Monday, September 2, 2013

Medishield Life will be good for everyone, regardless of premium increase

Recent news on the inclusion of all Singaporeans for Medishield life is good news for all Singaporeans as it will ensure all Singaporeans are covered by some form of medical insurance.

The fact is that some Singaporeans do not want to hear or have anything to do with medical insurance, no matter who initiates it. However, medical insurance is important as you will never know when you need to be hospitalised. It could be under your control, or totally not under your control.

Having it as compulsory will ensure that everyone is covered and everyone is protected if something happens to you that requires you to be hospitalised. Medical bills may come up to a sum that will seriously cause a serious draw down of your funds. This is the case where the benefits of having the insurance outweighs the premiums that you will have to pay. Yes, there is co-payment on our end but this is a classic demand and supply kind of model. If it is free and everyone starts going into hospitals for no particular reason, this will cause a serious drain in resources and deprive the truly needy from getting the help that they need.

Furthermore, it will be for life, which means that you will not need to worry unnecessary if you live longer than estimated. The hospitals will still be open to you.

However, devil is in the details. Let's wait for more information from the government.

2 comments:

Chrissy said...

Speak for yourself, you stupid moron.
I am a retiree with no income, and I will be paying increased premiums till I die, and you are happily supporting this hare brain scheme.

chantc said...

Just to highlight that I'm neither a insurance agent or have a job that has anything to do with the finance sector.

Maybe you would like to share your concern because first of all, the increase in premium has not yet been announced and next, the Government has been giving medisave top-ups every year since 2008 (except for 2009) to as recent as this year, where they gave a $200 top-up to Singaporeans who are as young as 45 years ago.

The question is not whether you will go to hospital, but what happens if you do. Drain your retirement funds to pay your medical bills, or drain your family and relatives retirement funds to pay?

I'm not even near retirement age and I've been hospitalised 3 times since then through no fault of my own. Do you know how much it costs?

Do note that doctors are doing their jobs and they need to eat.

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