I know…
CareShield Life will likely be launched soon in the later part of the year, so who cares about ElderShield?
Well, we still care, because there are still individuals who are insured under ElderShield!
Besides, since CareShield Life is somewhat an extension of ElderShield, so shouldn’t you know the basics first?
TL;DR: All You Need to Know About ElderShield
Since ElderShield is a basic long-term care insurance, you’ll only be able to claim for monthly payouts when you are unable to perform at least 3 of 6 Activities of Daily Living:
- Washing
- Dressing
- Feeding
- Toileting
- Mobility
- Transferring
Once your claim has been approved, you’ll receive monthly payouts depending on your enrolment period.
| ElderShield300 | ElderShield400 | |
|---|---|---|
| If you joined ElderShield between Sep 2002 & Aug 2007 | If you joined ElderShield after Sep 2007 | |
| Payout Amount | $300 per month | $400 per month |
| Payout Duration | Up to 60 months (5 years) | Up to 72 months (6 years) |
| Maximum Payout | $18,000 | $28,800 |
ElderShield supplements are also offered by your insurers if you wish to increase your monthly payout, extend the payout duration or lower the claim requirement.
What is ElderShield?
First introduced in 2002, ElderShield is a basic insurance scheme to cater for your long-term care needs in the event of severe disability during your later years.
ElderShield is currently administered by three private insurers, Aviva, Great Eastern, and NTUC Income; but the Government will be taking over ElderShield in 2021.
As a Central Provident Fund (CPF) member with a MediSave account approaching age 40, you will be enrolled automatically in ElderShield and assigned either of the insurers at random.
Of course, it’s not going to happen without you know about it.
You’ll receive an invitation package from your assigned insurer before your 40th birthday, where you can choose to opt out of ElderShield or change to another insurer.
There are two ElderShield schemes currently and the period of enrolment determines the scheme you are enrolled under.
| Enrolment Period | ElderShield Scheme |
|---|---|
| Between September 2002 & August 2007 | ElderShield300 |
| After September 2007 | ElderShield400 |
What Happens When CareShield Life is Launched?
While CareShield Life will be mandatory for all individuals born in 1980 or later, those born in 1979 or earlier are the only ones who have to option to opt-out!
| Individuals Born In | ElderShield Status | What Happens when CareShield Launches? |
|---|---|---|
| 1980 or later | ElderShield scheme won't be available | Enrolled in CareShield Life |
| 1979 or earlier | Enrolled in ElderShield300 & not severely disabled | Option to join CareShield Life from mid-2021 |
| Enrolled in ElderShield400 & not severely disabled | Automatically enrolled in CareShield Life | |
| Option to opt out of CareShield Life & refund premiums by 31 Dec 2013 |
How Much Are My ElderShield Premiums?
Would you be super happy if I told you that you won’t really feel the pinch when it comes to paying for your ElderShield premiums?
Yea, that’s because you can use your MediSave to pay for your ElderShield premiums!
Another awesome feature is that your premiums are fixed based on the age you joined ElderShield! Much better than hospitalisation insurance where your premiums increase as you get older, right?
| Entry Age | Number of Premium Payments | Annual Premiums (Payable till Age 65) |
|||
|---|---|---|---|---|---|
| ElderShield300 | ElderShield400 | ||||
| Male | Female | Male | Female | ||
| 40 | 26 | $151.67 | $194.26 | $174.96 | $217.76 |
| 41 | 25 | $156.86 | $201.53 | $182.03 | $227.11 |
| 42 | 24 | $164.14 | $210.89 | $189.72 | $237.29 |
| 43 | 23 | $171.40 | $220.24 | $198.12 | $248.41 |
| 44 | 22 | $178.68 | $230.62 | $207.36 | $260.60 |
| 45 | 21 | $188.03 | $242.04 | $217.53 | $274.03 |
| 46 | 20 | $197.38 | $255.55 | $228.78 | $288.87 |
| 47 | 19 | $207.76 | $269.06 | $241.27 | $305.32 |
| 48 | 18 | $220.24 | $284.64 | $255.21 | $323.68 |
| 49 | 17 | $233.74 | $302.30 | $270.83 | $344.23 |
| 50 | 16 | $248.28 | $322.04 | $284.44 | $367.40 |
| 51 | 15 | $264.90 | $343.86 | $308.44 | $393.70 |
| 52 | 14 | $283.60 | $369.82 | $331.34 | $423.79 |
| 53 | 13 | $305.42 | $398.92 | $357.79 | $458.55 |
| 54 | 12 | $330.35 | $432.15 | $388.67 | $499.13 |
| 55 | 11 | $359.43 | $471.63 | $425.19 | $547.10 |
| 56 | 10 | $394.76 | $519.42 | $469.03 | $604.68 |
| 57 | 9 | $436.31 | $576.55 | $522.60 | $675.03 |
| 58 | 8 | $488.25 | $648.24 | $589.48 | $762.94 |
| 59 | 7 | $554.74 | $739.65 | $675.36 | $875.94 |
| 60 | 6 | $643.04 | $861.19 | $789.68 | $1,026.56 |
| 61 | 5 | $764.58 | $1,030.53 | $949.43 | $1,237.34 |
| 62 | 4 | $946.38 | $1,284.00 | $1,188.56 | $1,553.35 |
| 63 | 3 | $1,247.64 | $1,703.69 | $1,586.26 | $2,079.69 |
| 64 | 2 | $1,844.97 | $2,540.99 | $2,380.17 | $3,131.62 |
You’ll only need to pay your ElderShield premiums until you turn 65 years old, or when you suffer from severe disability and make a claim.
What is Severe Disability?
Now, you must be thinking: how do insurers determine if the disability is severe?
In the event that you are unable to carry out at least three of the six activities of daily living mentioned below, you are considered to have severe disability.
| Activities of Daily Living (ADLs) | |
|---|---|
| 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. |
How Much Are My Payouts Under ElderShield?
Instead of paying out a lump sum, your ElderShield scheme gives you a monthly cash payout to defray your long-term care needs.
| ElderShield300 | ElderShield400 | |
|---|---|---|
| If you joined ElderShield between Sep 2002 & Aug 2007 | If you joined ElderShield after Sep 2007 | |
| Payout Amount | $300 per month | $400 per month |
| Payout Duration | Up to 60 months (5 years) | Up to 72 months (6 years) |
| Maximum Payout | $18,000 | $28,800 |
I know, you must be thinking that $300 or $400 a month isn’t much since you’ll need at least $1,400 a month to meet your basic retirement needs.
Since ElderShield is meant for long-term care from severe disability, the premiums have been determined based on the lowest monthly nursing home expenses after government subsidies.
How Do I Make An ElderShield Claim?
In the unfortunate event of severe disability, your caregiver can step in to make the claim for your ElderShield payout by completing the respective ElderShield Claim Form from your insurer.
After which, your condition will need to be assessed by a Ministry of Health accredited severe disability assessor.
While there is an assessment fee payable, it will be reimbursed back to you if your claim is successful.
| Type of Assessment | Fees per Assessment |
|---|---|
| Visit to the appointed assessor | $50 |
| House call | $150 |
Your assessor will then submit the completed form to your insurer for processing and you’ll receive your first payout within 90 days once your claim has been approved.
What If There Are Insufficient Funds in My MediSave Account?
Even though your ElderShield premiums can be fully paid by your MediSave monies, you may have used your funds for other medical expenses.
In that case, you can choose to use the MediSave funds of your spouse, parents, children, siblings and grandchildren to pay for your ElderShield premiums.
Otherwise, you can also make payments with your own funds through payment methods accepted by your insurers.
How Can I Increase My Payouts?
Since ElderShield payouts are hardly sufficient to fully cover long-term care needs, there are also ElderShield supplements available to enhance your coverage.
Offered separately by Aviva, Great Eastern and NTUC Income, these ElderShield supplements can also be paid for with your MediSave monies, up to $600 per year.
| Aviva MyCare | Aviva MyCare Plus | Great Eastern ElderShield Comprehensive | NTUC Income PrimeShield | |
|---|---|---|---|---|
| Requirements for Payout | Inability to perform at least 3 of 6 ADLs | Inability to perform at least 2 of 6 ADLs | Inability to perform at least 2 of 6 ADLs | Inability to perform at least 3 of 6 ADLs |
| Payout Amount | $600 to $5,000 (including ElderShield payout) | $300 to $3,000 (excluding ElderShield payout) | $500 to $3,000 (excluding ElderShield payout) |
|
| Payout Duration | Lifetime payout or up to 12 years (144 months) | Lifetime payout or up to 10 years (120 months) | Lifetime payout | |
| Premium Payment | Lifetime OR | Lifetime | Up to age 80 | Up to age 65 or for 20 years from entry age, whichever is later |
| Up to age 65 or for 20 years from entry age, whichever is later | ||||
| Lump Sum Benefit | Additional 3 times of first monthly benefit | Equivalent to 3 times of monthly payout | Equivalent to 3 times of monthly benefit | |
| Rehabilitation Benefit | 50% of monthly payout for remaining payout duration | NA | NA | NA |
| Get-Well Benefit | NA | NA | One-time payout of 3 times of monthly payout, if you recover from severe disability | |
| Dependent Care Benefit (If you have a child aged 21 years & below at point of claim) | Additional $200 per month (up to 36 months) | NA | Additional 25% of monthly payout (up to 36 months) | |
| Lump Sum Death Benefit | Additional 3 times of last drawn monthly payout | Equivalent to 3 times of monthly payout | Equivalent to 3 times of monthly payout | |
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