CareShield Life participation incentives extended for a year

CareShield Life provides basic financial support in the event of severe disability. The insured must be born before 1980 and without severe disability. 

Monthly payouts for the long-term care insurance scheme start at around S$600 in 2023 and will rise annually until the policyholder is 67 years old or makes a claim.

Existing ElderShield policyholders will continue to be covered under ElderShield if they choose not to upgrade to CareShield Life.

HIGHER LIFETIME PAYOUTS

The CareShield Life and Long-term Care Bill was passed in Parliament in 2019 to provide long-term care for Singapore’s ageing population.

Enrolment in CareShield Life is encouraged as it will provide better protection than ElderShield through higher and lifetime payouts, said MOH.

CareShield Life provides payouts for life during the entire duration of severe disability, whereas ElderShield provides up to 60 or 72 months of payouts, said the ministry.

Unlike ElderShield, CareShield Life has premium support to ensure no one loses coverage due to an inability to pay, it added.

Since November 2021, more than 205,000 Singaporeans have benefited from the participation incentives and joined CareShield Life to get better coverage for severe disability, said MOH.

CareShield Life premiums can be paid fully through MediSave and those interested in signing up can do so on CareShield Life website, where they can also check their what premiums they have to pay.