A contract is a legally-enforceable promise or set of promises made by one party to another. The most important feature of a contract is that one party makes an offer for a consideration that another accepts. The promise or consideration should not change while the contractual obligation is alive, without mutual assent.
Premiums for Medishield have just been hiked, ostensibly to widen coverage and provide a "bigger shield" against bid medical bills. Some of these "enhancements" include yearly-limit of $70,000 instead of $50,000, life-time limit of $300,000 instead of $200,000 and coverage for inpatient psychiatric treatment.
Have they considered that some of us may feel $50,000 or $200,000 limit is more than sufficient for our needs, thank you, and that we may have private plans to cover any shortfall? Or that we are in perfect mental state, always on the alert to stay away from doctors like Dr Fones who may put out an unsolicited letter on the sly to commit us to the tender loving care of the Institute of Mental Health? Can we opt out of this "inclusive" intentions of the Minister? Especially the part where deductibles, the amount patients have to pay out of pocket before they can even start on the bureaucratic red tape to make a claim, are raised by $500 to "keep premiums affordable". If MP Chia Shi-Lu, member of the Government Parliamentary Committee for Health, thinks it's logical to be hit a with a premium hike and still suffer a $500 loss in deductibles, he should make an appointment with the IMH. One's intention can either be good or bad, not both.
One of the reasons not to sign up for CPF Life is that quantum of payouts are not fixed at time of commitment. When you puchase an annuity from a private insurer, the vendor at least provides you with a number - could be a range of say, between 2 to 5% - with which you can do your own math about personal financial needs. With CPF Life the official position is: "the monthly income may be adjusted depending on the actual interest rate". With Medishield it's more ludicrous, we have signed up, and they are changing the goal posts. Is this even legal?