The Essence of CareShield Life Support Services
Careshield Life expands your coverage by providing extra advantages, such as larger monthly payouts amount to your base CareShield Life or ElderShield plan. You must purchase supplement plans as a current ElderShield or CareShield Life policyholder.
An Overview of CareShield Living
A government healthcare program called CareShield Life offers protection against serious disability. This kind of insurance pays every month to cover long-term care costs in the event of an untimely death. The majority of people probably know the fundamentals of this approach.
Here’s a recap for those that don’t or remain unsure, though:
To Whom Will It Appear?
After you turn thirty, CareShield Life will automatically enrol you whether you’re a Singaporean citizen or a Permanent Resident (PR). There was also a transition time since CareShield Life was intended to replace ElderShield. This implies that 2020 will see the automatic enrolment of people born between 1980 and 1990.
CareShield is required for everyone born in 1980 or later. You can choose to enrol in the program starting at the end of 2021 if you had a birthday in 1979 or before. Those born between 1970 and 1979, in particular, will be registered in CareShield Life automatically at the end of 2021 and will have the opportunity to withdraw from it at any time until December 31, 2023, with a full refund.
What Does It Cover Specifically?
You must meet the requirements for a serious handicap to be eligible for CareShield Life supplements and benefits. This term is defined as the incapacity to complete at least three of the six ADLs (ADLs, basic activities of living).
The Six Essential Daily Tasks:
· Cleaning
· Clothes
· Consuming
· Using the restroom
· Strolling or Getting About
· Moving Over
Five Principal Advantages of the Basic CareShield Life
In summary, the following are the main advantages:
A Decade of Protection
Yes, even after you’ve paid all your premiums, your coverage will remain in effect for eternity. The policy only terminates upon death.
Be Granted Lifetime Benefits
You can get the monthly cash reimbursements for life as long as you satisfy the severe disability threshold, which is at least three out of six ADLs. Nevertheless, the reimbursements will end if you get better from the impairment (for example, if it drops to 2 out of 6 ADLs).
Over Time, Payouts Rise
In 2020, the monthly payouts will begin at $600. It grows, if at all, at a rate of about 2% annually (not guaranteed) until you turn 67 or until you’ve filed a qualifying claim, whichever comes first. This is fantastic since it can explain the inevitable rise in living expenses.
Prior Conditions Will Be Addressed
Any significant or minor health conditions you may have can be covered by the basic CareShield Life plan if you were born in 1980 or later. If you already have a severe disability, you may still be eligible for the rewards. However, there are separate regulations in place for people who were born in 1979 or before.
CPF MediSave is responsible for paying all premiums.
It will be comforting to know that you won’t have to pay the fees in cash. You can pay for them in full with your CPF MediSave. The premiums are due starting at age 30, and they are intended to end at the age of 67 or at the time a claim is filed. The premiums would rise at about 2% annually, in line with the increasing payouts (not guaranteed).
Your initial premium will change based on several variables. Use the CareShield Life Premium Calculator to determine the exact premiums that must be paid.
