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Old 1st December 2018, 08:13 PM   #1 (permalink)
BicCherry
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Medishield-life: Rich people ROB poor people's life savings in Singapore.

Medishield-life: Rich people ROB poor people's life savings in Singapore.

Rich Singaporeans are competing to claim 2.03786x more than middle class, yet medishield-life is supposed to be pre-funded by all, INCLUDING the poor; why do the poor subsidise the rich in the medishield-life insurance scheme?

According to MOH stats, "Nine per cent of full rider policyholders made claims in 2016, compared to 7 per cent of those without riders"
"According to MOH, the average bill claimed by a full rider policyholder cost S$9,093 in 2016, about 58.5 per cent higher than that of an average IP holder (S$5,738). Patients with riders were more likely to visit private hospitals than those without riders, contributing to a bulk of this differential. "


Calculation:
Since hospitalization claims rate for rider holder is 9% as opposed to 7% for non-rider holders and also 1.585X more for rider holders,
Increase payout value to rider holders= 9/7 X 1.585= 2.03786 times that of average IP holders.

Since private insurers selling IP plans make claims from (and basic premium payments) to MOH wrt medishield-life, it can be said that those with full riders make in excess of 2X claims from the common medishield-life insurance pool.

Pls note that the actual multiple may actually be even higher than 2.03786 times, since MOH own definition of the 'average IP' holder is likely to also include BOTH partial and full rider holders, the latter of whom make up 30% of the IP pool which in itself is constituted by the more wealthy 68% of Singaporeans.

It was also reported that poorer Singaporeans are unable to receive proper public healthcare cancer treatments because even the public transport costs to and from hospital may turn out to be a hindrance in itself.

It is also noted that the MOH is subsidising many wealthy Singaporeans indiscriminately just based on their declared household address and income levels even though by the fact that these Singaporeans can afford not just IP plans or worse, even very expensive full rider add-on plans, remains prima facie evidence that (MOH is squandering state funds to buy votes given that) by their expensive taste for expensive insurance products, these same wealthy folks are indeed very well to do.

In its inception, MOH explained the huge jump in compulsory medishield-life premiums over the old optional medishield plans by using 'prefunding' (with the option of future premium discounts and refunds) as the reason why basic medishield-life premiums for the young increased so much. Yet, short of doing IP plan insurance companies a business favour and helping them mediate amongst themselves an agreement to cease the sale of loss making full rider for medishield-life IP plans (and coincidentally reducing the population of (double value claims) full rider holders in the process), MOH is doing precious little independently to lead in reducing the raw deal that medishield-life especially gives to the poor ('prefunding') and the SQUANDERING OF STATE FUNDS, aka increase in GST. Perhaps, for a start, all basic medishield-life subsidies to anybody with an IP rider should be REMOVED with immediate effect and those with IPs, 1year later. Only those on BASIC medishield-life compulsory insurance (and no other hospitalization insurance plans) can qualify for medishield-life premium subsidies of any form.

Ultimately, no medishield-life nor associated integrated plans should be valid at any private hospital because those Singaporeans who wish to have private insurance coverage are like those who buy/ invest property in foreign jurisdictions: they still have to serve NS in Singapore. But if they have robbers inside their foreign properties, they will call the police of that foreign country in which their home is burgled; the Singapore police force cannot help them with anything that happens on foreign soil. Likewise, all medishield-life related insurance policies shall ONLY apply in PUBLIC hospitals. Those who want private healthcare, they have to buy SEPARATE insurance coverage and only AFTER they have paid up their annual basic medishield-life premiums.

In short, medishield-life and its subsidy structure is a raw deal for poorer Singaporeans and a big extravagance of government funds with the consequence that GST has to be unnecessarily raised for all. Ultimately, the poor are suffering excessively under this PAP raw deal.

The original source URL of this thread is at https://forums.hardwarezone.com.sg/eat-drink-man-woman-16/calculation-medishield-life-encourages-rich-rob-poor-peoples-life-savings-5946620.html#post117893855

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