ElderShield: $90m claims, $3b premiums & accumulated interest?

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December 20, 2016

Wanted: Public feedback on how to improve ElderShield

I refer to the article “Wanted: Public feedback on how to improve ElderShield” (Straits Times, Dec 20).

Better coverage and benefits will come with higher premiums

It states that “As we consider possible enhancements to ElderShield, we should also bear in mind that better coverage and benefits will come with higher premiums.”

$90m paid out since ElderShield was launched in 2002

On the subject of premiums – according to the article “S$90m paid out in ElderShield claims since its 2002 launch” (Channel NewsAsia, Apr 5) – “Around S$90 million has been paid out since ElderShield was launched in 2002, with about 12,500 successful claims.”

How much premiums collected since 2002?

In 2015, withdrawals (net of refunds) by CPF members to pay for ElderShield premiums was $364 million.

What is the total premium collected since 2002? The estimated total premiums plus accumulated interest since 2002, is about $3 billion.

Claims ratio?

What is the total claims ($90 million) to total premiums ($? billion) ratio?

What was the claims to premiums ratio for each of the years, since 2002? Has this ratio been on a declining trend?

Leong Sze Hian

 

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.