How does the new CareShield Life benefit you?
The ElderShield Review Committee has concluded its review and made recommendations to enhance the ElderShield scheme into the new “CareShield Life” scheme. The new 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. To find out more about what is being proposed for CareShield Life, you can download the key recommendations of the Committee and full report here.
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
3. Government Subsidies to make it affordable
- No one will lose coverage if they cannot pay the premiums
4. Premiums can be fully payable by MediSave
What happens when CareShield Life is launched in 2020?
- If you are born in 1980 or later: If you are aged 30 to 40 in 2020, you will automatically join the new scheme in 2020. If you are in a younger cohort, you will join the new scheme when you turn 30. You will be covered if you have pre-existing conditions or disabilities.
- If you are born in 1979 or earlier: Your current ElderShield plans will continue to protect you. You can choose to join the new scheme if you are not disabled. Meanwhile, MOH will work out the premiums, subsidies, and support package for you.
Have a question about CareShield Life? We may have an answer here.
More information to come…