Enhanced Eldershield - Should one go for it?

freespiritsy

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Hi,

I believe only NTUC Income and Aviva offers Eldershield.

My other half just turned 40 yrs and has received a letter from NTUC Income asking him to sign up for Enhanced Eldershield as he is currently a NTUC Enhanced Medishield member.

Should my other half sign up for enhanced Eldershield? Am thinking it might make sense as we are single income with no children. I believe he has to pay $500+ annually to subscribe for it.

If it is yes, any difference between NTUC Income and Aviva's enhanced Eldershield?

tks.
 

freespiritsy

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As part of comprehensive planning, it makes sense to sign up for the enhancement for Eldershield especially if you're still in your forties.

My usual concern is to make sure they've the best medical plan they can afford first.

Basic Eldershield plan pays $400/mth should you be eligible for the claim. However, it limits the payout to a maximum of 72 months only. Beyond that, good luck.

The estimated expenses to keep, for example a bed-ridden stroke patient, at home with a private nurse is about $1k/month according to my clients who unfortunately qualify for the claim.

tks. Enhanced MediShield allows up to $800 from CPF to pay for the annual premium?

wat abt NTUC enhanced Eldershield? I assume one can deduct CPF to pay premiums? if so, what is maximum cap?

tks.
 

freespiritsy

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tks ntucagent! :)

i understand claim for enhanced Eldershield is up to one's death. So if one wants to get $3K, he will have to pay more premium - estimated how much? Does premium go up as one gets older?

will u know if both NTUC and Aviva has same premium for same terms?

tks.
 
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audiovideo

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my eldershield is from aviva
when turn 40 aviva agent jio me to get their mycare plan which I did.
Premium is $400++ for 1k payout per month, i.e. I will get total $1.4k ... but of cause I dont wish to get this type of $$ :s13:

but it pays for life... not bad
 

freespiritsy

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Think u better clarify with your agent.

If you buy a benefit of $1k, the payout will be strictly $1k throughout the qualifying term.

Assuming you have the Eldershield 400, the first 72 months of $1k will be $400 from Eldershield and $600 from the supplement. Beyond 72 months, the $1k shall come from the supplement only.

I just spoke to a AXA agent earlier and she clarified on the same. I think what audiovideo meant is for the first 6 yrs, he will get $1.4K (including the $400 from Eldershield) and from 7 th yr onwards, he will get $1K.
 

freespiritsy

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For an estimated $3k benefit, depending on entry age and gender, we're talking anywhere from $1.7k (age 40 male) to $6.4k (age 64 female).

The premiums will stay constant throughout the term unless you choose to opt out and join in later at a higher age.

There are 3 appointed insurers for Eldershield and it supplements namely Aviva, GE and NTUC Income.

While Eldershield plans are exactly the same for all 3 insurers, the supplements varies with each insurer. Do a detailed check on all 3 before deciding.

Hope that helps!

tks for ur comments - they certainly help! :)
 

audiovideo

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for 1st 6 yrs, I will get $1.4, $400 from eldershield and $1k from mycare.
7th year onwards is $1.4k from mycare

you guys can do me a favour to double check with aviva :s13:
if it is true then you also can get a good deal ;)

I will double check on the clause and post it here for comment.
maybe my england really cannot make it :s13:
 

audiovideo

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From Aviva website...

How does it Work?
In our example, a 41 year old male already has basic ElderShield protection with a payout of $400 a month for a term not to exceed 72 months. By purchasing MyCare to the policy, he upgrades his benefit to $800 a month and extends the payout duration to a lifetime. He selects a premium payment term of up to age 67 next birthday. When he finally does make a claim, his child is 21 years old. How much can he receive?

Severe Disability Benefit
For the first 72 months of his basic ElderShield protection: he receives $400 per month from ElderShield and an additional $400 from MyCare.
Beyond month 72: he will receive $800 from MyCare

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the example is inline with what I understand from aviva
i.e. eventually aviva will pay that total amount (up to $3k?) from mycare
regret din buy more :D
 

freespiritsy

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I just spoke to a AXA agent earlier and she clarified on the same. I think what audiovideo meant is for the first 6 yrs, he will get $1.4K (including the $400 from Eldershield) and from 7 th yr onwards, he will get $1K.

As my Aviva agent is on leave, I managed to speak to another Aviva agent to clarify. I was given wrong info by Axa agent. The mthly payout should be fixed for life at say
$1k for eg, just that for the 1st 6/7 yrs the $400 will come from the basic Eldershield.
 

freespiritsy

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the example is inline with what I understand from aviva
i.e. eventually aviva will pay that total amount (up to $3k?) from mycare
regret din buy more :D

i think no need to get $3k one. $1K shld be enough as getting a maid costs abt $1K. That said, i wonder what's the diff in premium btw $1K and $3K one?
 

freespiritsy

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I went to MOH website yest and I don't understand the differences in the comparison list of Enhanced Eldershield offered by Aviva, NTUC and GE.

Will someone be able to help?

tks.
 

lzydata

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i think no need to get $3k one. $1K shld be enough as getting a maid costs abt $1K. That said, i wonder what's the diff in premium btw $1K and $3K one?

I don't think Aviva has their premiums online, but according to NTUC Income's premiums, assuming male and entry age 40 it is $514.70 for $1k and $1707.80 for $3k (female: $659.20 for $1k and $2204.20 for $3k). Quite substantial difference, especially since the premium payable through Medisave is capped at $600 a year, so the rest has to be paid in cash.
 

lzydata

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I went to MOH website yest and I don't understand the differences in the comparison list of Enhanced Eldershield offered by Aviva, NTUC and GE.

Will someone be able to help?

tks.

What part do you not understand?
 

freespiritsy

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I don't think Aviva has their premiums online, but according to NTUC Income's premiums, assuming male and entry age 40 it is $514.70 for $1k and $1707.80 for $3k (female: $659.20 for $1k and $2204.20 for $3k). Quite substantial difference, especially since the premium payable through Medisave is capped at $600 a year, so the rest has to be paid in cash.

tks.

The premiums for NTUC for both $1K and $3K is not detailed in the comparison sheet. Did u get it from the NTUC website> And yes, quite substantial difference indeed.

u r right to say there is a cap of $600 through Medisave. I read abt this previously but am baffled an Aviva agent I spoke to today insisted there is no cap when I told her so. Not quite acceptable I think - considering it's an Aviva product!
 

freespiritsy

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What part do you not understand?

For eg for the Aviva one, there's 2 premiums indicated for each gender, which's wrong. There is a 12-yr option (but I don't understand why it's up to 66 yrs, shldn't be it 40 + 12 = 62 yrs, unless it takes into consideration someone signing up only at 44 yrs?) It only indicates for mthly payout of $600 only. Perhaps for other amts, I will need to separately get a quote from Aviva.

For the Great Eastern n NTUC one, very confusing as one will need to calculate as it's by for every $100 or every $500. Seems there's no 12-yr option with these 2 companies.

tks.
 

freespiritsy

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better change another aviva agent cos she doesnt know the very basic :s13:

oh, this one's only a stand-in one for now to help answer my queries as my Aviva agent whom I bought my shield plan from has gone on leave.

She's not the only one who made mistakes. There's another AXA one whom I spoke to ask abt Aviva Eldershield. She gave me wrong info also.

if I'm not wrong, seems there's no Aviva agents on this forum.
 
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