Eldershield and Careshield issues

[Angcheek]

What happened to all the premium collected from eldershield and not claimed?

 

Insurance Co will earn some of it , biz as usual . But I believe elite will press the Insurance to take lower profit and sell 

the policy at a discount to CPF . ...  where the profit goes ? Bo lang chai ...... 

[Kusje]

Whose pockets?

 

You ask too many questions 

[Vid]

You ask too many questions 

 

Problem with PAP is we don't get answers no matter how many questions raised. They answer only those that they want to answer. Not the difficult ones.

[Mason016]

You ask too many questions

Kids ask too many questions.

[kdash]

Problem with PAP is we don't get answers no matter how many questions raised. They answer only those that they want to answer. Not the difficult ones.

these questions need to be asked until answers are given. SGreans cannot always have goldfish memory...

[Kopites]

all of you have forgotten what

acronym CPF mean.

 

Centrally provided fund!

 

similar to scheme like what my mum participated in the 80s/90s. every month contribute $10 or $15. every year once give you a red colour pail consist of a pack of rice and some can foods. the cost of those stuffs definitely and always be lower than her annual contribution.

Edited May 30, 2018 by Kopites

[DACH]

these questions need to be asked until answers are given. SGreans cannot always have goldfish memory...

Do you think you will get an answer or satisfactory answer?

[Citros]

I thought insurance companies take in all the premiums?   Similar to Medishield?   Dr Chia says garment should take over.   At first I thought it's a good idea for garment to take over so as to give support to scheme, but on reading the past posts in this forum plus the paper presented by the committee, it appears that Eldershield is an extremely profitable business even with limited participation.  So now garment makes it compulsory to adults above 30 which means it will be many times more profitable as the premiums collected will be all the way down to adults at plus 30.      As if not enough, there is an increase in premiums.    I find the increase in premiums totally unjustified because to be able to claim the insurance, you need to be very very sick, three disabilities.    Moreover, someone so sick is not likely to live very long, hence to add in lifetime payout does not really help the insured   Increasing the payout from $400 to $600 is pretty good, but then again, this could be done without an increase in premiums!

In summary, this scheme smacks of money making using "helping people" as a guise.   Subsidies will only help if it is genuine, for the entire period of the policy, and not for first year or first 2 years.     Also if garment takes over, subsidies is meaningless, left to right pocket!  Just give a discount outright!       

 

[Angcheek]

these questions need to be asked until answers are given. SGreans cannot always have goldfish memory...

Kee chew once said ... elite are not there to provide answ ... they are there to collect salary and ask others for answers

[DACH]

Kee chew once said ... elite are not there to provide answ ... they are there to collect salary and ask others for answers

[Pocy]

I thought insurance companies take in all the premiums? Similar to Medishield? Dr Chia says garment should take over. At first I thought it's a good idea for garment to take over so as to give support to scheme, but on reading the past posts in this forum plus the paper presented by the committee, it appears that Eldershield is an extremely profitable business even with limited participation. So now garment makes it compulsory to adults above 30 which means it will be many times more profitable as the premiums collected will be all the way down to adults at plus 30. As if not enough, there is an increase in premiums. I find the increase in premiums totally unjustified because to be able to claim the insurance, you need to be very very sick, three disabilities. Moreover, someone so sick is not likely to live very long, hence to add in lifetime payout does not really help the insured Increasing the payout from $400 to $600 is pretty good, but then again, this could be done without an increase in premiums!

In summary, this scheme smacks of money making using "helping people" as a guise. Subsidies will only help if it is genuine, for the entire period of the policy, and not for first year or first 2 years. Also if garment takes over, subsidies is meaningless, left to right pocket! Just give a discount outright!

It is good for ppl ............ makes it compulsory. In the past, it was opt-out scheme, now compulsory better still deduct from CPF. CPF must keep minimum sum ......... give money every month from 65 to buy instant noodles.

 

No CPF ............ will these happen?

[Windwaver]

For those that can continue with eldershield, doesn't it cost more if we are to match private insurance to careshield?

[Tiger1]

Do u know how freaking hard to claim Total Permanent Disability? Must proof 3 of of 6 daily chores u cannot do.

 

Buy this tupiak shield... I strongly highly encourage you to buy Toto better. Toto also every week got people tio 1m.

[Angcheek]

 "What do you think?"

 

you paying ? 

[Kusje]

Do u know how freaking hard to claim Total Permanent Disability? Must proof 3 of of 6 daily chores u cannot do.

 

Buy this tupiak shield... I strongly highly encourage you to buy Toto better. Toto also every week got people tio 1m.

There's nothing wrong with it being hard to claim tpd. Look at the name! Tpd leh. Once you're there, your life is practically over.

 

The main issue is that the premiums are too high/payout too low. Insurance coys only paid out less than 10% of the premiums collected for the old eldercare plans!

 

This isn't insurance, it's extortion.

[Windwaver]

There's nothing wrong with it being hard to claim tpd. Look at the name! Tpd leh. Once you're there, your life is practically over.

 

The main issue is that the premiums are too high/payout too low. Insurance coys only paid out less than 10% of the premiums collected for the old eldercare plans!

 

This isn't insurance, it's extortion.

 

Assuming our government is estimating a very modest claim figure, I think maybe more unclaimed money can be use for helping the needy or reduce the claim criteria to 2 out of 6 chores or a tier based claim system?

 

I can imagine people down with even 1 out of 6 TPD how it affects their lives not to mention 3. We shouldn't be a charity state but using the excess money to help fellow countrymen should be a secondary aim as well.

[Citros]

Assuming our government is estimating a very modest claim figure, I think maybe more unclaimed money can be use for helping the needy or reduce the claim criteria to 2 out of 6 chores or a tier based claim system?

 

I can imagine people down with even 1 out of 6 TPD how it affects their lives not to mention 3. We shouldn't be a charity state but using the excess money to help fellow countrymen should be a secondary aim as well.

 

It's a good thought.  I wish our garment would be genuinely interested in helping, but each scheme they come up with somehow has this very big $.    Let's see if they continue to let private insurers handle or take over.      What do you think?

[Tiger1]

Assuming our government is estimating a very modest claim figure, I think maybe more unclaimed money can be use for helping the needy or reduce the claim criteria to 2 out of 6 chores or a tier based claim system?

 

I can imagine people down with even 1 out of 6 TPD how it affects their lives not to mention 3. We shouldn't be a charity state but using the excess money to help fellow countrymen should be a secondary aim as well.

This is a very good gracious thought. But, I am quite convinced our govt won't buy it.. In fact, I will be worried if they help. Remember the chicken wing and whole chicken story?