Thursday, October 19, 2017

Singapore studying ElderShield takeover proposal

The Singaporean government is in a better position to administer ElderShield, according to the ElderShield Review Committee.

The committee said there is merit in studying the value and feasibility of government administration of ElderShield while private insurers focus on the provision of long-term care insurance.

The Ministry of Health said it will study the proposal carefully before sharing its findings with the review committee. Singaporeans automatically come under ElderShield when they reach the age of 40.

They are assigned to one of three private insurers administering the scheme – Aviva, Great Eastern, or NTUC Income.

Healthcare experts welcome the move, saying premiums could be lower under the government administration.

It was during the National Day Rally in 2016 when Prime Minister Lee Hsien Loong announced the ElderShield review.

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