Would you like to get 4 times MORE* money from your monthly disability payouts?
What is Eldershield?
ElderShield is a severe disability insurance scheme which provides basic financial protection to those who need long-term care. It provides a monthly cash payout to help pay for out-of-pocket expenses up to a maximum period of 6 years.
Singapore Citizens and Permanent Residents (PRs) with Medisave accounts are automatically covered under ElderShield at the age of 40. You should receive a letter around age 40 to inform you are covered.
Is Eldershield sufficient?
Basic Eldershield will help relieve some of these hardships by providing monthly payouts of $400 per month to help cover long-term care. However it will be insufficient. Long-term care costs will continue well after a policy’s benefits have expired after 6 years.
Long term costs
Disability does not only affect yourself but people around you.
Having a bigger monthly payout allows more options, such as hiring a caretaker or nurse, should you or your parents be unable to take care of themselves.
Why upgrade Eldershield?
While Basic Eldershield only pays up to $400 a month for 6 years. You can upgrade it to Aviva MyCare or Aviva MyCare Plus with higher payouts for lifetime. The benefits of the upgrade are:
You can increase your payout up to $5,000/month instead of only $400/month.
You can extend the cover into lifetime payout instead of only 6 years.
Insured can claim with easier definitions under 2 out of 6 ADLs instead of usual 3 ADLs under MyCare Plus.
Premiums are based on ENTRY age and do not increase as you age. That is why you should upgrade before your next birthday.
You can utilize your MediSave for the upgrade.
You can use your MediSave to apply for your spouse or parents.
Consider to upgrade ElderShield before CareShield Life kicks in 2020/2021, so you can have the option of choosing a more superior choice depending on details when it's launched.
If CareShield Life and/or Supplement is better, you can make an informed decision and have the option to switch over after considering all factors.
If ElderShield and/or Supplement is better, you can remain with what you have.