|
31-05-2018, 12:03 PM | #1 |
Dragon
Join Date: Nov 2007
Posts: 1,446
|
Cpf bo lwee liao ah?
Six things you should know about CareShield Life, the enhanced ElderShield scheme
SINGAPORE: The Government has accepted recommendations made by a committee that reviewed long-term care insurance scheme targeted at severe disability, ElderShield. Here is what you should know about the enhanced scheme, to be called CareShield Life. inRead invented by Teads 1) It is an enhanced version of ElderShield, a long-term severe disability insurance scheme, and is only available to those born in 1980 and after. MOH plans to implement the plan in 2020. 2) The scheme will include those with pre-existing severe disabilities, and start at the age of 30 instead of 40 under ElderShield. It will be compulsory, unlike ElderShield, which allowed opt-outs. 3) Severely disabled policyholders under CareShield Life will get payouts for their whole lives. The payout will be at least S$600 a month. The potential payout will increase over time, until the policyholder reaches the age of 67, or makes a successful claim. This will come with premiums that also increase over time. 4) The Government will provide three types of premium subsidies - permanent means-tested that will benefit up to two-thirds of households, transitional subsidies for Singaporeans for the first five years amounting to a total of S$250, and additional support for those who cannot afford the premiums even with the other subsidies. 5) The Government will administer CareShield Life, as opposed to private insurers. The cost of the first disability assessment will be waived regardless of outcome. Other than accredited General Practitioners, there will also be additional healthcare professionals who will be able to make the assessment. 6) Existing ElderShield policyholders can join CareShield Life from 2021. The Government will develop measures and incentives, including permanent means-tested subsidies and premium support to encourage this. ------------------------------------ Speaking on 938NOW's Talkback programme, Mr Mah said CareShield Life will offer higher cash payouts of at least S$600 per month for the rest of an individual's life after a successful claim is made, as compared to just six years under ElderShield. “But based on the statistics we’re seeing, in the future, as many three in 10 of those who suffer disabilities may live longer than 10 years,” he said. “So, if you think about it, if you are disabled and you live for a long time, a lifetime payout is indeed a very significant assurance." A new way to GET MORE OF YOUR CPF Monies from you, forcefully. - What's the percentage of people who will result in severe disability (eg paralyzed? - Given the percentage, isn't the payout way too little compared to the premiums they will collect? - And it's not outsourced to private insurers, Bao Jiak ma. - It's compulsory, like it or not, shut up and pay! Somehow or rather, I just felt, the gov keeps looking for WAYS TO TRAP MY CPF MONIES, which suggest to me, that CPF has no money to RETURN OUR OWN MONEY!!!!! Lovessss this government! Very competent at getting us. |
31-05-2018, 12:42 PM | #2 |
Dragon
Join Date: Feb 2002
Posts: 808
|
Haha, no doubt about it. If the investments done by TH and GIC are doing well, we will not be seeing all these schemes to withhold our CPF monies. The ultimate pyramid scheme in Singapore has been showing signs of stress for many years already...
|
31-05-2018, 01:44 PM | #3 |
Arofanatic
Join Date: Jun 2003
Posts: 113
|
Like it or not.......garment is using our money and no need to borrow externally with higher interest........
|
31-05-2018, 02:31 PM | #4 |
Arofanatic
Join Date: Jun 2006
Posts: 384
|
an individual with a Severe disability can survive on a $600 per month.
Only "good lobang" can be found here. |
31-05-2018, 10:48 PM | #5 |
Arofanatic
Join Date: Jun 2003
Posts: 113
|
|
31-05-2018, 11:21 PM | #6 |
Arofanatic
Join Date: Oct 2002
Posts: 441
|
Is this a fair argument?
|
01-06-2018, 08:02 AM | #7 |
Senior Dragon
Join Date: Mar 2002
Posts: 3,495
|
The sentinent of citizens seems to be bad now. If this is ge time, east coast and marine parade grc could change hand. Punggol east will be retained by opposition.
|
01-06-2018, 10:04 AM | #8 |
Dragon
Join Date: Dec 2010
Posts: 1,254
|
Thinking of ways to support their crumbling pyramid.
|
01-06-2018, 11:00 AM | #9 | |||
Dragon
Join Date: Nov 2007
Posts: 1,446
|
Quote:
In the case of Singapore, there is no need for the Singapore government to "kowtow" to its citizens. The Singapore government "borrows" money from Singaporeans through their CPF, which is covered under the CPF Act. It's relatively easy for the Singapore government to change the CPF rules, should it want to delay any repayments. For example, it can easily change the minimum sum for CPF draw-downs to do that. No negotiations are necessary with the CPF holders, unlike the Malaysian government who would need to negotiate with the institutions. In fact, that was what Dr Mahathir said on Thu, that some debts were too large and negotiations on the repayment terms were needed. No country would want to default because it would suffer drastic economic consequences, which in turn would surely cause the government to suffer politically. For Singapore, as said, since the government is borrowing from Singaporeans through their CPF, it's relatively easy for the government to deal with any financial crisis which may impact repayments to the CPF holders - just change the CPF rules and Singaporeans, by law, will have to abide by it. Best of all, by law, the younger Singaporeans who enter the workforce will have to contribute their CPF monthly, giving the government a constant stream of funds to borrow from without asking. And it appears that 70% of the Singaporean electorates are perfectly "ok" with such arrangements. https://www.theonlinecitizen.com/201...t-even-higher/ Quote:
Quote:
This is good profits!!! Why not outsource to private insurers if the scheme is SO GOOD!!!??? Because the fats are too much to be given away! On ministers' million$$$$$, ministers (PM included), their pay should be an indication on the Standard Of Living! While they lived in a lap of luxury (based on the Million$$$$), the people suffer. THIS IS THE BEST GOVERNMENT IN THE WORLD THAT 70% TRUSTED! |
|||
01-06-2018, 02:34 PM | #10 |
Barney
Join Date: Sep 2000
Posts: 9,118
|
i think we have to look at the proposed premiums against the payout first before concluding whether the plan is good or a ripoff ....
problem is the premiums may not be guaranteed, meaning it may end up like our medishield, which started being good value for hospitalisation needs but have now become so expensive, after a few amendments and adjustments to the plan over the years let's take the dependent protection scheme as an example this is a term life plan, up to 60 years old premium is $36 per year, coverage $46,000 which means for every $1 u pay, your coverage is $1277 and the premiums for this is for below 34 years old as u grow older, it increases up to a maximum of $260 which means for every $1 u pay, the coverage is only $177 After 60 years old, the policy terminates https://www.cpf.gov.sg/Members/Schem...tection-scheme then we take the SAF term life scheme by Aviva premium is $49.20 per year, coverage $100,000 which means for every $1 u pay, your coverage is $2032 and this premium is level up till 65 years old (already beyond what DPS covers) http://www2.aviva.com.sg/life-and-he...term-life.html |
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
|
|