Insurance & Costs of having and raising a child

[martinlee]

Hi Martin,
from your understanding, what could had caused the MSL premiums to be higher that B1 or A class private plans?

also, for those poor and needy, whether you feel that their interest is better protected compare to without MSL?

It's too much details to digest, so I thought you could help me out.

Love Compassion





Earth day - save the world everyday.

My cursory and simplified take is that coverage now includes those previously not covered. The additional cost burden is now borne by the rest. E.g. Peter is now asked to pay more to help defray elderly Paul's premiums and also new member Patrick who is not previously covered.

I also feel the govt is not doing more. The one-time 850 million in subsidies over five years works out to be just 170 million a year. What happened to the billions paid into Medisave since its inception? How much was actually claimed? Again we don't have the numbers from the govt.

Bobby Chin has mentioned that in order to cover those who have pre-existing conditions, everyone will need to chip in. Those with pre-existing conditions will need to pay 30% more in premiums for 10 years, while everyone else will need to pay 3% more.

If a person is healthy, there shouldn't be any additional burden as the premiums are priced based on age group and he or she would need to pay the premiums to cover for his risk.

Just that in this case, there is a huge discount given to the elderly so someone else will need to foot the bill.