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.

#4 Premiums

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.