Navigating the world of healthcare insurance can feel overwhelming, especially when deciding between ElderShield and CareShield Life. If you were born in 1979 or earlier, understanding the differences between these two schemes is crucial to ensuring that you have the right coverage for long-term care needs. Let’s break it down and help you make an informed decision.
ElderShield is a long-term care insurance scheme launched in 2002. It provides basic financial protection to Singaporeans and Permanent Residents who become severely disabled. Here are the key features:
While ElderShield offers some support, its benefits may be insufficient for individuals requiring long-term care over extended periods.
CareShield Life, introduced in 2020, is an enhanced long-term care insurance scheme designed to provide lifelong coverage and better support for those with severe disabilities. Here are its highlights:
The purpose of both ElderShield and CareShield Life is to protect against severe long-term disability.
They are unlike MediShield Life and the Integrated Shield Plan, which are health insurance plans that allow you to claim for inpatient and selected outpatient treatments at the hospital.
A severe disability is defined as the inability to perform at least 3 out of 6 Activities of Daily Living (ADLs). These ADLs include:
By providing financial support when severe disability occurs, these schemes ensure individuals have access to resources to manage daily living and care costs.
Feature | ElderShield | CareShield Life |
Coverage | Fixed payouts for limited years | Lifetime payouts, inflation-adjusted |
Enrolment | Automatic at age 40 | Automatic for those born from 1980; optional for earlier birth years |
Premium Duration | Up to age 65 | Up to age 67 or 10 years post-enrolment |
Subsidies | No government subsidies | Government subsidies available |
For those currently under ElderShield, upgrading to CareShield Life can provide more comprehensive and sustainable coverage. Here’s why:
If you were born in 1979 or earlier, switching to CareShield Life is not mandatory, but it’s worth considering if:
To upgrade from ElderShield to CareShield Life, you can:
Making the switch from ElderShield to CareShield Life is a personal decision that depends on your financial situation, health, and future care needs. However, with CareShield Life’s enhanced features, you can have greater peace of mind knowing that your long-term care needs are well-covered.
Have questions or need guidance? Schedule a Financial Health Check with me today to discuss your options and find the best solution for your needs. Click HERE to reach out!
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Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策