an update on the Medisave debacle

(see former commentary written on it for the context to this entry)

From Streats, Friday October 1, 2004:
[yes, i know that i am late - very late - 5 days late]
Medishield has $500m reserves

MEDISHIELD has more than $500 million in reserves, an amount that exceeds what it has paid out since it was launched 14 years ago.
   The government-run insurance scheme has given out a total of $516 million to settle 715,000 claims since its inception in July 1990, The Straits Times reports today.
   The payout each year has never exceeded the premiums collected.
   Last year, the CPF Board, which runs the three Medishield schemes, collected $98.7 million in premiums and paid out $80.2 million.
   The huge reserves have led to questions about whether the Ministry of Health should proceed with its plan to raise premiums.
   Associate Professor Phua Kai Hong, a health economist at the National University of Singapore, said that it was inefficient to collect more than is paid out. [why not??? isnt it the main purpose of all insurance companies... to make money???]

Even a complaint about this matter has been posted to the Sg_Review Yahoo group. This is a real laugh. Read it if you can.

Selected words (from abovementioned post) include:
'obscene'..., 'surplus'..., 'enrich'..., 'impoverish'..., 'tax-payers'..., 'Lack.. of .. Transparency'.., 'National Kidney Foundation' [gasp!!!], 'fat coffers'..., 'guise of'..., 'abuse'..., 'outflow from the state'..., 'billions of dollars in reserves'..., 'total mystery'... ALAMAK!!! CENSORED

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