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10 Apr 2019

27th Dec 2018

  1. The Ministry of Health (MOH) has launched an online premium calculator to provide Singaporeans with their estimated CareShield Life premiums and subsidies. The calculator is available at the CareShield Life website at http://www.careshieldlife.sg/premiumcalculator.

     

  2. The premium calculator will provide Singaporeans with information on their estimated premiums before and after applicable subsidies and incentives, for the initial years of the scheme from 2020 to 2025. Users need only answer a few questions on their birth year, gender, current ElderShield coverage, as well as their per capita household income and housing type.

     

  3. The premiums displayed by the premium calculator are available for Singapore Citizens and Permanent Residents born between 1946 and 1990, who have either been consistently on an ElderShield policy, or are not covered by ElderShield.Examples of the estimated premiums are provided at Annex A.

     

  4. As for other groups of Singaporeans:

     

    • Those born in 1991 or later will be provided with their premium figures when they are enrolled in the CareShield Life scheme at age 30.
    • Those born in 1945 or earlier may call the Healthcare Hotline at 1800-222-3399 for more details on their estimated premiums, subsidies and incentives. As older cohorts have fewer years to spread their premium payments over, their annual CareShield Life premiums will be higher.
    • Those on less common ElderShield policy arrangements[1] will be able to find out more about their estimated premiums closer to 2021, when they are able to join the scheme.

     

    CareShield Life Will Provide Better Protection And Greater Assurance

  5. CareShield Life will provide higher and lifetime payouts to support policyholders who are severely disabled. The scheme will be universal for Singapore residents born in 1980 or later. Singapore residents born between 1980 and 1990 will be the first batch of future cohorts to join CareShield Life when the scheme is launched in 2020. All Singapore residents born in 1991 or later will be enrolled when they turn 30.

     

  6. Existing cohorts, born in 1979 or earlier, may choose to join CareShield Life in 2021 if they are not severely disabled. Singaporeans currently insured on ElderShield can upgrade to CareShield Life. The ElderShield premiums they have already paid will be taken into account when their CareShield Life premiums are computed. More details on the premium structure for existing cohorts are provided in Annex B.

     

    Government Will Provide Premium Subsidies and Financial Support

  7. CareShield Life premiums can be paid using MediSave. The Government will provide the following premium subsidies and support:

     

    • Lower- to middle-income Singapore residents will receive Means-tested Subsidies. Up to two-thirds of Singapore resident households will be eligible for CareShield Life subsidies of up to 30%.
    • Singapore Citizens in future cohorts (born in 1980 or later) will receive Transitional Subsidies of up to $250, spread over the first five years from 2020 to 2024.
    • Singapore Citizens in existing cohorts (born in 1979 or earlier) will receive Participation Incentives of up to $2,500, spread over the first 10 years of their policy, if they join CareShield Life in the first two years from 2021.
    • Singapore Citizens in financial need who are unable to pay for their premiums after premium subsidies can apply for Additional Premium Support from the Government.

     

  8. No Singaporean who joins CareShield Life will lose coverage due to an inability to pay their premiums.

 

MINISTRY OF HEALTH

27 DECEMBER 2018

___________________________________________________________________


ANNEX A

Estimated CareShield Life premiums

Age 30 in 2020

 

Male

Female

Premiums and Subsidies1

  • Premium in 20202 (S$)

206

253

  • Means-tested Subsidy of 30% on premium3 (S$)

- 61.80

- 75.90

  • Transitional Subsidy in 2020 (S$)

- 70

- 70

Net Premium Payable in 2020 (S$)

74

107

Monthly Equivalent Premium Payable (S$)

6.17

8.92

Payouts:

Starts at $600/month in 2020, increases over time to ~$1,200/month at age 674

Payouts last for as long as policyholder remains severely disabled

Note:

1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from existing ElderShield insurers.

2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.

3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.

4 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.

 

Age 42 in 2021

 

Male

(ElderShield 400)

Female

(ElderShield 400)

Male

(Not on ElderShield)

Female

(Not on ElderShield)

Premiums and Subsidies1

  • Base premium in 20212 (S$)

318

395

318

395

  • Means-tested Subsidy of 30% on premium3 (S$)

- 95.40

- 118.50

- 95.40

- 118.50

  • Participation incentive4 (S$)

- 50

- 50

- 50

- 50

  • Catch-up component5 (S$)

0

0

44

58

Net Premium Payable in 2021 (S$)

173

227

217

285

Monthly Equivalent Premium Payable (S$)

14.42

18.92

18.08

23.75

Payouts:

Starts at $612/month in 2021, increases over time to ~$1,000/month at age 676

Payouts last for as long as policyholder remains severely disabled

Note:

1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from existing ElderShield insurers.

2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.

3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.

4 Provided each year for 10 years.

5 Paid each year for 10 years.

6 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.

-

Age 54 in 2021

 

Male

(ElderShield, 400)

Female

(ElderShield, 400)

Male

(ElderShield, 300)

Female

(ElderShield, 300)

Male

(Not on ElderShield)

Female

(Not on ElderShield)

Premiums and Subsidies1

 

 

 

 

  • Base premium in 20212 (S$)

529

677

529

677

529

677

  • Means-tested Subsidy of 30% on premium3 (S$)

- 158.70

- 203.10

- 158.70

- 203.10

- 158.70

- 203.10

  • Participation incentive4 (S$)

- 150

- 150

- 150

- 150

- 150

- 150

  • Catch-up component5 (S$)

0

0

38

49

409

537

Net Premium Payable in 2021 (S$)

220

324

258

373

629

861

Monthly Equivalent Premium Payable (S$)

18.33

27.00

21.50

31.08

52.42

71.75

Payouts:

Starts at $612/month in 2021, increases over time to ~$790/month at age 676

Payouts last for as long as policyholder remains severely disabled

Note:

1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from the ElderShield insurers.

2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.

3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.

4 Provided each year for 10 years.

5 Paid each year for 10 years.

6 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.

-
Age 62 in 2021

 

Male

(ElderShield, 400)

Female

(ElderShield, 400)

Male

(ElderShield, 300)

Female

(ElderShield, 300)

Male

(Not on ElderShield)

Female

(Not on ElderShield)

Premiums and Subsidies1

 

 

 

 

  • Base premium in 20212 (S$)

611

807

611

807

611

807

  • Means-tested Subsidy of 30% on premium3 (S$)

- 183.30

- 242.10

- 183.30

- 242.10

- 183.30

- 242.10

  • Participation incentive4 (S$)

- 250

- 250

- 250

- 250

- 250

- 250

  • Catch-up component5 (S$)

0

0

76

100

732

969

Net Premium Payable in 2021 (S$)

178

315

254

415

910

1,284

Monthly Equivalent Premium Payable (S$)

14.83

26.25

21.17

34.58

75.83

107.00

Payouts:

Starts at $612/month in 2021, increases over time to ~$680/month at age 676

Payouts last for as long as policyholder remains severely disabled

 

Note:

1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from the ElderShield insurers.

2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.

3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.

4 Provided each year for 10 years.

5 Paid each year for 10 years.

6 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.



ANNEX B

 

Illustration of Base Premium and Catch-up Component Payable by Singapore Residents Born 1979 Or Earlier Who Join CareShield Life

 

  • All Singapore residents from existing cohorts who join CareShield Life will pay a base premium. ElderShield 400 policyholders who did not opt out when they were auto-enrolled when they turned 40 would 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.
AnnexB

[1] For example, those who opted out of ElderShield at age 40 but subsequently re-joined the scheme; those born between 1956 and 1967 who opted for a single premium payment term for ElderShield; and those who have a paid-up policy.