MOH ready to reveal details on revamped ElderShield within
weeks
By May Wong, Channel NewsAsia | Posted: 26 May 2007 1819 hrs
SINGAPORE: Health Minister Khaw Boon Wan has said he will reveal
details of the revamped ElderShield before the end of next month,
while hinting that a total of three insurers may offer the
scheme.
Currently, only two companies provide ElderShield, a severe
disability insurance scheme to help Singaporeans pay for long-term
care especially during old age.
The reformed scheme is set to be implemented end-September.
Mr Khaw was speaking at a dialogue session with some 300 grassroots
leaders to get public feedback on the proposed ElderShield
changes.
One request that often came up during Saturday's session was to
shorten the 90-day deferment.
Currently, a policy holder has to wait 90 days after being
certified as disabled before he could receive the ElderShield
payout.
This is to minimise fraud.
Mr Khaw said: "We can take a look to see if 90 days are overly
long. But, I think, in practice the insurers have been flexible
case by case. They do approve cases well within 90 days, shorter
than 90 days."
One proposed change to ElderShield is to increase the monthly
payout for policy-holders from $300 to $400 over five years.
Other proposed changes are extending the payout period to six years
and allowing people to buy add-on schemes for more coverage.
As of end last year, about 750,000 people have ElderShield policies
offered by NTUC Income and Great Eastern Life.
The two existing insurers as well as Aviva have thrown in their
bids to be providers.
Mr Khaw said: "There are some details to be tidied up but I think
within a few weeks, I should be able to settle the exact form of
what the reform will look like and also to announce the result of
the tender. We have two insurers at the moment for ElderShield and
I think a third insurer is likely to crop up with this reform.
Three insurers are not bad."
The Minister also said that after reforming the ElderShield, he
wants to work with insurance companies to make their contracts
easier to understand.
Insurance contracts, he said, should be written in simple languages
so that people will know what they are buying and the kind of
benefits they will get.
Mr Khaw said he would work on this in the second half of this year.
- CNA/ir
Let's hope they bring it out for discussion before
implementation otherwise it going to be from one useless insurance
to another. For between $150 - S190 per year, don't introduce
another useless insurance that does not benefit the people other
than the insurance companies.
People's opinion and requirement should be sought as the
"Ministries" are already out of touch with the ground.
In the meantime, please further explain the following and its
benefits as it is drawing the money from people's medical
saving.
1. Medisave
2. MediSheld
3. MediFund
4. ElderShield
5. whatever else there is as all above are either complusory or
"OPT OUT" necessary.
