwn

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6 hours ago, Sofero said:

Can't wait for 2020 to see the sb70 face when they get pwn

No moar sb70 by then. Sb80 will take over hehe

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