GREAT CareShield

As Singaporeans live longer, the risk of disability rises along with the need for long-term care services. These concerns are addressed by CareShield Life, a compulsory national long-term care insurance scheme for all Singapore residents born in 1980 or later, that began on Oct 1 2020, which provides basic financial support for those who become severely disabled.

CareShield Life caters for severe long-term disability. It pays out a fixed monthly amount starting from $600 in 2020 for the duration of the disability, even if it is for the rest of the person's life. A person who cannot perform 3 of the 6 Activities of Daily Living (ADLs) without assistance qualifies for the payout.

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If you think $600 a month won't be enough in the event of disability, CareShield Life supplements by private insurers could help. Supplement your CareShield Life coverage with GREAT CareShield, which offers you enhanced protection with payouts to help in the event of loss of income or to cover long-term care costs due to a disability. GREAT CareShield provides monthly payouts for moderate and severe disabilities – in addition to the CareShield Life’s starting monthly payouts of S$600. Enhance your CareShield Life coverage now and decide on your own benefit amount to suit your needs and budget!

Key Features

 

  • Premiums payable in part or full by MediSave with level premiums

  • Lifetime monthly payouts for inability to perform 1, 2 or 3 ADLs

  • 20% off perpetual premiums

  • Additional caregiver and dependant care benefits provided

  • Premiums waived upon 1 ADL

Personal Opinion

 

If possible, I would suggest using a premium term up to Age 99 instead of 67. This may incur higher premiums in total, but on a yearly basis, less premiums are deducted. If you need to make claims because you lost the ability to perform at least 1 or 2 ADLs in younger years, you might have paid less premiums on an overall basis.

Coverage

Full Monthly Benefit payable
at inability of 2 ADLs

One-off 3X Monthly Benefit payable
at inability of 1 ADL

0.5X Monthly Benefit payable
at inability of 1 ADL