Eldershield Life is a bad idea

The govt requires all CPF members to buy Eldershield Life to provide payment of $300 or $400 when they are severely disabled and need to have nursing care.

Even Singaporeans who work overseas are required to buy this compulsory insurance on the assumption that they will return to live in Singapore during their old age.

This is a bad approach.


a) The premium for this compulsory insurance is high, relative to the actual claims. The insurance companies are making a large profit.

b) The monthly benefit of $300 to $400 is inadequate to pay for the nursing home expenses, which can amount to $2,500 a month, or more.

What is a better approach?

It is better for the govt to provide the premises free to the operators and to control the fees charged by the nursing homes. This can reduce the monthly cost by about half. This is just my estimate.

For elders who have to be taken care at home, the cost of home nursing care can be subsidized by the govt.

The goal should be to reduce the cost by improving efficiency and maintaining a standard of quality.

The cost incurred by the govt can come out of taxation. It will not be a large sum.

By requiring the CPF members to buy compulsory insurance in advance for this nursing care, the cost is increased by administration, marketing and profit margin. This is good for the insurance industry but is at the expense of the public. It also increases the cost that is borne by the economy.

There is no point to spend so much money to operate an insurance scheme that does not really serve any purpose. This cost could be avoided.


Tan Kin Lian




10 Responses to “Eldershield Life is a bad idea”

  • ganeshsk:


    GD Star Rating
  • Some would say this is another one of those BS scheme to lock up member’s CPF so that need not pay back to members b’cos most of the monies have been gambled away.

    I am tempted to agree with the some, what do you think?


    GD Star Rating
  • TruBlu:

    Just give free medical.
    Wtf cant stop collecting more money to squander?

    GD Star Rating
  • It's The End Already:

    These cpf schemes are just political place holders with little help in reality, after profiting from your cpf savings.

    Greedy pigs can brag they “look into this”, “look into that”,
    but in reality it’s just wayangs that you are forced to pay for it.

    Common sense will tell anyone that 2-300 dollars are not going to help you survive, who is going to meet the gap in cost of living??

    The old man’s grand scheme was to encash the HDB for retirement, but the lampar Wong with little historical acumen took the pohkampar greed to steal all the HDBs, leaving all poor naive sinkies in a fix.

    Sinkies, you are in deep shit. Time to look for better player.

    GD Star Rating
  • Daylight Robbery:

    Your consent is not required.

    GD Star Rating
  • VTO no other way:

    this G is bankrupt(in more ways than one). the signs are there.
    squeezing blood from natives to no end.

    GD Star Rating
  • we're screwed !:

    ElderShield Life?
    where does this screwed insurance scheme, shield the elderly in life or for life , when they encounter illnesses.

    GD Star Rating
  • Sing song money come more:


    What countries have the best healthcare in the world?

    The Legatum Institute’s Prosperity Index ranked at 149 countries in several different categories, including healthcare. This report looks at factors including health infrastructure, basic mental and physical health, and the availability of preventative care. Based on the latest report, the following countries were found to have the best healthcare:

    New Zealand
    Hong Kong
    The Netherlands

    GD Star Rating
  • Pioneer:

    The parti against peoples took advantages of its ppl. The ppl in their old age, the sick, the handicapped, and the half-death are alrdy left with little money, and their “Coffin Personal Fund” is not our money as claimed by one someone in parliament some years back. But they have come out with alot of schemes to suck our blood like aedes mosquitoes. Peoples say Sinkies better not get prolong sickness lying in bed, and it is better to die early than waiting in pain to die, and don’t know when !

    GD Star Rating
  • just good enough:

    //Some would say this is another one of those BS scheme to lock up member’s CPF so that need not pay back to members b’cos most of the monies have been gambled away.//

    force you to save (positive reason) lar so everyone will generally have more than enough (or just good enough) for the white idiots to rent-seek in the good name of this and that (another positive reason) ?

    the white idiots have a good team of white idiotic doggies to help them sell their wayang with all sorts of reasons ?

    GD Star Rating

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