When ElderShield300 was launched in June 2002, the Ministry of Health conducted a special one-off opt-out exercise for Singapore Citizens and Permanent Residents aged between 40 and 69 (age as at 30 September 2002). In this way, this group would not miss out on the opportunity to be automatically covered under ElderShield.
To help the older policyholders pay for their premiums, there is a special arrangement to allow those aged 56 to 69 to pay their premiums over 10 years. In this way, they can spread out their premium payment and pay a smaller amount annually. Singaporeans aged 56 to 69 who do not opt out when they are automatically covered under ElderShield, will also get to enjoy Government premium subsidies.
The amount of subsidies for the 10-Year Premium plan of ElderShield300 is as below.
Premium Subsidy for 10-Year Premium Plan of ElderShield300 (Based on 7% GST)
| Entry age |
10-Year Premium |
Subsidy amount |
Subsidised premiums |
Years of subsidy |
|---|
| Male |
Female |
Male |
Female |
Male |
Female |
|---|
| 56 |
394.76 |
519.42 |
139.00 |
182.00 |
255.76 |
337.42 |
1 |
| 57 |
404.11 |
531.89 |
142.00 |
187.00 |
262.11 |
344.89 |
2 |
| 58 |
415.53 |
545.39 |
146.00 |
191.00 |
269.53 |
354.39 |
3 |
| 59 |
425.92 |
559.93 |
150.00 |
196.00 |
275.92 |
363.93 |
4 |
| 60 |
438.39 |
574.47 |
154.00 |
202.00 |
284.39 |
372.47 |
5 |
| 61 |
449.82 |
590.06 |
158.00 |
207.00 |
291.82 |
383.06 |
6 |
| 62 |
463.32 |
607.72 |
163.00 |
213.00 |
300.32 |
394.72 |
7 |
| 63 |
477.86 |
625.38 |
168.00 |
219.00 |
309.86 |
406.38 |
8 |
| 64 |
492.40 |
644.08 |
173.00 |
226.00 |
319.40 |
418.08 |
9 |
| 65 |
509.03 |
664.86 |
179.00 |
233.00 |
330.03 |
431.86 |
10 |
| 66 |
525.65 |
685.63 |
184.00 |
240.00 |
341.65 |
445.63 |
10 |
| 67 |
544.35 |
709.53 |
191.00 |
249.00 |
353.35 |
460.53 |
10 |
| 68 |
564.08 |
735.50 |
198.00 |
258.00 |
366.08 |
477.50 |
10 |
| 69 |
584.86 |
762.50 |
205.00 |
267.00 |
379.86 |
495.50 |
10 |
Note:
- Premiums shown above are inclusive of 7% GST.
- This plan is only applicable to Singaporeans aged 56 to 69 (as at 30 September 2002).
- Only Singaporeans aged 56 to 69 (as at 30 September 2002) are eligible for the subsidies.
- "Years of Subsidy" applies from 2002 onwards. For a 60-year-old female under this plan, the subsidies will last 5 years and she pays only $372.47 for the first 5 years. In 2007, she would have to pay the full premium of $574.47 once her subsidies ended.