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- Critical Illness
- Early Critical Illness
- Whole Life Plans
- Retirement/ Annuity Plans
- Saving and Endowment Plans
- Term Insurance Plans
- ElderShield Plans
- Integrated Shield Plans
According to the Ministry of Health, “it is estimated that 1 in 2 Singaporeans who are healthy at the age of 65 is at risk of having a severe disability over their lifetime”.
Source: ElderShield, MOH.gov.sg
What is an Eldershield Plan?
ElderShield is a government initiative launched in 2002, to provide basic financial assistance to Singaporeans who need long-term care, especially in old age. The basic Eldershield is an automatically opt-in insurance plan.
Singaporeans reaching their 40th birthday would have received a letter from CPF informing them about Eldershield.
Eldershield pays a monthly cash payout of S$400 due to disability for a maximum of up to 72 months.
When can you claim for ElderShield payout?
When a person is unable to do at least 3 out of 6 Activities of Daily Living (ADL), the person is considered to have a severe disability.
The Activities of Daily Living are defined as below:
- Washing – The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.
- Dressing – The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.
- Feeding – The ability to feed oneself food after it has been prepared and made available.
- Toileting – The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.
- Mobility – The ability to move indoors from room to room on level surfaces.
- Transferring – The ability to move from a bed to an upright chair or wheelchair, and vice versa.
Source: ElderShield – ADL, CPF.gov.sg
What is an ElderShield Supplement?
An ElderShield supplement is an upgrade to your ElderShield plan. Among others, the upgrade can provide 2 distinctive benefits:
- Increasing Payout – The ElderShield upgrade can increase the monthly payout on top and above S$400
- Extending Payout – The payout period can be extended to a lifetime or for a fixed number of years.
Up to the first S$600 yearly premium of an ElderShield Supplement can be paid via Medisave, either from personal, spouse, parents, children, or grandchildren.
Why should you upgrade your ElderShield?
No doubt, the financial impact of severe disability can be devastating to an affected individual. However, the requirement of a full-time caretaker or nursing home doesn’t come cheaply.
Estimated cost based on various sources as such:
- Maid (Untrained, Subsided levy included): S$600~S$700
- Nursing home (Johor, Malaysia): S$800~S$1,200
- Nursing home (Singapore): S$2000~S$3000
- Professional caretaker (Private nurse at home): S$4000~$6000
The basic payout from ElderShield may not be enough for the above. Surely, a family member should ideally stay at home and take care of the elderly instead. Doing so, the financial burden is just shifted over to another party, which forgo earning an income.
How do we compare and rate the ElderShield plans?
The Main components
- Base Plan: Features and benefits of the main ElderShield Plan
- Premium: The amount of payment required for the ElderShield plan.
- Premium Terms: The period that you have to pay a premium for the ElderShield Plan
Additional Benefits and Features
- Additional Features: We compare supplementary benefits on their payout and features
- Waiting period: How long before a valid claim can be made from the application of the ElderShield supplement/ upgrade
- Claim condition: Currently only Aviva and Great Eastern allow claim with a minimum of 2 of 6 ADL.
What are the ElderShield plans available?
Currently, there are 3 approved ElderShield and ElderShield Supplement provider: Aviva, NTUC Income and Great Eastern.
Without preferences and in no order of ranking, here are all the ElderShield plans available in Singapore.
For monthly payout failing to perform a minimum of 3 of 6 ADL:
- NTUC Income: NTUC Income PrimeShield
- Aviva: Aviva MyCare
- Great Eastern: Great Eastern ElderShield Comprehensive
For monthly payout failing to perform a minimum of 2 of 6 ADL:
What should you consider before taking up an ElderShield Supplement?
Long-term care is an important aspect of financial planning. It is widely reported that most Singaporeans are not adequately prepared when it comes to disability planning.
With up to S$600 additional withdrawal from MediSave approved for ElderShield Supplement, it is hard to justify not getting covered. Aim to maximise the payout from your ElderShield Supplement while keep the premium affordable based on your finances.
What is an ElderShield or ElderShield Supplement not going to help with?
Sure, an ElderShield or ElderShield supplement will provide some financial relieve in the event of disability in your old age. However, it should strictly not be treated as a form of income for retirement.
Your payout from your ElderShield is meant to supplement the additional cost incurred should you be disabled due to old age or illnesses.
Have a question?
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