3 March 2023
Article by Dexter Bouw
CareShield Life:
What it is and how you can enhance it
CareShield Life is a long-term care insurance scheme launched by the Singapore government in 2020 to help Singaporeans manage the high cost of long-term disability care.
The scheme provides a world-wide lifetime monthly income if you become severely disabled.
CareShield Life defines “severely disabled” as being unable to perform at least 3 out of 6 Activities of Daily Living (ADLs). To make a claim, you will have to be assessed by a MOH-accredited severe disability assessor .
WASHING
Wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.
DRESSING
Put on, take off, secure and unfasten all garments and/or any braces, artificial limbs or other surgical or medical appliances.
FEEDING
Feed oneself food after it has been prepared and made available.
TOILETING
Use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances.
WALKING OR MOVING AROUND
Move indoors from room to room on level surfaces.
TRANSFERRING
Move from a bed to an upright chair or wheelchair, and vice versa
Why do we even need CareShield Life or any supplementary plan upgrades?
An estimated 1 in 2 healthy Singaporeans aged 65 and above could become severely disabled before they die. Being severely disabled means we will need help with basic activities like eating, walking around or even going to the toilet.
Furthermore, with the rising cost of healthcare and increasing life expectancy, it is essential to ensure that we have adequate coverage and a sustainable income for long-term illnesses or disabilities that may require a caregiver.
1. Upgrading your CareShield Life can provide you with better coverage and higher payouts.
According to a Long-term Care Study done in 2018 by Singlife with Aviva, the average cost of long-term care is S$2,324 per month.
Clearly, the $600 monthly payout provided by CareShield Life may not be sufficient to cover the full cost of long-term care, especially if you require extensive medical treatment or require assistance with daily activities.
There are supplementary plans that pays up to S$5,000 more per month, on top of payouts from CareShield Life, for as long as you’re severely disabled.
2. You may not even need to use cash to pay for upgrades.
Premiums for the supplementary plans can be paid from your MediSave account. You can use up to S$600 per calendar year from your MediSave to pay the premiums for the supplementary plan.
However, you’ll need to ensure that there are sufficient funds in your MediSave account. Otherwise, you might have to top-up some portion with cash to make up for the difference.
3. You can get additional benefits with supplementary plan upgrades.
Some supplementary plans allows you to stop paying premiums as long as you are unable to perform at least one Activity of Daily Living (ADL).
They also offer additional reliefs such as lump sum benefit payouts, caregiver reliefs and even additional payouts if you have children who are under 22 years old.
For greater assurance, you can also choose to receive disability payouts when you’re unable to perform at least two ADLs.
Upgrading your CareShield Life plan can provide you with peace of mind and financial security.
Long-term care can be expensive. Without adequate coverage, it can quickly deplete your savings and leave you in a financially precarious situation. By upgrading your plan, you can have the assurance that you will receive financial support when you need it the most, giving you peace of mind.
In conclusion, upgrading your CareShield Life is essential for adequate coverage and financial security in the future. By upgrading early, you can save money in the long run, enjoy better coverage and higher payouts, and have peace of mind knowing that you are prepared for any future long-term care needs.
Find out how to upgrade your CareShield Life with us today.
Enjoy 20% Lifetime Premium Discount.
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