Cpf bo lwee liao ah?

[globalcookie]

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.

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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.

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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.

[BTGH]

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...

[hkh]

Like it or not.......garment is using our money and no need to borrow externally with higher interest........

[loveikan]

an individual with a Severe disability can survive on a $600 per month.
Only "good lobang" can be found here.

[hkh]

Originally Posted by loveikan

an individual with a Severe disability can survive on a $600 per month.
Only "good lobang" can be found here.

If the disabled can survive on $600 a month.......why our abled bodied Ministers need $$ Millions ??

[Robson]

Is this a fair argument?

[millenium]

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.

[TuNA]

Thinking of ways to support their crumbling pyramid.

[globalcookie]

Originally Posted by hkh

Like it or not.......garment is using our money and no need to borrow externally with higher interest........

If the government "screws-up" in using the borrowed funds and is unable to pay its installments in time, it will have to renegotiate with the financial institutions to change the repayment schedules. Now, the financial institutions may or may not agree. In other words, the government has to "kowtow" to the financial institutions.

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/

Originally Posted by loveikan

an individual with a Severe disability can survive on a $600 per month.
Only "good lobang" can be found here.

Originally Posted by hkh

If the disabled can survive on $600 a month.......why our abled bodied Ministers need $$ Millions ??

That's the issue. How many CPF contributors are there, and how much are the DEBTOR PAP collecting yearly? And in return, what small fraction of CPF members are needing such payouts, yet the bloody beggar like pay out of $600???

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!

[jwhtan]

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