Is ElderShield possibly the most profitable national long-term care insurance scheme in the world?
I refer to the article “Elderly amputee who was denied Eldershield benefits dies weeks after authorities reconsidered his case” (The Independent, Jul 12).
It states that “Former Senior Minister of State for Health Chee Hong Tat responded to Lim that increasing payouts and lowering the claims criterion could make premiums more expensive.
Chee also claimed that the Government is not making “profits” even after it collected $3.3 billion in Eldershield premiums and only paid out $133 million and said: “This balance amount is not profit, it is to meet future liabilities.””
Does the “$3.3 billion in Eldershield premiums” collected include the accumulated interest on the investment returns from the excess premiums to claims over the years?
If not, how much is the accumulated surpluses (reserves) – about $4 billion?
Is this probably the most profitable national long-term care insurance scheme in the world, if not in the history of the world?
Leong Sze Hian