[Sentinel]

All the rest of them PAP plps jbls just dose off, take $16k per month and NATO issit?

[ArielCasper]

Just to add.. I asked my agent if a person has moderate to severe dementia (at that stage, the patient can't perform the ADL themselves), does it qualify to claim Careshield ?

Answer is No..

From SL's case in 2018, it only mean that it is better to lose both arms than both legs, coz lose both arms, you can't bathe, feeding ourselves, dressing, grooming, so you meet the definition of 2-3 ADLs. But if your hands are functional (even if you only have 1 hand), I doubt will meet requirements of ADL.

I am not saying Careshield no good, but we have to be very clear the definition of ADLs..

[Gstalk]

Careshield is not needed at all, It is just a money making machine for the G

[talky]

Careshield is not needed at all, It is just a money making machine for the G

THATS WHY GOVT TAKE BACK ELDERHIELD FR PTE INSURERS N CLEVERLY CHANGED TO CARESHIELD LIFE 

MASSIVE PROFITEERINGIN BILLIONS A YR

[starbugs]

Eat healthy, exercise, don't smoke or ride motorbike and you don't need Careshield. You would otherwise just be subsidising people with unhealthy lifestyles. You can just do self-insurance by saving your money.

[talky]

Careshield is not needed at all, It is just a money making machine for the G

IS STRAMGE OUT OF 10 INURANCE AGENTS I HV ATTENDED IN THEIR ZOOM 10 RECOMM BUY ALTHOUGH IS NOT MANAGE BY THEIR PTE COMPANIES.

[sgbuffett]

Eldersfield collected $2B in 12yrs and paid out $90M during the same period. This was discussed in Parliament in 2014 when WP asked the question why so much collected but was unpaid. Instead of fixing this they made it compulsory.

I want it to be a not for surplus and not for profit scheme where it is adjusted such that all premiums are eventually paid out to those who contributed from the same cohort.

They are paying out too little and criteria for claim is too restrictive. This means that the scheme will accumulate alot of money not given out.

[Talent]

now then raised

i already saw it 20yrs ago

[Bigiron]

Horse back cannon. Sound and look fishy when appear on media on how good cpf is. Knn

[Sticw]

Actually there is a way to ensure that premium is sufficient for payout each year and people will not question if govt is earning big money from this scheme.

Collect 2bil premium each year, net off payout for that year, put aside 20% of remainder net of payout as sinking fund. Return all 80% to premium payers for that fy for no claim. Rinse and repeat each year.

[Sharexchange]

I think govt lost their path...every new cabinet reshuffle always bring new unwanted changes..trying to score their KPI....from what i see..they change for the sake of change la..

[starbugs]

This paper seems to be the most insightful in helping to predict how payout ratio of Eldershield/Careshield.

https://www.sciencedirect.com/science/ar...nd%20above.

Results indicate that by 2050, 1 in 6 elders in Singapore will have at least one ADL disability and 1 in 3 elders will have at least one IADL disability, an increase from 1 in 12 elders and 1 in 5 elders respectively in 2014. The highest prevalence of functional disability will be in those aged 85 years and above. Lifetime hospitalization spending of elders aged 55 and above is US$24,400 (30.2%) higher among people with functional disability compared to those without disability.

Payout ratio was 9% from 2002 to 2014 (taking average of $0 and $2bil premiums)
Number of people with ADL disability could double between 2014 and 2030 according to the paper.
Let's say the number of elderly increases by factor of 2.5.

Even then, the payout ratio would still be lower than half. Very lucrative!

PS: This is lower than the typical payout ratio of most lotteries.

[sgbuffett]

This paper seems to be the most insightful in helping to predict how payout ratio of Eldershield/Careshield.

https://www.sciencedirect.com/science/ar...nd%20above.




Payout ratio was 9% from 2002 to 2014 (taking average of $0 and $2bil premiums)
Number of people with ADL disability could double between 2014 and 2030 according to the paper.
Let's say the number of elderly increases by factor of 2.5.

Even then, the payout ratio would still be lower than half. Very lucrative!

PS: This is lower than the typical payout ratio of most lotteries.

When I bought term insurance...the safra one. Payout  100K premium for 30yo is $132 per annum. Cover until age 70 premium escalate as you get older. I wanted to know if I kena over charged in terms of premium 

The payout upon death is $100K.

I wanted to see if the premiums are too high so I found this data for death per 1000 at various age group.

At age 30.that out of 1000 people 0.7 die  or equivalenty out of 10000 people 7 will die per year

This means insurance company collect from 10,000 people $132 for that year.

132x10000 = $1,320,000
Insurance company pay out 7x100k = $700k

Profit margin is 46%!!!!! Or 46% of premiums collected is profit for jnsurance company.

So basically insurance companies are profit making machines!!!!!!

And guess who sells the SAFRA insurance....NTUC.

[debono]

Eldersfield collected $2B in 12yrs and paid out $90M during the same period. This was discussed in Parliament in 2014 when WP asked the question why so much collected but was unpaid. Instead of fixing this they made it compulsory.

I want it to be a not for surplus and not for profit scheme where it is adjusted such that all premiums are eventually paid out to those who contributed from the same cohort.

They are paying out too little and criteria for claim is too restrictive. This means that the scheme will accumulate alot of money not given out.

90,000,000: 2,000,000,000..........ratio of amount paid vs premiums collected.....

[Notdumb]

Just to add.. I asked my agent if a person has moderate to severe dementia (at that stage, the patient can't perform the ADL themselves), does it qualify to claim Careshield ?

Answer is No..

From SL's case in 2018, it only mean that it is better to lose both arms than both legs, coz lose both arms, you can't bathe, feeding ourselves, dressing, grooming, so you meet the definition of 2-3 ADLs. But if your hands are functional (even if you only have 1 hand), I doubt will meet requirements of ADL.

I am not saying Careshield no good, but we have to be very clear the definition of ADLs..

Didn't u read 1 case which happened quite recently? U hv to be 99% almost dead to claim. If your whole body cant move but one of your eyes can blink....cannot claim.

[Notdumb]

90,000,000: 1,000,000,000..........ratio of amount paid vs premiums collected.....

Its collect $1b pay $1 lah.

[SGSeniorCitizen1952]

https://blackdotresearch.sg/sylvia-lim-careshield/

what happened to this expose?

[sgbuffett]

Govt keep pushing out insurance and make it compulsory and all these insurance have gaps in coverage and  sometimes dont pay when you need the money.

How is this any good?

https://www.facebook.com/144785302332196...793759832/

[sgbuffett]

They keep trying to bring SL down.
And she exposes there schemes.

[debono]

Govt keep pushing out insurance and make it compulsory and all these insurance have gaps in coverage and  sometimes dont pay when you need the money.

How is this any good?

https://www.facebook.com/144785302332196...793759832/

It is akin to doing scam.......

[talky]

WHEN THE GOVT KEEP PUSHING N PUSHING HARD CERTAIN POLICIES NEED TO BE EXTRA CAUTIOUS NOT TO STUPIDILY FALL INTO THE SUGAR COATED TRAP

[SGSeniorCitizen1952]

WHEN THE GOVT KEEP PUSHING N PUSHING HARD CERTAIN POLICIES NEED TO BE EXTRA CAUTIOUS NOT TO STUPIDILY FALL INTO THE SUGAR COATED TRAP

Do they ever give you a chance to say NO.?

Even ask question also cannot, 

[debono]

WHEN THE GOVT KEEP PUSHING N PUSHING HARD CERTAIN POLICIES NEED TO BE EXTRA CAUTIOUS NOT TO STUPIDILY FALL INTO THE SUGAR COATED TRAP

It is good and timely for SL to bring out Mr K's story......at least it shows that the opposition are doing their part and not collect $16,000 per month without doing something....

[ArielCasper]

Didn't u read 1 case which happened quite recently? U hv to be 99% almost dead to claim. If your whole body cant move but one of your eyes can blink....cannot claim.

Can't be lah. 99% cannot move and only eye can blink, u mean blink eye can eat, bathe, change, groom yourself?

Show me can be done then I am convinced cannot claim.