- Joined
- Jan 5, 2010
- Messages
- 2,086
- Points
- 83
Rich Singaporeans receive >2x benefit from medishield-life as compared to average Singaporean/ poor.
Rich Singaporeans claim 2.03786x more then middle class, what more the poor?
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.
Even better still, medishield-life and it's associated integrated plans should only he allowed for use in public hospitals (Just like SAF NSmen solve Singapore territorial problems). Those who want insurance for private hospital care are like Singaporeans who buy property in UK- still serve SG NS& reservist but need to call UK police if their house is invaded by terrorist): thus those who want to use private healthcare must still pay medishield-life premiums and then buy private healthcare insurance. But medishield-life including integrated plans will not cover any private healthcare costs just like Singapore police force will not solve any of your personal safety/ security problems experienced in the UK.
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.
The reference URL for this post: https://forums.fuckwarezone.com.sg/...mpared-average-sin-5935559.html#post117551207
Rich Singaporeans claim 2.03786x more then middle class, what more the poor?
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.
Even better still, medishield-life and it's associated integrated plans should only he allowed for use in public hospitals (Just like SAF NSmen solve Singapore territorial problems). Those who want insurance for private hospital care are like Singaporeans who buy property in UK- still serve SG NS& reservist but need to call UK police if their house is invaded by terrorist): thus those who want to use private healthcare must still pay medishield-life premiums and then buy private healthcare insurance. But medishield-life including integrated plans will not cover any private healthcare costs just like Singapore police force will not solve any of your personal safety/ security problems experienced in the UK.
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.
The reference URL for this post: https://forums.fuckwarezone.com.sg/...mpared-average-sin-5935559.html#post117551207
