MediShield, Medisave and more
Health Minister Mr Khaw Boon Wan spoke on Sunday regarding healthcare budget issues.
What's interesting is the possible MediShield extension to cover congenital conditions and mental illnesses which are excluded in current medical plans. By doing so, higher premiums are likely, although there are ways to minimise this e.g.
- capping the insurance payout to limit load on the scheme
- instituting a higher co-payment by such patients
- and having a higher initial amount to be borne by the patient before the insurance kicks in (i.e. raising the deductible).
But besides the wider revamp in healthcare- further integration of acute hospital care, community hospital and nursing home care, another area could be addressed.
Currently, there is a push towards re-employment of elderly workers. However, group medical insurance typically covers workers only till age 65. I can understand why employers will be hesitant to re-employ on this basis of potentially higher cost. And even for companies which implement the Portable Medical Benefits Scheme (where additional 1% of the employee's monthly salary is contributed to buy Medisave-approved Shield plans), this may not help those already in their forties/fifties who more often than not have some ailment or medical condition. The medical expense reimbursement under Work Injury Compensation Act alone clearly satisfies the bare minimum, and only pertains to work injury sustained during the system of employment. This is a gap and I don't suppose the market will take the lead.
