Minister Gan Kim Yong: Singaporeans aged 30 and above to pay new insurance coverage CareShield Life

The Ministry of Health (MOH) today (May 27) revealed through state media Straits Times that Singaporeans aged 30 and above will now need to pay for a new national insurance coverage, CareShield Life. The brand-new special needs insurance is compulsory, and will be changing the optional ElderShield in 2020.

Singaporean men aged 30 will pay S$ 206 a year, while females will pay S$ 253 a year. This payment will continue yearly for the next 37 years until they reach 67 years old.The new CareShield Life is more expensive than the ElderShield it replaced by an approximated of more than 50%. In ElderShield, the premium for a 40 years of age man starts at S$ 174.96, while CareShield starts for a 30 year old at S$ 206.

The insurance payment is only S$ 600 a month, which does not track inflation rate even some 37 years later.Health Minister Gan Kim Yong said he is only assisting Singaporeans:" Over the past three years, the Government has been preparing Singaporeans for an ageing population, consisting of supplying more nursing home and day-care facilities, the Leader Generation Package and MediShield Life. This review is another crucial action in this journey. It is an essential strategy for us, a fundamental part of our social security network for Singaporeans in terms of long-term care. It also shows the inclusive society that we desire develop."The insurance coverage will paid through CPF Medisave, and those who do

not have adequate Medisave to pay will have to pay using cash, which will likely impact unemployed relative like homemakers and the low earnings. Those who decline to spend for the government's insurance including MediShield Life will be prosecuted in court and imprisoned if they attempt to leave Singapore without paying. There is no stats presented by the Health Minister just how much was the payment and compensation quantityfor ElderShield, to justify the necessary implementation of CareShield Life.A Singaporean with a disabled dad on long-term care, Yang Kaiheng, talked about the CareShield Life's S$ 600/month payout:"$

600/month is peanuts to a patient with severe specials needs. Regular monthly expense for house medical equipments for bedbound clients(Tracheostomy & PEG feeding)already cost $2k +. Private insurance only covers hospitalisation and surgical treatment charges."

Source

http://statestimesreview.com/2018/05/27/minister-gan-kim-yong-singaporeans-aged-30-and-above-to-pay-new-insurance-careshield-life/