Premiums and Premium Support

Premiums and Premium Support

How CareShield Life premiums are made more affordable

The Government will provide means-tested premium subsidies of up to 30% to improve the affordability of your CareShield Life premiums.

Additional transitional subsidies or participation incentives will also help to offset your annual premiums for a limited period.

For those who cannot afford CareShield Life premiums even after premium subsidies, use of MediSave and family support, you may be eligible for Additional Premium Support.

No one will lose their CareShield Life coverage due to financial difficulties.

Download your estimated annual premium schedule here:

Premium support for Singapore Residents born 1980 or later

Means-tested Subsidies for Singapore Residents born 1980 or later1

Monthly Per Capita Household Income (PCHI)Per capita household income (PCHI) groups
PCHI $1,100 or lessPCHI $1,101 - $1,800PCHI $1,801 - $2,6002
Subsidy rates for Singapore Citizens330% of premium25% of premium20% of premium
  1. Subsidy rates are applicable to Singapore Citizens who live in residences with an Annual Value of $13,000 or less. Those who live in residences with an Annual Value between $13,001 and $21,000 will receive 10 percentage points less than these subsidy rates. Those who live in residences with an Annual Value above $21,000 or own multiple properties will not receive these subsidies.
  2. Individuals with monthly PCHI above $2,600 will not receive these subsidies.
  3. Permanent Residents receive half of the subsidy rates applicable to Singapore Citizens.

Schedule of Transitional Subsidies1 for Singapore Citizens born 1980 or later

Birth YearYearTotal Transitional Subsidy
202020212022202320242025
1994----$30N.A. (End of transitional subsidy)$30
1993---$40$30$70
1992--$50$40$30$120
1991-$60$50$40$30$180
1980 to 1990$70$60$50$40$30$250
  1. Transitional subsidies will be provided for Singapore Citizens born 1980 or later, who are covered by CareShield Life within the first five years of scheme launch, i.e. from 2020 to 2024. Transitional subsidies are given on top of means-tested premium subsidies, to reduce the annual premium payable in that year.

Premium support for Singapore Residents born 1979 or earlier

Means-tested Subsidies for Singapore Residents born 1979 or earlier1

Monthly Per Capita Household Income (PCHI)Per capita household income (PCHI) groups
PCHI $1,100 or lessPCHI $1,101 - $1,800PCHI $1,801 - $2,6002
Subsidy rates for Singapore Citizens330% of base premium25% of base premium20% of base premium4
  1. Subsidy rates are applicable to Singapore Citizens who live in residences with an Annual Value of $13,000 or less. Those who live in residences with an Annual Value between $13,001 and $21,000 will receive 10 percentage points less than these subsidy rates. Those who live in residences with an Annual Value above $21,000 or own multiple properties will not receive these subsidies.
  2. Individuals with monthly PCHI above $2,600 will not receive these subsidies.
  3. Permanent Residents receive half of the subsidy rates applicable to Singapore Citizens.
  4. Singaporeans born 1979 or earlier who join CareShield Life will pay a base premium, which takes into account the premiums existing ElderShield 400 policyholders in their cohort have already paid for ElderShield. Existing ElderShield 300 policyholders, as well as those not insured under ElderShield, will pay an additional catch-up component, as they would not have paid as much premiums as those in their same cohort who are insured under ElderShield 400. Means-tested premium subsidies are only applicable as a percentage of the base premium.

Participation incentives for Singapore Citizens born 1979 or earlier

Birth yearTotal Participation incentive over 10 years1
1975 – 1979$500
1970 – 1974$1,000
1965 – 1969$1,500
1960 – 1964$2,000
Before 1960$2,500
  1. Participation incentives will be spread equally over 10 years and will be used to offset the annual premium payable in that year. It will only be applicable if Singapore Citizens born 1979 or earlier join in the first two years from 2021.

Last Updated on 13 Dec 2018