Careshield Life -- 5 Hacks you should already know!
#1 ElderShield 2.0
On 1 October 2020, all Singapore residents between 30 to 40 years old will start paying premiums and be included in this national long-term care insurance scheme.
#2 Higher payouts than Eldershield
The original ElderShield 300 provided S$300 per month for 5 years.
When it was upgraded to ElderShield 400, you received S$400 per month for 6 years.
With the new CareShield Life, you now receive S$600 per month from the start and the payouts will increase over time, for life.
#3 Automatic Coverage
The first batch of Singaporeans who will be under CareShield Life will begin on 1 October 2020.
More specifically, it will be for those aged 30 to 40 in 2020.
Premiums begin from age 30 to 67 (a total of 38 premiums over your lifetime).
They currently start at $206 for male and $253 for female — starting at age 30 for both.
The premiums will increase at a rate of 2% a year for the first 5 years.
Anyone with a severe disability at the joining age of 30 has to pay only the first premium in order to qualify for lifetime payouts.
For anyone eligible for a payout, he or she will stop paying premiums even if they are younger than the last premium payment age of 67 years
#5 Estimated Monthly Payout
Premiums are based on a 2 per cent increment rate for the first 5 years starting from $600 monthly from the year of 2020.