Eldershield and Careshield issues

[Soya]

Wah sei.....sibei good bizness sia. Collect $2.6B n onli paid out $100M

[Kezg1]

Wah sei.....sibei good bizness sia. Collect $2.6B n onli paid out $100M

 

...yup if not how to accumulate big amount for Tumasick investment....sure make $$....yes the coy that Tumasick invested..LOL

[BookerDyeno]

This is a new one to me. I've not had any other reports so far of this, and I just checked my old Kindle and it works on that device. What model of Kindle are you running? I'm thinking I may need to buy a new one just to be able to test this out.

 

Brad

[Wt_know]

if paid out > preimum collected

all the insurance companies close shop liao

instead insurance companies grow bigger and bigger and bonuses no millions no talk ... huat ah!

 

Wah sei.....sibei good bizness sia. Collect $2.6B n onli paid out $100M

[Beehive3783]

Smells more and more like a scam.

 

https://www.straitstimes.com/singapore/health/new-mandatory-careshield-life-replaces-eldershield-in-2020-will-offer-wider

 

New mandatory CareShield Life replaces ElderShield in 2020, will offer wider coverage for severely disabled

CareShield Life will be compulsory, automatically getting everyone who is between the ages of 30 and 40 in 2020 to start paying premiums.PHOTO: ST FILE

 

Published

May 27, 2018, 6:00 pm SGT

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Salma Khalik

Senior Health Correspondent

SINGAPORE - Another piece of the jigsaw to prepare Singapore for its ageing population, a national long-term care insurance to provide financial aid to those afflicted with severe disability, will be launched in 2020.

Called CareShield Life, the government-run scheme will be compulsory, automatically getting everyone who is between the ages of 30 and 40 in 2020 to start paying premiums. Future cohorts will join at the age of 30.

For them, the scheme replaces the optional ElderShield, offered by private insurers. CareShield's scope of coverage is also wider.

 

Premiums start at $206 a year for men and $253 a year for women at the age of 30. They will make 38 payments till the age of 67.

Should disability strike and a policyholder require care, he will receive a payout of at least $600 a month, for as long as care is needed.

In contrast, the ElderShield scheme pays $400 a month for up to six years, but with lower premiums paid over a shorter period.

 

People over 40 years old in 2020 have the option of sticking with ElderShield or switching to the new scheme in 2021 by topping up their premiums.

Related Story

CareShield Life to replace ElderShield from 2020: What you need to know

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Good that Careshield Life is inclusive, but payouts need to be higher: Young Singaporeans

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CareShield Life: A good scheme that engenders social cohesion, but a couple of puzzling points

Health Minister Gan Kim Yong said that over the past three years, the Government "has been preparing Singaporeans for an ageing population", including providing more nursing home and day-care facilities, the Pioneer Generation Package and MediShield Life.

This review "is another important step in this journey", he said.

"It is an important strategy for us, an important part of our social safety network for Singaporeans in terms of long-term care. It also reflects the inclusive society that we aspire to build."

To ensure premiums are affordable no matter a family's income, Medisave can be used to fully pay for the new scheme. There will be permanent premium subsidies of 20 per cent to 30 per cent for people who qualify, and additional support for those who still cannot afford the premiums.

People who are disabled at the age of 30 will make one premium payment to join, and can start collecting payouts immediately.

Payouts will increase to adjust for the higher cost of long-term care in future, so long as the person is still paying premiums. So the payout amount in the year they turn 67 will be the payout they receive in future.

To pay for this, premiums will increase over the years. How much each will increase by will be decided by a council that will be appointed.

The recommendation for the scheme to be made compulsory and for the Government to run it was made by the ElderShield Review Committee headed by Mr Chaly Mah.

Their report was submitted on Friday (May 25) to Mr Gan, who said: "The Government accepts the committee's report and agrees with the key recommendations."

Mr Mah said the recommendations hinge on four key points: inclusivity, adequate protection, affordability and sustainability.

He said there was "some tension in our own deliberation and discussion on whether $600 was enough or not". But higher payouts would mean higher premiums.

The committee also urged the Government to provide incentives and subsidies to encourage older people, for whom it is not compulsory, to join CareShield Life.

Dr Chia Shi Lu, head of the Government Parliamentary Committee for Health, said the GPC agrees it should be mandatory as it is an "integral part of our social safety net".

It also wants the Government to run the scheme "so there is less concern about commercial interests affecting premium and payout adjustments". Said Dr Chia: "It would be naive to say that commercial calculations do not play any role."

[Citros]

Quite helpful postings in this forum.   I can understand the suspicion for schemes and this one is no different from others, the end game in past schemes especially the recently implemented Medishield to cover preexisting illness is less garment subsidies, period.   What they did was force the insurance cos to accept sick people, with the end result that premiums are raised, and the cos start losing money.  

 

However, for the benefit for this one appears okay to me, meaning that one funds a pool, and anyone in that pool sway sway get dementia, there's a safety net in the insurance.   The only issue I find is coverage is too little, amount too small.   I think Dr Chia is quite right to ask garment to take over, his view is assurance, as this is a long term cover and some companies may not be around when you call on it.   At least if garment takes over, there is that assurance.     Perhaps garment should also take over the Enhanced Medishield and bleed a little after what they did to the premiums.  A little here, a little there.  No wonder there is this issue of trust being bandied about nowadays. How to rule when trust is gone?

[DACH]

So can I withdraw my money at 55 years old?

[RadX]

confirm careshield is a BS scam to milk more $$$

[Pocy]

So can I withdraw my money at 55 years old?

But @radx already calling you old man

[RadX]

So can I withdraw my money at 55 years old?

You beyond hope

 

Need BurialShield to claim from

[DACH]

But @radx already calling you old man ð

55 years old still not old?

[Enye]

So can I withdraw my money at 55 years old?

 

how much are we looking at?

 

[Jman888]

how much are we looking at?

 

 

 

maybe he also got $700K   

[Citros]

I'm not familiar with Careshield, but for Eldershield, there no refund.   It's not a savings scheme.   If illness strike, you get a payout.   The payout is quite miserable by the way, in my view it could be a lot better if it is run by non profit organization and accounts made fully public.    Many will surely opt out as the coverage is miserable and payout is miserable so an insurance of this type without support eventually will die.

I'd like the garment to take over and run it with zero profit as Dr Chia said.  He's my MP and suddenly I have some admiration for this chap who spoke up.    

[Citros]

I'm not familiar with Careshield, but for Eldershield, there no refund.   It's not a savings scheme.   If illness strike, you get a payout.   The payout is quite miserable by the way, in my view it could be a lot better if it is run by non profit organization and accounts made fully public.    Many will surely opt out as the coverage is miserable and payout is miserable so an insurance of this type without support eventually will die.

I'd like the garment to take over and run it with zero profit as Dr Chia said.  He's my MP and suddenly I have some admiration for this chap who spoke up.    

In my view, everyone does need an insurance for illnesses such as dementia.  It's a slow loss of memory and will be a burden on family members, not only financially but caregiving.     It strikes those 60 and above more so than younger age groups.    The way the garment handles this is in question, I'd like to see some responsibility and care being shown, rather than throwing the issue to the insurance companies.    It just reinforces the fact that they are in it for the money, not care for the people. 

[Kusje]

maybe he also got $700K   

 

sifu's under the pillow money is 700k... his cpf money is surely more than that.

 

his in the wall money confirm more than najib's already.

[WangWang888]

Thye chut so many pattern....so many shields that make people confuse...of course will kana dementia lah

For me,I only love one shield....Deflector shield from star wars

Edited May 28, 2018 by WangWang888

[Kusje]

 

 

Health Minister Gan Kim Yong said $2.6 billion in ElderShield premiums was collected between 2002 and end-2015, and around $100 million was paid out in claims.

 

 

Eldershield claim ratio is just 

 

Wonder what we can hope to see from careshield!