ElderShield vs CareShield Life: For Those Born in 1979 & Earlier

ElderShield vs CareShield Life: For Those Born in 1979 & Earlier

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.

What Is ElderShield?

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:

  • Eligibility: Automatic enrolment at age 40 unless you opt out.
  • Coverage: A monthly payout of $300 for up to 60 months (ElderShield 300) or $400 for up to 72 months (ElderShield 400).
  • Premiums: Paid up to age 65, after which coverage continues for life.

While ElderShield offers some support, its benefits may be insufficient for individuals requiring long-term care over extended periods.

What Is CareShield Life?

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:

  • Eligibility: Automatic enrolment for those born in 1980 or later. For those born in 1979 or earlier, enrolment is optional.
  • Coverage: Lifetime payouts starting at $600 per month, increasing annually until a claim is made.
  • Premiums: Paid until age 67 or for 10 years after joining, whichever is later. Premiums are adjusted based on age at enrolment and increase over time to account for inflation.
  • Government Support: Subsidies and premium assistance are available for eligible individuals.

What Is the Purpose of ElderShield and CareShield Life?

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:

  1. Washing
  2. Dressing
  3. Feeding
  4. Toileting
  5. Mobility
  6. Transferring (e.g., from bed to chair)

By providing financial support when severe disability occurs, these schemes ensure individuals have access to resources to manage daily living and care costs.

Key Differences: ElderShield vs CareShield Life

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

 

Why Should You Upgrade to CareShield Life?

For those currently under ElderShield, upgrading to CareShield Life can provide more comprehensive and sustainable coverage. Here’s why:

  1. Lifelong Payouts: Unlike ElderShield, CareShield Life ensures you receive financial support for as long as you need.
  2. Higher Initial Payouts: The starting payout of $600 (and growing annually) offers more significant support than ElderShield.
  3. Government Subsidies: Eligible individuals can receive assistance to reduce the cost of premiums, making it a cost-effective upgrade.

 Should You Make the Switch?

If you were born in 1979 or earlier, switching to CareShield Life is not mandatory, but it’s worth considering if:

  • You’re looking for better financial support for potential long-term care needs.
  • You want to take advantage of government subsidies and premium assistance.
  • You’re concerned about the rising costs of healthcare and want inflation-adjusted payouts.

How to Enrol in CareShield Life

To upgrade from ElderShield to CareShield Life, you can:

  • Contact the CPF Board or your ElderShield insurer.
  • Check your eligibility and available subsidies.
  • Apply ONLINE or through designated channels

Take Charge of Your Long-Term Care Needs

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!

Let’s plan for a more secure future together!

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.

Published By:

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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.

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  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策,并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
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  • I have not been directly contacted or approached by any representative or employee of FAPL with an offer or solicitation to apply for any financial products not offered in my home country.
  • 鑫盟理财私人有限公司的代表或员工并未直接与我联系或提出要约或招揽购买我原居住国境内所不提供的任何金融产品.
  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照,并许可在新加坡共和国境内依据财务顾问法(第110章)和证券与期货交易法(第289章)进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
  • 鑫盟理财为非新加坡居民所提供的任何服务仅限于直接向鑫盟理财发出咨询请求的国外居民。
  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分,鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息(例如,关于海外司法管辖区以外的资金管理或投资咨询服务等信息)。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标,财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品,或达成交易或参与任何特定的投资策略,也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意,不得将这些文件全文或部分发布,传播,复制或分发给其他人。
  • This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject FAPL and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
  • 鑫盟理财无意在分发,出版或使用此类文件可能违反当地法律,或本公司及关联公司或关联人士需要注册,获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时,您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

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