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What is the intention behind CareShield?

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To alleviate the problems that could arise as a result of the aging population in Singapore, the government has announced the new CareShield which will eventually replace the current ElderShield. While the main selling point of this new measure is that it will pay out more than the Elder Shield, there are certain issues with the new package that are worth considering.

Firstly, there is a difference in premium amounts between males and females with females having to pay more. The justification for this difference in payment amounts is that women tend to live for a longer time than men and further, they tend to stay in disability for a longer time. In short, there are likely to be more payouts to women and as such women as a whole have to pay more.

I can understand private profit driven insurance companies needing to ensure that they do not lose out financially. But the CareShield is government........

© The Online Citizen