Rising health insurance premiums: Spare a thought for the elderly
I AM 67 years old and am insured under the popular Enhanced IncomeShield plan.
This year, I am paying a premium of $305 in cash, with another $800 being deducted from my Medisave account (I have an Assist Rider).
I recently asked about changes to the scheme, which will kick in next month.
To my surprise, I discovered that I would have to pay $607 in cash and $800 from Medisave.
I wonder how others my age who are not working will be able to fork out the substantial cash premium for the policy.
I also realised that by the time I turn 85, I will be paying $2,652 for the premium, and $983 for the Assist Rider.
Many people nearing 85 years of age would not have much money left in their Medisave accounts, and it is unlikely that they would be employed. So how would they be able to afford such high insurance premiums?
As one grows older, one faces the prospect of more illnesses, yet the cost of health care and insurance premiums keeps increasing.
Richard Chin Koon Fong