- Khaw Boon Wan, Minister of Health.
I spoke to an ordinary Singaporean the other day a few weeks ago. He told me bluntly that Medisave is a useless scheme. The sum of money is lock up looks substantial but never sufficient - you can't use it anyway unless you die or get sick. ...and when you get seriously ill, there is no guarantee it is enough. If the part of sum of money is used for insurance, it is more than enough to cover the most serious illness and the rest can be taken out...and freed up. If you have $10,000 in medisave, a simple hip-replacement or heart surgery can easily wipe it out, but if just use the part of the Medisave contribution to buy insurance instead, it can cover you up to hundreds of thousands and you probably have leftover for something else. The ordinary Singapore continued on this logic - you see most people don't get seriously ill and yet the medisave makes us all set aside money for medisave, in order for us all to have enough, the amount is substantial. It is better to be totally covered by insurance that will aid you more when you really need it.
I told this ordinary Singaporean directly, if higher insurance coverage instead of Medisave is a good idea the PAP would have implemented it already, therefore we can conclude his idea is totally worthless. It has been 20 years since Medisave, the PAP with its high flying scholars cannot have missed out on improvements that laymen can think of.....no way!!