Premiums and Premium Support

Premiums and Premium Support

How much are your CareShield Life premiums?

You can check your estimated premiums and subsidies through the premium calculator here.

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.

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 - 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 yearParticipation IncentiveAdditional Participation Incentives for Merdeka Generation (MG) & Pioneer Generation (PG) seniors1Total Participation Incentives over 10 years2
1975 – 1979$500N.A$500
1970 – 1974$1,000$1,000
1965 – 1969$1,500$1,500
1960 – 1964$2,000$2,000
Before 1960$2,500$1,500$2,500 for non-MG and non-PG seniors

$4,000 for MG and PG seniors
  1. MG and PG seniors will receive $1,500 in Participation Incentives in addition to the $2,500 initially announced. You can check here for whether you are a MG senior, or here for whether you are a PG senior.
  2. 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.

How are your premiums paid?

CareShield Life premiums are fully payable by MediSave. The MediSave of your immediate family members can also be used to pay for your premiums.

For Singapore Residents born 1980 or later
Premiums are paid from the age of enrolment until age 67. Premiums will increase over time, to support payout increases. For the first five years of CareShield Life implementation, payouts and premiums will both increase by 2% per year.

For Singapore Residents born 1979 or earlier
Singapore Residents born 1979 or earlier who join CareShield Life will pay a base premium. The base premium is generally paid from the age of enrolment until age 67, but Singapore residents who join at age 59 or older will be able to spread their base premiums over 10 years, beyond age 67.

Base premiums will increase over time to support payout increases, until policyholders reach age 67. Premiums and payouts do not increase after age 67. For the first five years of CareShield Life implementation, payouts and base premiums for policyholders age 67 and below will both increase by 2% per year.

ElderShield 400 policyholders who have been consistently on an ElderShield policy (i.e. never opted out) will only pay the base premium each year, if they join CareShield Life in 2021.

Other groups, including 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 the ElderShield 400 scheme. The catch-up component will be paid over 10 years and will remain flat.

Have questions? Check out Frequently Asked Questions here.
PremiumStructureExistingCohorts

Last Updated on 22 Feb 2019