This one must be what everyone is asking right now. Why must our MediShield Life premiums mou twin twin (out of the blue) need to be increased?! Increase jiu increase, but one shot want to increase by 35% some more. Can meh???
Actually here got explain lah, but hor Straits Times sibei money face, they hide the article behind pay wall. But never mind, lao niang is here to help you all to understand why our insurance premiums must be increased in simple Singlish. Free one some more.
1. What MediShield Life premium ah? I got meh?
MediShield Life is a compulsory basic health insurance plan that is administered by the Central Provident Fund (CPF) Board. Cannot act one 潇洒走一回 (cool) and say you don’t want one. Because the purpose of this insurance plan hor is to help you offset your hospital bill and some selected outpatient treatments, like dialysis and chemotherapy for cancer.
Currently, the maximum amount you can claim every year is $100,000. But now with the increase in premium, the maximum amount that can be claimed yearly is $150,000.
2. Why must increase the insurance premiums leh?
Because now healthcare costs getting more and more expensive lor. Got better medicine, better healthcare equipment. The hospital bed also softer.
But basically, is because the Gahmen want to up-size our insurance coverage so that we can use it for more illness instead of just the very basic ones, and we no need to cough up too much cash ourselves.
It’s like last time when you in primary school, give you happy meal you eat liao will full. But as you grow up, happy meal not enough, you need to eat up-sized meal then will full. Same logic lah.
3. KNS, increase how many times liao sia?
This time first time nia. This MediShield Life premium 5 years no increase liao. Now is bo bian, need to adjust so that inside still got money since we got aging population and also got a lot of people who like to a bit a bit stay hospital and claim insurance.
And also hor, what if suddenly got simi disease outbreak again and a lot of people need to kena hospitalised how? Like this COVID-19? That’s why need to increase the premiums to collect money first, JUST IN CASE.
The increase is not suka-suka say want to increase one or tikam-tikam to get one. Got do homework, check utilisation rates, check cost of medical treatment, check scheme benefits, check this check that to get one.
4. Walao now COVID-19 leh, where got money to pay for the increase sia?
Mai kan chiong, the Gahmen say hor for those people who got difficulties to pay one they will get subsidies.
For lower and middle-income households, they got subsidies of up to 50%. Merdeka Generation seniors will get additional subsidies of up to 10% on top of these premium subsidies. Pioneers Generation seniors also will receive special subsidies of up to 60%.
Tia gong still got simi Additional Premium Support for those people who need to help their family members pay one. So don’t be so worry lah, help will be given.
Aiya anyway hor for most Singaporeans, this premiums will be deducted from your Medisave, which is from your CPF – unless you don’t have CPF lah then lao niang will judge you together with all my xiao bitch jie meiz.
5. Pay pay pay, how I know if the premium I pay never kena pocket by other people?
MediShield Life is a not-for-profit scheme lei. All the premiums collected will go into the MediShield Life Fund and will only be used by the policyholders and in the administration of the scheme.
If you really want to scrutinise hor you can go and read up information about the Fund size, reserves and Incurred Loss Ratio on MOH website.
Anyway every year the financial accounts also will tio audited by an external auditor and will be submitted to the Parliament one lah.
Aiya insurance is like that one mah, you pay a sum, then your money will go into a big pot. Then you go home and pray, ask your God popi you don’t tio any sickness until you need to use your insurance to claim any medical bill.
But hor, if one day suay-suay you kena some disease or illness or accident, then you tio hospitalised, you will be xiao thankful that you got insurance to cover your backside because sometimes the total hospital bill can be sibei high – higher than your insurance premium.
And actually hor when you use insurance to pay your medical bills, you are also tapping onto the premiums paid by other people you know a not?
Like that you prefer to use your insurance or not leh??? This one I don’t know lah hor, is depends on how you want to see it liao.