Careshield Life Enhancement
What is Careshield Life?
CareShield Life is a long-term care insurance which provides financial protection against long-term care costs of Singaporeans in the event of severe disability. CareShield Life will provide you with better protection and assurance for basic long-term care needs with:
1. Lifetime cash payouts, for as long as the insured remain severely disabled;
2. Increasing payouts, starting at $600/month in 2020 and increases annually until age 67 or when a successful claim is made, which is earlier;
3. Government subsidies to make it affordable, with no one losing coverage if they cannot pay premiums;
4. Premiums can be fully paid by MediSave.
Why do you need to plan for your future long-term care needs?
Singaporeans are living longer. However, this also increases the need for long-term care as the risk of disability is higher in old age.
A sudden disability event such as stroke or spinal cord injuries, the progression of illnesses as people age such as dementia, or the worsening of chronic conditions and diseases such as diabetes, can lead to disability and the ensuing need for long-term care.
We expect that 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime, and may need long-term care. The duration for which long-term care is needed will vary from individual to individual. The median duration that Singaporeans could remain in severe disability is 4 years, and about 3 in 10 could remain in severe disability for 10 years or more.
It is important that we plan early for our future long-term care needs, so that we do not put unecessary burden on our families and caregivers.
Born in 1980 or later
You will automatically be covered by CareShield Life on 1st Oct 2020 or when you turn 30, whichever is later, regardless of pre-existing medical conditions and disability.
Born in 1979 or earlier
Your participation in CareShield Life is optional, and you can choose to join CareShield Life from end-2021, regardless of your age, as long as you do not have pre-existing disability. If you are born in between 1970 and 1979 (both inclusive), insured under ElderShield 400, and are not severely disabled, you will automatically be enrolled in CareShield Life in end-2021.
Why should I enhance my CareShield Life scheme?
Simply because the CareShield Life payout alone is unlikely to cover all your potential long-term care expenses and inflation.
The payout amount for CareShield Life policyholders will vary with the time of claim. For e.g. a claimant who becomes severely disabled in year 2020 would receive S$600 monthly. The payouts increases over time until age 67, or when a claim is made, whichever is earlier. This figure will increase annually to help manage the inflation.
With both schemes, you can get purchase supplementary plans from private insurers for a better protection cushion.
Why upgrade your CareShield Life?
The benefits of the upgrade are:
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You can increase your payout up to $5,000/month instead of only $600/month.
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Premium Waiver upon at least 1ADL.
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Insured can claim with easier definitions under 2 out of 6 ADLs instead of usual 3 ADLs
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Premiums are based on ENTRY age and do not increase as you age. That is why you should upgrade before your next birthday.
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You can utilize your MediSave for the upgrade.
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You can use your MediSave to apply for your spouse or parents.
Check Your Eligibility
1. If you are born between year 1980 to 1990. Those who are born in 1979 or earlier can also apply to enhance your coverage if you have not upgraded your basic ElderShield.
2. Must not have any pre-existing conditions. * If yes, case by case underwriting applies.
3. Singaporeans & PRs