Eldershield Supplement Plans
Aviva MyCare Plus or GE Eldershield Comprehensive or NTUC Income Primeshield?
Upgrading or enhancing your basic Eldershield plan to one of the Eldershield supplement plans is a long term solution to a possible long term financial problem in the future.
Please see the comparison of Eldershield supplement plans for basic Eldershield plans on MOH website.
Upgrading or enhancing your basic Eldershield plan to one of the Eldershield supplement plans is a long term solution to a possible long term financial problem in the future.
Please see the comparison of Eldershield supplement plans for basic Eldershield plans on MOH website.
What is Eldershield plan?
- ElderShield plan is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care.
- CPF members (citizens & PR) who reach the age of 40 is automatically covered in the scheme.
- The scheme provides a monthly cash payout of $300 per month for 5 years or $400 per month for 6 years in the event of a disability.
What is severe disability?
There are six (6) basic "Activities of Daily Living" as illustrated in the picture above. If a person is unable to perform 3 out of the 6 ADL's, even with the aid of special equipment, and always requiring the physical assistance of another person throughout the entire activity, then he is classified as severely disabled.
There are six (6) basic "Activities of Daily Living" as illustrated in the picture above. If a person is unable to perform 3 out of the 6 ADL's, even with the aid of special equipment, and always requiring the physical assistance of another person throughout the entire activity, then he is classified as severely disabled.
Why should you be concerned about long term care?
- As a nation, we are living longer & getting older - the proportion of population aged 65 and older is now 7.3% but is expected to reach 19% in 2030.
- It is estimated that as many as one in 12 elderly persons suffer from disabilities as a result of ageing and illness which render them incapable of doing simple daily activities.
- A more worrying trend is that claims experience for the scheme shows that a high percentage of claimants are aged between 40 and 55!
Is your basic Eldershield plan monthly benefit payout sufficient?
It is a good thing that the government is worried enough for us to take the first step of initiating a long-term care scheme. However, the benefits from the Eldershield plan is insufficient for a majority of Singaporeans when it comes to long-term care expenses.
If you are severely disabled and unable to earn an income, is $400 a month enough to sustain your monthly expenses? A recent survey showed that the average amount spent by claimants of long-term care is S$2,000 a month!
It is a good thing that the government is worried enough for us to take the first step of initiating a long-term care scheme. However, the benefits from the Eldershield plan is insufficient for a majority of Singaporeans when it comes to long-term care expenses.
If you are severely disabled and unable to earn an income, is $400 a month enough to sustain your monthly expenses? A recent survey showed that the average amount spent by claimants of long-term care is S$2,000 a month!
Testimonials
What kind of medical condition will cause a person to be unable to perform at least 3 out of the 6 ADLs?
Dementia
Mr Anwar was struck with dementia in September 2002 and hence lost his 4 ADLs.
Although initially skeptical of the plan, his son now appreciates the monthly payout during the crisis. |
Brain Tumour
A payout was triggered in Dec 2008 for a 41 year old male when he suffered from brain tumour. Tragically, the condition left him unable to perform 5 ADLs.
As he was enrolled in Eldershield, he qualified for the payout of $400 per month. |
Stroke
Like most people, Mr Lai has this perception that illnesses usually only strike other people. Unfortunately he suffered a stroke and could not perform the 6 ADLs.
Although the $300 cash might be minimal, it has helped to pay for part of the household expenses. |
Stroke
Mr R Logarajar was only 43 years old when he had a stroke. He had to stop work as he could not move his limbs and hence was unable to perform the ADLs. His family situation was made worse by the fact that he was the sole breadwinner.
The spouse & two young children are grateful for the payout from Eldershield since there is no other source of income. |
The cost of long term care is very hefty
Everyday, 15 people die from cardiovascular disease (heart disease & stroke) in Singapore. Cardiovascular diseases account for 31.9% deaths in 2010. This means that 1 out of 3 deaths in Singapore is due to heart disease or stroke. (Source)
Unless you exercise 3 times a week, 30 minutes each time, it is a good idea to shield yourself against the high costs of long term care.
Unless you exercise 3 times a week, 30 minutes each time, it is a good idea to shield yourself against the high costs of long term care.
What happen if you do not have Eldershield plan?
We do not know when we will fall sick as illnesses can strike at anytime and without warning. If it does strike, at least you are prepared.
Suppose an illness strikes tomorrow & you can't perform 3 out of 6 ADLs, what would happen?
Suppose an illness strikes tomorrow & you can't perform 3 out of 6 ADLs, what would happen?
- You will probably not be able to work, hence there will be no income.
- But life still goes on and bills have to be paid.
- With a decrease in household income, lifestyles would have to changed & possibly downgraded.
- You may not have enough financial resources to afford nursing care or a care-giver.
- Your family members and friends may be able to offer short term help but disability is a long term problem that need long term financial solution.... we need to help ourselves first before we can help others.
Do you know that you can help yourself by enhancing your Eldershield plan?
Just by upgrading your basic Eldershield plan from your present $300 or $400 monthly benefit pay-out up to $5,000 per month.
And CPF has allowed you to use up to $600 p.a. from your Medisave to fund any Eldershield supplement plan.
And CPF has allowed you to use up to $600 p.a. from your Medisave to fund any Eldershield supplement plan.
Benefits of upgrading
- You will enjoy peace of mind that you will receive a cash monthly cash payout should disability occur.
- With the monthly benefit, you can focus on getting better knowing that your living expenses are being taken care of.
- You can afford nursing care and hence will not burden your family members who may have to make sacrifices to take care of you.
Can you upgrade later?
Yes you can. However, do note that the premiums are lower if you enter the plan at an younger age. So the longer you delay, expect to pay more. Since the premiums for Eldershield supplements are level (pay the same amount every year), you can lock-in the lower premiums for life.
Also note that if you upgrade later, your health may change and there may be loading or exclusions, so it is wise not to delay!
Which plan to upgrade to?
There are three players in the long-term care market, i.e. Aviva, Great Eastern and NTUC. As the features of the various supplement plans differ, please make an appointment with us who can give you an overview and comparison of the plans from all the insurers as well as an analysis of the varying features & costs involved. Make an informed choice today by talking to us.
Yes you can. However, do note that the premiums are lower if you enter the plan at an younger age. So the longer you delay, expect to pay more. Since the premiums for Eldershield supplements are level (pay the same amount every year), you can lock-in the lower premiums for life.
Also note that if you upgrade later, your health may change and there may be loading or exclusions, so it is wise not to delay!
Which plan to upgrade to?
There are three players in the long-term care market, i.e. Aviva, Great Eastern and NTUC. As the features of the various supplement plans differ, please make an appointment with us who can give you an overview and comparison of the plans from all the insurers as well as an analysis of the varying features & costs involved. Make an informed choice today by talking to us.