Propaganda has convinced most Singaporeans that the MediShield Life (MSL) scheme is for our own good. But who doesn’t know that higher coverage and higher premiums go hand in hand? The problem with MSL is, the average increase in premiums is more than 100% but coverage is nowhere close.
MS = MediShield, MSL = MediShield Life (premiums in $)
MSL appears to be a scam and will soon empty the Medisave accounts of ordinary Singaporeans. PAP has the statistics and it should know.
In the private sector, insurance companies do not anyhow increase their premiums or business will go to their competitors. But with monopoly of public healthcare insurance, the PAP is able to increase premiums by 195% for Singaporeans aged between 21 and 40 years old. (see table above, MOH table**)
Before a Singaporean has even joined the workforce, almost $3000 has been paid to the PAP insurance company.
A Singaporean, without pre-existing illness, born today and lives till 80 will need to pay $36,495 in MSL premiums. Including private/public GP fees, Medisave and out of pocket hospitalisation expenses, we must be paying the highest healthcare cost in the world.
Singaporeans who entered the workforce in the 70s and 80s would not have accumulated sufficient Medisave savings because wages were very much lower. Those who are 50 today will need about $25000 for MSL premiums should they live till 80. (see above table)
But aren’t there hundreds of thousands of Singaporeans above 50 year old unable to fund their MSL premiums through their Medisave? What about those who are self-employed?
The statistics are of course available but concealed by the PAP. Disclosure would confirm the shortsightedness of our planners. And it doesn’t help when elected MPs prefer not to ask relevant questions in Parliament and put a stop to the scam. 😦
Why implement the MSL scheme when funding issues affect a high percentage of citizens? Isn’t it immoral to force children to dip into their savings to pay their parents’ MSL premiums or risk their going to jail?
Soon, many will be down on their knees begging PAP, more tweaks akan datang with more ‘assistance’ available to peasants.
And peasants would again remember to be grateful to PAP at the ballot box.
CPF Medisave balances have increased by a whopping $26 billion in less than 5 years. In 4 years’ time, it will balloon to $100 billion!
This must be a pot of gold to PAP and we should expect another increase in healthcare premiums.
GIC manages our Medisave savings and if investment returns have been as impressive as it has claimed, these should have been able to easily offset the insurance premium increase.
For example, the $76 billion managed by GIC last year should have earned a return of $4.56 billion (6%). After returning CPF members 4%, GIC would still be left with $1..52 billion or about 70% of the total MSL premiums paid.
So why is the government using our CPF Medisave to invest but keeping all the excess returns for itself? Why is the excess $1.52 billion, or part of it, not used to offset the increase in premiums? Why must the premium increase be borne by citizens while GIC gets to keep the $1.52 billion?
If our CPF Medisave savings belong to us, the PAP should not place restrictions on its use: Singaporeans should not have to fork out cash.
With the highest healthcare savings in the universe, why should there even be any issue when it comes to funding our medical needs? Something is clearly not right.
It makes no sense to more than double our healthcare premiums under the MSL scheme without a corresponding increase in coverage. So are we, again, helping to mask GIC’s investment losses?
MSL premium table