Originally posted by Rock^Star:as this is an opt-out scheme, those not interested must remember to opt-out!
[b]Health Ministry unveils revamp of Eldershield insurance scheme
By S Ramesh, Channel NewsAsia | Posted: 19 June 2007 1117 hrs
SINGAPORE : Singapore's insurance scheme for the elderly, or Eldershield, will be restructured to meet the growing needs of Singaporeans in long-term disability care.
All Singaporeans, turning 40 from September this year, will be offered the new basic Eldershield, on an opt-out basis.
The Ministry also says the three insurers are free to design and promote their Eldershield Supplements.
It expects them to offer a variety of insurance products at different prices for Singaporeans to choose. - CNA/ch
http://www.channelnewsasia.com/stories/singaporelocalnews/view/283117/1/.html[/b]
Oh I definitely want them to bluddy leave me alone!Originally posted by lotus999:as this is an opt-out scheme, those not interested must remember to opt-out!
if my mum is overseas now? how can she opt out on this scheme?!Originally posted by lotus999:as this is an opt-out scheme, those not interested must remember to opt-out!
Originally posted by Rock^Star:It is just crap!!! Eldershield exists because the smart ass stated more than once he is not making Singapore a welfare state. He is so damn fearful the aging population will be a burden to the ruling party (may be if gahmen spend too much money on healthcare for the increasing aging population then may affect them drawing super high pay). Colded blooded person like him is unfit to be our PM. Hey, mind him, he was a cancer patient before. Doesn't seem that he has learnt anything from his past experience as a terminal ill patient!!!
[b]ElderShield is an affordable insurance scheme to assist people who become severely disabled. It provides a monthly cash payout of $300 for a maximum of 60 months to help pay for medical bills or home care in the event of severe disabilities. (In September, it shall be $400/mth for up to 6 years)
To be eligible for Eldershield payout, one has to fulfill the following disablities:
Disability shall mean the inability of the Policyholder to perform at least 3 of the following Activities of Daily Living, even with the aid of special equipment, and always to require the physical assistance of another person throughout the entire activity.
Washing: The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.
Dressing: The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.
Feeding: The ability to feed oneself food after it has been prepared and made available.
Toileting: The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.
Mobility: The ability to move indoors from room to room on level surfaces.
Transferring: The ability to move from a bed to an upright chair or wheelchair, and vice versa.
If one cannot do at least 3 of the above activities daily, that person must be quite severely disabled. However, even under the revamped Eldershield, the payout of $400/mth can only last up to 6 years.
What is the point??
All Singaporeans and PRs above 40 are auto-opted into the scheme. What are the chances of one become severely disabled? Hundreds of millions of dollars are collected but yet the payout is still so little.
[/b]
yeah, because democracy is questionable in Singapore with such a ruling party!!Originally posted by 4getmenot:if my mum is overseas now? how can she opt out on this scheme?!![]()
and why the fark do they always use an opt out scheme? instead of opt in scheme?? y do they always assume people always want in instead of want out?
how to opt out, where to get the form? thanks.Originally posted by lotus999:as this is an opt-out scheme, those not interested must remember to opt-out!
Originally posted by Rock^Star:At the end of the day all saving will be suck up by insurance.
[b]Health Ministry unveils revamp of Eldershield insurance scheme
By S Ramesh, Channel NewsAsia | Posted: 19 June 2007 1117 hrs
SINGAPORE : Singapore's insurance scheme for the elderly, or Eldershield, will be restructured to meet the growing needs of Singaporeans in long-term disability care.
The Health Ministry says from September, the scheme will comprise two tiers - basic Eldershield and Eldershield Supplements.
Basic Eldershield will pay S$400 a month in cash for up to six years.
Those who want more benefits, and are willing to pay higher premiums, can top up with Eldershield Supplements.
Announcing details of the Eldershield reform, the Ministry says this will ensure the scheme remains affordable to the lower income group, while at the same time, meet the needs of the higher-income who want and can afford better coverage.
All Singaporeans, turning 40 from September this year, will be offered the new basic Eldershield, on an opt-out basis.
It will yield a maximum potential payout of S$28,000, which is 60 percent more than the current S$18,000 paid out at S$300 per month for five years.
Those who prefer higher coverage can buy Eldershield Supplements.
Existing Eldershield policy holders will have three options.
They can remain on the current scheme, upgrade to the new basic tier or top up with an Eldershield supplement.
The Ministry says Singaporeans will also have more insurers to pick from.
Aviva will enter the market to compete with Great Eastern Life Assurance and NTUC Income Insurance Co-operative.
The greater competition, it says, should improve services and keep premiums competitive.
The Ministry also explains that the premiums for the new basic Eldershield were determined through an open competitive tender.
Aviva had proposed the most competitive premium bid and the other two insurers have agreed to match the rates.
For example, policy holders who are 40 years old will pay about S$2 per month more in premium, which, the Ministry says, represents good value for money considering the substantial improvement in payouts.
The Ministry also says the three insurers are free to design and promote their Eldershield Supplements.
It expects them to offer a variety of insurance products at different prices for Singaporeans to choose. - CNA/ch
http://www.channelnewsasia.com/stories/singaporelocalnews/view/283117/1/.html[/b]
its always this way...Originally posted by 4getmenot:if my mum is overseas now? how can she opt out on this scheme?!![]()
and why the fark do they always use an opt out scheme? instead of opt in scheme?? y do they always assume people always want in instead of want out?
This is a clear indication of $$$$$$$$ money face!!! $$$$$ makes their world goes round, and to us it is making us go down!!! Damn it!!Originally posted by alwaysdisturbed:its always this way...
when collecting money(gst, cpf, etc), its always opt out scheme.
when giving money (progress, gst offset), its opt in scheme.
good one. wonder if they will do it THE OTHER WAY for once.Originally posted by alwaysdisturbed:its always this way...
when collecting money(gst, cpf, etc), its always opt out scheme.
when giving money (progress, gst offset), its opt in scheme.
It's their way of doing things;Originally posted by 4getmenot:if my mum is overseas now? how can she opt out on this scheme?!![]()
and why the fark do they always use an opt out scheme? instead of opt in scheme?? y do they always assume people always want in instead of want out?
That's right. Don't do anything, at least it doesn't waste time and resources.Originally posted by reyes:its another once of those crap proposal by the minister to justify their ridiculously high salary. i think it is better for them not to do anything than did anything.
Originally posted by Atobe:no chance of that.. u know 'welfare' is a 'DIRTY' word in the mouth of the gahmen.. no such thing as free lunch in s'pore..
Alternatively, a Foundation Fund for the Aged can be started, in which the profits can be used for the benefit of all the aged Singaporeans from 60 years onwards.
[/b]
It is not for the children and care-givers to prove the disability.Originally posted by elindra:I wonder how much will your children and care-givers will have to prove that you are almost dying to receive these hand outs![]()