All You Need to Know About ElderShield
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All You Need to Know About ElderShield

Jacqueline Yan
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I know…

CareShield Life will likely be launched soon in the later part of the year, so who cares about ElderShield?

girl raising hand
Source: Giphy

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

all you need to know about eldershield singapore

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.

 ElderShield300ElderShield400
If you joined ElderShield between Sep 2002 & Aug 2007If you joined ElderShield after Sep 2007
Payout Amount$300 per month$400 per month
Payout DurationUp 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?

disabled baby goat with wheels
Source: Giphy

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 PeriodElderShield Scheme
Between September 2002 & August 2007ElderShield300
After September 2007ElderShield400

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 InElderShield StatusWhat Happens when CareShield Launches?
1980 or laterElderShield scheme won't be available Enrolled in CareShield Life
1979 or earlier Enrolled in ElderShield300 & not severely disabledOption to join CareShield Life from mid-2021
Enrolled in ElderShield400 & not severely disabledAutomatically 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?

old man saying one pop every day for rest of life as payment
Source: Giphy

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 AgeNumber of Premium PaymentsAnnual Premiums
(Payable till Age 65)
ElderShield300ElderShield400
MaleFemaleMaleFemale
4026$151.67$194.26$174.96$217.76
4125$156.86$201.53$182.03$227.11
4224$164.14$210.89$189.72$237.29
4323$171.40$220.24$198.12$248.41
4422$178.68$230.62$207.36$260.60
4521$188.03$242.04$217.53$274.03
4620$197.38$255.55$228.78$288.87
4719$207.76$269.06$241.27$305.32
4818$220.24$284.64$255.21$323.68
4917$233.74$302.30$270.83$344.23
5016$248.28$322.04$284.44$367.40
5115$264.90$343.86$308.44$393.70
5214$283.60$369.82$331.34$423.79
5313$305.42$398.92$357.79$458.55
5412$330.35$432.15$388.67$499.13
5511$359.43$471.63$425.19$547.10
5610$394.76$519.42$469.03$604.68
579$436.31$576.55$522.60$675.03
588$488.25$648.24$589.48$762.94
597$554.74$739.65$675.36$875.94
606$643.04$861.19$789.68$1,026.56
615$764.58$1,030.53$949.43$1,237.34
624$946.38$1,284.00$1,188.56$1,553.35
633$1,247.64$1,703.69$1,586.26$2,079.69
642$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)
WashingThe ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.
DressingThe ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.
FeedingThe ability to feed oneself food after it has been prepared and made available.
ToiletingThe ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.
MobilityThe ability to move indoors from room to room on level surfaces.
TransferringThe ability to move from a bed to an upright chair or wheelchair, and vice versa.

How Much Are My Payouts Under ElderShield?

Donald Duck Money
Source: Tenor

Instead of paying out a lump sum, your ElderShield scheme gives you a monthly cash payout to defray your long-term care needs.

 ElderShield300ElderShield400
If you joined ElderShield between Sep 2002 & Aug 2007If you joined ElderShield after Sep 2007
Payout Amount$300 per month$400 per month
Payout DurationUp 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 AssessmentFees 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 MyCareAviva MyCare PlusGreat Eastern ElderShield ComprehensiveNTUC Income PrimeShield
Requirements for PayoutInability to perform at least 3 of 6 ADLsInability to perform at least 2 of 6 ADLsInability to perform at least 2 of 6 ADLsInability 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 DurationLifetime payout or up to 12 years (144 months)Lifetime payout or up to 10 years (120 months)Lifetime payout
Premium PaymentLifetime ORLifetimeUp to age 80Up 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 BenefitAdditional 3 times of first monthly benefitEquivalent to 3 times of monthly payoutEquivalent to 3 times of monthly benefit
Rehabilitation Benefit50% of monthly payout for remaining payout durationNANANA
Get-Well BenefitNANAOne-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)NAAdditional 25% of monthly payout (up to 36 months)
Lump Sum Death BenefitAdditional 3 times of last drawn monthly payoutEquivalent to 3 times of monthly payoutEquivalent to 3 times of monthly payout

About Jacqueline Yan
Full-time coffee nerd playing the personal finance game to feed her insatiable wanderlust.
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