CareShield Life
CareShield Life is a long-term care insurance scheme that provides lifetime monthly cash payouts should you become severely disabled — that is, unable to perform at least 3 of 6 Activities of Daily Living (ADLs).
Who is covered?
- Mandatory for Singapore Citizens and Permanent Residents born in 1980 or later
- Those born in 1979 or earlier were on ElderShield and could opt into CareShield Life from 2021
How much does it pay out?
- Payout begins at SGD 600/month and increases 2% per year
- Payouts are for life once eligibility is established
- There is no cap on duration
Premiums
Premiums are payable from age 30 to 67, and can be paid fully from Medisave.
How to make a claim
- 1.Your doctor certifies that you are unable to perform at least 3 of 6 ADLs
- 2.Submit the claim form to the Agency for Integrated Care (AIC)
- 3.AIC processes the claim and begins payouts
Supplements
Private insurers offer CareShield Life supplements that increase payout amounts. Speak to a financial advisor about whether a supplement is suitable for you.
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