Tag Archives: eldershield

Leong Sze Hian: Disclose The Accumulated Surpluses From Eldershield Premiums

Like most insurance schemes, the collected ElderShield premiums will not be sitting idly. The premiums will be invested until the need arise for it to be used as monthly payouts should a claims be made. Leong Sze Hian therefore asked if the $3.3 billion figure included the accumulated interest on the investment returns from the excess premiums to claims? As these figures were not made transparent to the public, Leong Sze Hian guessed if the accumulated surpluses will be about $4 billion?

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It states that “from 2002 to end-2015, about $2.6 billion have been collected in premiums for ElderShield insurance and around $100 million have been paid out in claims, adding that about $130 million in premium rebates have been given to policyholders so far, the first tranche in 2007 and another in 2012. This is is his response to questions filed by NCMP Assoc Prof Daniel Goh Pei Siong who asked the Minister for Health since the inception of ElderShield in 2002 what has been the total ElderShield premiums paid, what is the total surplus collected by the ElderShield insurers, what is the total surplus returned to members as premium rebates, and what is the payout ratio and profit margin of each of the ElderShield insurers.” 15 years to get revelationary statistics? Don’t you find it kind of funny that it took about 15 years for the right question to be asked in Parliament, in order to get such revelationary statistics?

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