CareShield Life Supplements
CareShield supplementary plans are offered by private insurance companies to provide additional monthly disability cash payouts.
Medisave can be utilized up to $600 per person per year for the upgrade.
Key benefits
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Increases your disability payout beyond $600/month.
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Supplementary plans offer wholesome coverage giving you that peace of mind.
Read below for more benefits.
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.
Payouts will start at $600/month in 2020 and increase annually until age 67 or when a successful claim is made.
To make a claim, insured has to be assessed by an accredited disability assessor to be unable to perform at least 3 out of the 6 Activities of Daily Living (ADLs) as shown below.
Dressing
Washing
Transferring
Toileting
Mobility
Feeding
The 3 out of 6 ADLs can happen due to any circumstances; be it an accident, illness or even old age. The coverage is extensive.
CareShield Life will be universal and mandatory for Singaporeans & PRs aged 30 to 40 from 1st Oct 2020. Subsequent cohorts will join the scheme upon turning 30.
For those born in 1979 or earlier, CareShield Life will be optional. However, you can still consider upgrading supplementary plans on top of CareShield Life or Eldershield for more comprehensive disability coverage.
Why should you care?
According to statistics from the Society for the Physically Disabled (SPD)¹,
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Approximately 3% of the resident population has some form of disabilities.
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Those aged 60 and above will spend 3 to 8 years of their lives with some form of disabilities.
Singaporeans have one of the world's longest life expectancy of 84.8years².
The average healthy Singaporean's life in good health is 74.2 years, meaning we could be living in ill health for around 10 years.
1 in 2 healthy Singaporeans aged 65 stands a chance of becoming severely disabled in their lifetime and may need long-term care.⁴
Is CareShield Life sufficient?
CareShield Life will help relieve some of the expenses by providing an incremental monthly payouts of $600 per month to help cover long-term care. However, it could be insufficient.
Long term care studies has put the average estimated expenses to be around $2324/month as required in 2018.³
Your personal long term needs should boil down to a few questions.
1. Who will you rely on for long term needs? Do you plan to hire a care-giver or rely on your dependents?
2. Are you willing to settle for a simpler lifestyle in order to manage long term care cost?
3. Do you plan to allow long term care cost to be taken from your savings or retirement account?
Based on the above questions, you are closer to understand your expected needs.
Enter CareShield Life Supplement Plans!
Beyond CareShield Life coverage, you can upgrade using supplement plans!
Premiums for your Supplements can be paid by cash or MediSave, up to a limit of $600 per calendar year per person insured. There is also an option to ONLY use MediSave for payment by selecting a lower coverage amount.
So, by having a supplement plan, you can bridge closer to your required needs.
Comparison of CareShield Life Supplement Plans
Why Upgrade Now?
The pricing for enhancements would vary based on your entry age. Pre-existing conditions may also limit your coverage or mean paying more for your coverage. So, get it while you’re young and healthy.
Premiums will be cheaper when you upgrade at a younger age, and they will remain the same every year, but they are not guaranteed.
Based on the comparison above, you can directly apply based on eligibility if you prefer Singlife.
Eligibility & Steps to apply
1. Must not be suffering from any chronic illness especially those that requires long term medication.* If yes, case by case underwriting applies.
2. Singaporeans & PRs
3. To apply, please click the button below for a 5-10min application process using SINGPASS.
Select the coverage amount based on your own needs or preference, however if you intend to maximise MEDISAVE without cash payments, please select a coverage that maximise the usage of medisave which reflects a premium amount of 500 to 600/year, any excess will have to be paid by credit card.
At the very last page, select YES, assign an adviser to me. This allows a dedicated and active representative to service your policy.
Any questions or if you need any assistance to apply, please contact us via chatbox on your bottom right.
By applying for upgrade, I authorize, agree and consent for consultants to email or call me to provide information regarding their services.
Disclaimer: https://synergy.com.sg/disclaimer/website-account
*Terms & Conditions Apply.
¹ https://www.spd.org.sg/about-us/disability-facts-figures/#
² https://www.straitstimes.com/singapore/health/singapore-tops-in-life-expectancy-at-848-years
³ https://www.aviva.com.sg/en/money-banter/2019/how-careshield-life-fit-long-term-care-plan/
⁴ https://www.onlinecitizenasia.com/2018/05/28/moh-says-50-of-singaporeans-will-be-disabled-at-65-to-justify-careshield-life/#:~:text=As%20part%20of%20its%20justification,need%20long%2Dterm%20care%E2%80%9D.