This kind of Eldershield; What's the point?

Rock^Star SG

Health Ministry unveils revamp of Eldershield insurance scheme

By S Ramesh, Channel NewsAsia | Posted: 19 June 2007 1117 hrs

SINGAPORE : Singapore's insurance scheme for the elderly, or Eldershield, will be restructured to meet the growing needs of Singaporeans in long-term disability care.

The Health Ministry says from September, the scheme will comprise two tiers - basic Eldershield and Eldershield Supplements.

Basic Eldershield will pay S$400 a month in cash for up to six years.

Those who want more benefits, and are willing to pay higher premiums, can top up with Eldershield Supplements.

Announcing details of the Eldershield reform, the Ministry says this will ensure the scheme remains affordable to the lower income group, while at the same time, meet the needs of the higher-income who want and can afford better coverage.

All Singaporeans, turning 40 from September this year, will be offered the new basic Eldershield, on an opt-out basis.

It will yield a maximum potential payout of S$28,000, which is 60 percent more than the current S$18,000 paid out at S$300 per month for five years.

Those who prefer higher coverage can buy Eldershield Supplements.

Existing Eldershield policy holders will have three options.

They can remain on the current scheme, upgrade to the new basic tier or top up with an Eldershield supplement.

The Ministry says Singaporeans will also have more insurers to pick from.

Aviva will enter the market to compete with Great Eastern Life Assurance and NTUC Income Insurance Co-operative.

The greater competition, it says, should improve services and keep premiums competitive.

The Ministry also explains that the premiums for the new basic Eldershield were determined through an open competitive tender.

Aviva had proposed the most competitive premium bid and the other two insurers have agreed to match the rates.

For example, policy holders who are 40 years old will pay about S$2 per month more in premium, which, the Ministry says, represents good value for money considering the substantial improvement in payouts.

The Ministry also says the three insurers are free to design and promote their Eldershield Supplements.

It expects them to offer a variety of insurance products at different prices for Singaporeans to choose. - CNA/ch

http://www.channelnewsasia.com/stories/singaporelocalnews/view/283117/1/.html

Rock^Star SG

ElderShield is an affordable insurance scheme to assist people who become severely disabled. It provides a monthly cash payout of $300 for a maximum of 60 months to help pay for medical bills or home care in the event of severe disabilities. (In September, it shall be $400/mth for up to 6 years)

To be eligible for Eldershield payout, one has to fulfill the following disablities:

Disability shall mean the inability of the Policyholder to perform at least 3 of the following Activities of Daily Living, even with the aid of special equipment, and always to require the physical assistance of another person throughout the entire activity.

Washing: The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.

Dressing: The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.

Feeding: The ability to feed oneself food after it has been prepared and made available.

Toileting: The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.

Mobility: The ability to move indoors from room to room on level surfaces.

Transferring: The ability to move from a bed to an upright chair or wheelchair, and vice versa.

If one cannot do at least 3 of the above activities daily, that person must be quite severely disabled. However, even under the revamped Eldershield, the payout of $400/mth can only last up to 6 years.

What is the point??

All Singaporeans and PRs above 40 are auto-opted into the scheme. What are the chances of one become severely disabled? Hundreds of millions of dollars are collected but yet the payout is still so little.

googoomuck SG

For the current Eldershied scheme, better put the money in Medisave and earn interest.

For the new Eldershield scheme, it looks more attractive but can the disabled person last 6 years? Its not about enjoying life.

If I cant do any one of the activities, I will need help. I will be very frustrated and yet Im not qualified for a claim. Imagine unable to do at least 3 of them. Most likely the disabled person will give up the will to live and prefer to see his Maker within a year or two, maybe even hoping to see Him sooner. Dont think he can last 6 years.

Another question is how many of the policy holders will benefit? Minister Khaw has to show some data to convince people to take up the new scheme.

Otherwise, I will think its just another scheme to bankrupt my Medisave.

ShutterBug SG

As you can all see, the Clauses, Term, and Conditions, are all finely tuned towards NOT towards the insured, but the policy makers.

If like that, WHAT THE FARKING HELL for?

Might as well don't! It's as good as USELESS!

THis is just another money making paraphenelia of our government, nothing else...

lotus999 SG

as this is an opt-out scheme, those not interested must remember to opt-out!

ShutterBug SG

Oh I definitely want them to bluddy leave me alone!

They can take their medicocre scam schemes and shove it!

Mad

4getmenot SG

if my mum is overseas now? how can she opt out on this scheme?! Evil or Very Mad and why the fark do they always use an opt out scheme? instead of opt in scheme?? y do they always assume people always want in instead of want out?

rane SG

Originally posted by Rock^Star:
[b]ElderShield is an affordable insurance scheme to assist people who become severely disabled. It provides a monthly cash payout of $300 for a maximum of 60 months to help pay for medical bills or home care in the event of severe disabilities. (In September, it shall be $400/mth for up to 6 years)

To be eligible for Eldershield payout, one has to fulfill the following disablities:

Disability shall mean the inability of the Policyholder to perform at least 3 of the following Activities of Daily Living, even with the aid of special equipment, and always to require the physical assistance of another person throughout the entire activity.

Washing: The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.

Dressing: The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.

Feeding: The ability to feed oneself food after it has been prepared and made available.

Toileting: The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.

Mobility: The ability to move indoors from room to room on level surfaces.

Transferring: The ability to move from a bed to an upright chair or wheelchair, and vice versa.

If one cannot do at least 3 of the above activities daily, that person must be quite severely disabled. However, even under the revamped Eldershield, the payout of $400/mth can only last up to 6 years.

What is the point??

All Singaporeans and PRs above 40 are auto-opted into the scheme. What are the chances of one become severely disabled? Hundreds of millions of dollars are collected but yet the payout is still so little.

[/b]

It is just crap!!! Eldershield exists because the smart ass stated more than once he is not making Singapore a welfare state. He is so damn fearful the aging population will be a burden to the ruling party (may be if gahmen spend too much money on healthcare for the increasing aging population then may affect them drawing super high pay). Colded blooded person like him is unfit to be our PM. Hey, mind him, he was a cancer patient before. Doesn't seem that he has learnt anything from his past experience as a terminal ill patient!!! Mr. Green

rane SG

yeah, because democracy is questionable in Singapore with such a ruling party!! Mr. Green

rane SG

how to opt out, where to get the form? thanks.

Arapahoe SG

Originally posted by Rock^Star:
[b]Health Ministry unveils revamp of Eldershield insurance scheme

By S Ramesh, Channel NewsAsia | Posted: 19 June 2007 1117 hrs

SINGAPORE : Singapore's insurance scheme for the elderly, or Eldershield, will be restructured to meet the growing needs of Singaporeans in long-term disability care.

The Health Ministry says from September, the scheme will comprise two tiers - basic Eldershield and Eldershield Supplements.

Basic Eldershield will pay S$400 a month in cash for up to six years.

Those who want more benefits, and are willing to pay higher premiums, can top up with Eldershield Supplements.

Announcing details of the Eldershield reform, the Ministry says this will ensure the scheme remains affordable to the lower income group, while at the same time, meet the needs of the higher-income who want and can afford better coverage.

All Singaporeans, turning 40 from September this year, will be offered the new basic Eldershield, on an opt-out basis.

It will yield a maximum potential payout of S$28,000, which is 60 percent more than the current S$18,000 paid out at S$300 per month for five years.

Those who prefer higher coverage can buy Eldershield Supplements.

Existing Eldershield policy holders will have three options.

They can remain on the current scheme, upgrade to the new basic tier or top up with an Eldershield supplement.

The Ministry says Singaporeans will also have more insurers to pick from.

Aviva will enter the market to compete with Great Eastern Life Assurance and NTUC Income Insurance Co-operative.

The greater competition, it says, should improve services and keep premiums competitive.

The Ministry also explains that the premiums for the new basic Eldershield were determined through an open competitive tender.

Aviva had proposed the most competitive premium bid and the other two insurers have agreed to match the rates.

For example, policy holders who are 40 years old will pay about S$2 per month more in premium, which, the Ministry says, represents good value for money considering the substantial improvement in payouts.

The Ministry also says the three insurers are free to design and promote their Eldershield Supplements.

It expects them to offer a variety of insurance products at different prices for Singaporeans to choose. - CNA/ch

http://www.channelnewsasia.com/stories/singaporelocalnews/view/283117/1/.html[/b]

At the end of the day all saving will be suck up by insurance.

alwaysdisturbed SG

its always this way...

when collecting money(gst, cpf, etc), its always opt out scheme.

when giving money (progress, gst offset), its opt in scheme.

rane SG

This is a clear indication of $$$$$$$$ money face!!! $$$$$ makes their world goes round, and to us it is making us go down!!! Damn it!! Evil or Very Mad Twisted Evil Mad

Applecombi SG

good one. wonder if they will do it THE OTHER WAY for once. Question

ShutterBug SG

It's their way of doing things;

- if it's about collecting money from the people, it's Opt Out
- if it's about paying out money to the people, it's Opt In
(example the GST Offset)

It's always MONEY & themselves first - not the people...

Rock^Star SG

3 ways to get people back into Eldershield:

1) Increase the payout
2) Lengthen the payout period to at least 20 years
3) Relook the definition of disability and make it less stringent

Of course, that would mean higher premiums per year. I'm sure the govt can work that out if they want to.

Otherwise, Eldershield is a waste of money and time.

If this is the way the govt wants to take care of the increasing "white hair" population, there's no point retiring in Singapore.

reyes SG

its another once of those crap proposal by the minister to justify their ridiculously high salary. i think it is better for them not to do anything than did anything.

Rock^Star SG

That's right. Don't do anything, at least it doesn't waste time and resources.

Atobe SG

The S$3 Billion - lost in the unwise purchase of Thaksin's Shin Corp - that would have provided a 'Sinking Fund' for the future of Singapore's greying population.

A small single digit percentile - from the total billion dollar profit of the Annual Returns reported by GIC, Temasek Holdings, and all other GLCs - would have gone a long way to 'TOTALLY' look after the healthcare cost and remaining years of the Singaporean Aged.

Even the annual Economic Package that is paid out, in which each Singaporean is paid between $200 to $600, would have amounted to a significant sum of S$1 Billion plus - as claimed by PM-FM LHL - that would have added onto the lost S$3 Billion.

What is the use of the niggardly small effort from individual Singaporean ?

Any insurance company will be too happy to receive this ''Billion Dollar Premium'' and with a Financial Plan that can make this into a Profit Generating Program that will generate long term benefits for Singaporeans.

Alternatively, a Foundation Fund for the Aged can be started, in which the profits can be used for the benefit of all the aged Singaporeans from 60 years onwards.

4getmenot SG

Originally posted by Atobe:

Alternatively, a Foundation Fund for the Aged can be started, in which the profits can be used for the benefit of all the aged Singaporeans from 60 years onwards.
[/b]

no chance of that.. u know 'welfare' is a 'DIRTY' word in the mouth of the gahmen.. no such thing as free lunch in s'pore..

so if gahmen says, courtesy & smiling will make s'pore a better tourist place.. they should pay everyone that smiles.. Rolling Eyes