About CareShield Life

How does the new CareShield Life benefit you?

The Government has accepted the recommendations of the ElderShield Review Committee to enhance the ElderShield scheme into the new “CareShield Life” scheme. 
CareShield Life will feature higher payouts that increase over time with no cap on payout duration, to provide better protection against the uncertainty of long-term care costs if you become severely disabled. To find out more about CareShield Life, you can download the key recommendations of the Committee and full report here.
You may also view the following video for a brief introduction of CareShield Life features.

Caring for You, for Life

Many of us will require long-term care because of severe disability in old age.

CareShield Life will provide better protection and assurance in 4 ways:

1. Lifetime cash payouts

  • For as long as you are severely disabled

2. Payouts increase over time

  • Starting at $600 per month in 2020
  • Payouts increase until age 67, or when you make claims, whichever is earlier

3. Government Subsidies to make it affordable

  • No one will lose coverage if they cannot pay the premiums. Click here to find out more about the Government’s premium support for you.

4. Premiums can be fully payable by MediSave

What are your CareShield Life benefits if you become severely disabled?

Become severely disabled in year:  Estimated payouts for as long as you remain severely disabled
Monthly payouts Annual Payouts 2
2020$600$7,200
2021$612$7,344
2022$624$7,491
2023$637$7,641
2024$649$7,794
2025$662$7,949

CareShield Life payouts will increase until age 67 or when a successful claim is made, whichever is earlier. The estimates above assume a payout increase of 2% per year. Payouts will be reviewed regularly and may be adjusted to account for claims experience and long-term changes in disability and longevity trends.
Annual payouts are shown for illustration. CareShield Life payouts will be disbursed monthly.

How can you join CareShield Life when it is launched in 2020?

  • If you are born in 1980 or later: If you are born between 1980 to 1990 (aged 30 to 40 in 2020, you will be automatically covered by CareShield Life in 2020. If you are born after 1990 (aged below 30 in 2020), you will be automatically covered by CareShield Life when you turn 30.
  • If you are born in 1979 or earlier: You can choose to join CareShield Life in 2021, if you are not severely disabled. To make joining CareShield Life more convenient, you will be automatically covered by CareShield Life from 2021 if you are a Singapore Resident born between 1970 and 1979 and are insured under the ElderShield 400 scheme and are not severely disabled. If you are automatically covered and do not wish to participate in the scheme, you have up to 31 Dec 2023 to opt out from the scheme and get your premiums refunded.

Have a question about CareShield Life? We may have an answer here.

More information to come…

Last Updated on 18 Nov 2018