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SINGAPORE : The Health Ministry wants the public's feedback on how to improve the ElderShield scheme.
It has launched a month-long public consultation exercise and views gathered will be used to determine the final design for the disability scheme.
The Ministry has also called for a tender to get more insurers to join the scheme.
Old age may come with disabilities, hence the ElderShield scheme was introduced in 2002 to help those affected cope with their conditions.
Currently, a sum of S$300 is given out monthly to policyholders with at least three disabilities, for five years.
But the Health Ministry is looking at a bigger payout of S$400 extended to over six years.
This means the total amount insured will jump from S$18,000 to S$30,000.
Although it also means premiums will have to increase, Health Minister Khaw Boon Wan has assured that the premiums will only increase by a few dollars.
Mr Khaw explained, "That's part of the reason why the improvement in payout cannot be too significant overnight, because then the transitional payment may become too substantial and then the policyholders may find it unaffordable."
Besides the basic coverage for all Singaporeans, the Ministry also wants more insurers to come on board to offer a variety of products policyholders, who want more coverage, can choose from.
Great Eastern Life and NTUC Income are currently the only operators - and their contract is up for renewal in September.
But before making the changes, the Ministry wants the public's input on what they want to see in the reformed scheme.
Members of the public can log on to the Health Ministry's website at www.moh.gov.sg.
All feedback should reach the Ministry by the end of April.
ElderShield, which is an opt-out scheme, covers CPF members who turn 40.
It lasts a lifetime as long as a policyholder pays the premiums.
As at end 2006, there are about 750,000 policyholders.
The largest group of policyholders are aged below 50, followed by those in the 50-59 age group.
Those aged 60 and above account for 15 percent of all policyholders.
The opt-out rate for ElderShield has been decreasing since it was introduced in 2002.
When it first started, 38 percent of insurers opted out; by last year, only 14 percent opted out of the scheme.
In the last five years, one in 300 used the scheme.
The Health Ministry said that with an ageing population, an increasing number of elderly Singaporeans would require long-term care and support, especially as it is estimated that as many as one in every 12 persons would suffer disabilities as a result of old age and illnesses.
The revamped scheme is expected to kick in by October this year. - CNA/ms
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