Wednesday, November 11, 2009
Summary Continuantion
Insurance is a financial tool, not a welfare pool. It is only viable if it's claim experience is sustainable. The pool of funds will be drained if people only expects to buy insurance at the standard price when they are ill. In layman terms, it is like Toto; you don't expect to pay the same $0.50 for System 7 entries as compared to ordinary entries. The latter has a higher chance of striking the prize than the former. There are so many people who are ignorant and shuns insurance premiums when they are healthy, and expects to pay the same premiums when they realised they are no longer well as before. Medishield is merely a insurance scheme facilitated by the government, not a welfare pool. We just have to invest more resources to educate people to better harness this financial tool.
Summary
Therefore, Singaporeans enjoy such benefits from the government to improve their healthcare budget to allow them to stay relaxed during a rainy day. Although some parties may still think that it does not really help them, they are usually in the lower income group as the government is trying their best to help these needy people with MediShield and Medifund
Medifund
Medifund is an endowment fund set up by the Government to help needy Singaporeans who are unable to pay for their medical expenses. Medifund acts as a safety net for those who cannot afford the subsidised bill charges, despite Medisave and MediShield coverage. Set up in April 1993 with an initial capital of S$200 million, the Government will inject capital into the fund when budget surpluses are available. The Government utilises the interest income from the capital sum, which stands at S$1.66 billion (FY 2008), to help needy patients who have exhausted all other means to pay their medical bills.
However, A new type of Medifund was introduced for the community to help needy patients.
Medifund Silver, with a set up capital sum of $500 million, was launched in November last year in restructured hospitals and institutions. In 2007, a total of $6.1m has been disbursed to these institutions to help needy patients under Medifund Silver. In April 2008, Medifund Silver will also be rolled out to the rest of the Medifund-approved institutions in the Intermediate and Long-Term Care sector to benefit more elderly patients.
With an ageing population, the Ministry of Health had decided to carve out a portion of Medifund as Medifund Silver to deliver assistance to needy elderly patients in a more targeted manner. Any Singaporean 65 years or above can apply for Medifund Silver which like Medifund serves as a safety net of last resort to those who are unable to afford basic healthcare despite heavy government subsidies, Medisave and MediShield.
In 2006, about one-third of the 290,000 beneficiaries of Medifund were over the age of 65. Demand for such financial aid by elderly Singaporeans is expected to grow as the number of Singaporeans over 65 years is estimated to grow to 336,400 by 2010.
Elderly needy patients who have problems paying their medical bills can approach the Medical Social Workers of Medifund-approved restructured hospitals, national centres for assistance. Local Medifund committees at the approved hospitals and institutions will decide on the appropriate level of assistance for the applications.
Credits to www.moh.gov.sg/mohcorp/pressreleases.aspx?id=18318
However, A new type of Medifund was introduced for the community to help needy patients.
Medifund Silver, with a set up capital sum of $500 million, was launched in November last year in restructured hospitals and institutions. In 2007, a total of $6.1m has been disbursed to these institutions to help needy patients under Medifund Silver. In April 2008, Medifund Silver will also be rolled out to the rest of the Medifund-approved institutions in the Intermediate and Long-Term Care sector to benefit more elderly patients.
With an ageing population, the Ministry of Health had decided to carve out a portion of Medifund as Medifund Silver to deliver assistance to needy elderly patients in a more targeted manner. Any Singaporean 65 years or above can apply for Medifund Silver which like Medifund serves as a safety net of last resort to those who are unable to afford basic healthcare despite heavy government subsidies, Medisave and MediShield.
In 2006, about one-third of the 290,000 beneficiaries of Medifund were over the age of 65. Demand for such financial aid by elderly Singaporeans is expected to grow as the number of Singaporeans over 65 years is estimated to grow to 336,400 by 2010.
Elderly needy patients who have problems paying their medical bills can approach the Medical Social Workers of Medifund-approved restructured hospitals, national centres for assistance. Local Medifund committees at the approved hospitals and institutions will decide on the appropriate level of assistance for the applications.
Credits to www.moh.gov.sg/mohcorp/pressreleases.aspx?id=18318
MediShield
How Medishield works
When making a claim, a MediShield policyholder should be aware of how the main features of MediShield work: the claimable limits, deductible and co-insurance
(A) Claimable LimitsClaimable Limits refers to the portion of your patient bill that is eligible for reimbursement. Your Claimable Limit, or claim amount, is determined by the maximum limits per day of hospitalisation, surgical procedures, surgical implants, and approved specific treatments and outpatient treatments.
(B) DeductibleA deductible is the initial amount you need to pay for claim(s) made in a policy year, before MediShield coverage starts. No reimbursement would be made from the MediShield below this claim amount. You only need to pay the deductible once in a policy year. The deductible helps to sieve out small claims, which can be paid using Medisave and/or cash, and keeps MediShield premiums affordable.
For approved outpatient treatments claimable under MediShield, the deductibles are waived and a 20% co-insurance is applicable. Some examples are outpatient chemotherapy, radiotherapy and kidney dialysis treatment.
If you choose to stay in a Class C ward during your hospitalisation, the applicable deductible would be $1,000. For Class B2 and above wards, the applicable deductible would be $1,500.
(C) Co-insuranceCo-insurance is the percentage of the bill you need to pay on the portion of the bill above the deductible. Co-insurance for inpatient bills is three-tiered, ranging from 20% to 10% as the bill size increases, i.e. the larger your bill, the lower the co-insurance that you need to pay. MediShield will pay between 80% - 90% of the claim amount that exceeds the deductible (if applicable).
The yellow portion of the diagram below shows what is payable by MediShield. The orange parts are the portions payable by the MediShield policyholders either via cash or Medisave.
Credits to www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=340
When making a claim, a MediShield policyholder should be aware of how the main features of MediShield work: the claimable limits, deductible and co-insurance
(A) Claimable LimitsClaimable Limits refers to the portion of your patient bill that is eligible for reimbursement. Your Claimable Limit, or claim amount, is determined by the maximum limits per day of hospitalisation, surgical procedures, surgical implants, and approved specific treatments and outpatient treatments.
(B) DeductibleA deductible is the initial amount you need to pay for claim(s) made in a policy year, before MediShield coverage starts. No reimbursement would be made from the MediShield below this claim amount. You only need to pay the deductible once in a policy year. The deductible helps to sieve out small claims, which can be paid using Medisave and/or cash, and keeps MediShield premiums affordable.
For approved outpatient treatments claimable under MediShield, the deductibles are waived and a 20% co-insurance is applicable. Some examples are outpatient chemotherapy, radiotherapy and kidney dialysis treatment.
If you choose to stay in a Class C ward during your hospitalisation, the applicable deductible would be $1,000. For Class B2 and above wards, the applicable deductible would be $1,500.
(C) Co-insuranceCo-insurance is the percentage of the bill you need to pay on the portion of the bill above the deductible. Co-insurance for inpatient bills is three-tiered, ranging from 20% to 10% as the bill size increases, i.e. the larger your bill, the lower the co-insurance that you need to pay. MediShield will pay between 80% - 90% of the claim amount that exceeds the deductible (if applicable).
The yellow portion of the diagram below shows what is payable by MediShield. The orange parts are the portions payable by the MediShield policyholders either via cash or Medisave.
Credits to www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=340
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