MediShield Life: Premiums up 100% after transitional subsidies?

June 6, 2014

MediShield Life – everything also increase?

We refer to the article “Enhanced benefits proposed for MediShield Life” (Today, Jun 6).

The following questions remain unanswered:

Medishield scheme accumulated surpluses?

What is the accumulated surplus plus interest since the MediShield scheme has had annual surpluses since its inception? About $1 billion plus?

Still not spending any money on healthcare?

From a cashflow perspective, will the Government still not be spending a single cent on healthcare because Medisave contributions in a year may continue to exceed all withdrawals including government healthcare spending?

Are there any countries in the world that operate their healthcare system like this?

After transitional subsidies – premiums increase more than 100%?

The problem with transitional subsidies may be that according to the example given in the subject news report – for a family – their annual premiums will increase from $1,220 to $2,436 if they do not qualify for the “subsidy for low income”.

This is an increase of 100%.

No projections into the future?

And we have not even factored in or projected how much the increase will be as the couple in their 30s and their 2 elderly patents (early 60s) get older, as premiums may generally increase with age?

Why are such projections not mentioned at all in the media report?

SY Lee and 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.