ElderShield Life will be phased out in favour of CareShield Life. CareShield Life is designed to safeguard you from financial hardship if you become severely incapacitated. CareShield Life is automatically enrolled for those born in 1980 or later. Singaporeans who were born before the year 2000 and who are not disabled can choose to participate in the policy. More Singaporeans will be able to benefit from CareShield Life’s new implementation in 2020, which will provide better protection against the escalating cost of long-term care.In this article, we’ll read abot why careshield life is important.
Patients who have been discharged from the hospital but require continued care and treatment in the community are given long-term care services (i.e. at home). Long-term care is also available for people who require support with daily activities.
“Severely Disabled” is defined as “a person who is severely disabled.”
You are considered “severely impaired” if you are unable to perform three of the six activities of daily life (ADL).
What are ADLs?
– Eating/drinking
– Showering
– Dressing
– Toileting
– Functional mobility ability to move oneself from bed to chair/wheelchair.
CareShield Life’s 5 Advantages
One of the most significant impediments to patients seeking high-quality long-term care is a lack of financial resources. With CareShield Life’s new implementation, more Singaporeans will have access to and the ability to obtain long-term care in the future.
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Here’s a basic rundown of what the forthcoming CareShield Life Scheme will entail!
- Payout for Life
The monthly payout will be $600 with the new CareShield Life implementation. Your monthly payment will be for the rest of your life.
ElderShield payouts are now limited to 72 months.
- A gradual increase in payouts
In 2020, the first monthly cash payout will be $600. You can put your cash payout towards anything you like, such as medical expenditures, household bills, or daily expenses.
ElderShield’s current monthly payout is only $300/$400.
- Cost-effectiveness
Subsidies will be provided by the government to make premiums more affordable. This is to make certain that everyone is covered. You only have to pay your premiums until you reach the age of 67.
- The Medisave
Medisave can be used to pay your CareShield Life premiums. This is to ensure that everyone can afford CareShield Life and benefit from improved protection against escalating healthcare costs.
- Pre-existing conditions are taken into account
If you were born in 1980 or later, you will be covered under the new CareShield Life plan if you have pre-existing diseases or impairments.
Pre-existing disabilities are not covered by ElderShield.s.
What is the purpose of CareShield Life?
Sustainability
A policy must be sustained in order to be generally helpful. Both beneficiaries and policyholders gain from the confidence that the insurance will be viable in the long term because premiums are paid early at the age of 30.
Changing Requirements
Singapore needs to devote greater resources to long-term care. The population of Singapore is increasingly ageing, and as our life expectancy rises, so are our healthcare needs. CareShield Life protects us in our golden years by assuring us that we will be able to obtain long-term care if we become severely incapacitated.
CareShield Life Upgrade – Why is it important
What the basic CareShield Life plan offers may be insufficient for your requirements. If you have a surplus of CPF MediSave and desire a bigger monthly payment, why not take advantage of CareShield Life upgrades?
You don’t have to do anything to be registered in the basic CareShield Life — it’s done for you. However, because the supplements are only available from three insurance companies, Aviva, NTUC Earnings and The Great Eastern, a comparison of several CareShield upgrades is required to determine which is the best CareShield upgrade for you.
The major reason to upgrade your CareShield Life is that you don’t have to pay in cash to receive more coverage. You or your immediate family members, including your spouse, parents, children, siblings and grandchildren can pay the premiums.
Premiums can be paid from your CPF MediSave account, subject to a limit of $600/calendar year/insured. If the premium exceeds that amount, a cash top-up is required. At the end of the day, if you believe your corresponding monthly payout is still insufficient, you can upgrade to a greater sum.
All questions, applications, and claims for the CareShield Life supplements should be sent to the appropriate insurance provider or one of its agents.
Advantages of Upgrading Your CareShield Life Early include:
1) Increase your monthly payments.
2) The option of a simpler claim eligibility
3) A variety of premium payment plans are available.
4) Receive more benefits
5) Making the most of your CPF MediSave benefits
6) Make the most of your good health.
7) You do not need to be committed.
We hope this article on why careshield life is important was helpful.
