Enhanced Eldershield - Should one go for it?

lzydata

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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.

From what I can tell from the MOH comparison, that 12-year period for Aviva refers to the benefit period, not the premium period.

For example, as a male who enters into the policy at age 40, I pay $229 per year from age 40 up to maybe age 65. I can claim anytime in my life (because coverage is lifetime), and when I do I get $600 monthly benefit for 12 years.

On the other hand, if I choose the option to pay $276 a year from age 40 to maybe 65, I will get the $600 monthly benefit for life if I successfully claim. This rate of $276 is similar to NTUC's $277.20 (male, entry age 40, premiums payable until 65, lifetime benefit upon claim).

The basic ElderShield is now $400 monthly benefit for 6 years. With these supplements you can extend either the benefit amount or the benefit period or both.
 

lzydata

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tks. But couldn't locate the premiums for $1K payout.

I am looking at page 4 of that product summary, the table titled "PrimeShield Annual Premium Rates (If you are on Basic ElderShield 400)". From there you can choose what age to enter and what monthly benefit you want, and that determines the premium you pay. $659.20 for a female entering age 40 and $1k monthly payout, for example.
 

freespiritsy

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I am looking at page 4 of that product summary, the table titled "PrimeShield Annual Premium Rates (If you are on Basic ElderShield 400)". From there you can choose what age to enter and what monthly benefit you want, and that determines the premium you pay. $659.20 for a female entering age 40 and $1k monthly payout, for example.

seems file is damaged though I could open other files.

wow, $659.20 for female ....:(
 

freespiritsy

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From what I can tell from the MOH comparison, that 12-year period for Aviva refers to the benefit period, not the premium period.

For example, as a male who enters into the policy at age 40, I pay $229 per year from age 40 up to maybe age 65. I can claim anytime in my life (because coverage is lifetime), and when I do I get $600 monthly benefit for 12 years.

On the other hand, if I choose the option to pay $276 a year from age 40 to maybe 65, I will get the $600 monthly benefit for life if I successfully claim. This rate of $276 is similar to NTUC's $277.20 (male, entry age 40, premiums payable until 65, lifetime benefit upon claim).

The basic ElderShield is now $400 monthly benefit for 6 years. With these supplements you can extend either the benefit amount or the benefit period or both.

tks. there's also a $153 and $176. so wat's the diff?
 

lzydata

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tks. there's also a $153 and $176. so wat's the diff?

"Lifetime premium period, 12 years benefit period: $153(M); $186(F)"
"Lifetime premium period, lifetime benefit period: $176(M); $221(F)"

Probably as it says, premiums are payable every year for life rather than for 20+ years.
 

audiovideo

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"Lifetime premium period, 12 years benefit period: $153(M); $186(F)"
"Lifetime premium period, lifetime benefit period: $176(M); $221(F)"

Probably as it says, premiums are payable every year for life rather than for 20+ years.

thought is 12yrs term premium is lower then for life
 

cqprime

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I signed my both parents in their late 50s up for Eldershield + enhancement from Great Eastern. Payment all using medisave so no stress to cash flow.

"ElderShield is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially during old age. It provides a monthly cash payout to help pay the out-of-pocket expenses for the care of a severely-disabled person."

So in event my parents do need long term care and fulfill the criteria for payout i will have less to worry about.



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.
 

audiovideo

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likely most who are serious and aware of the importance of health insurance already bought those plans with cpf $$

daily cash is a rider right? can pay with CPF?

only ntuc offers daily cash rider .. if can pay using cpf, can insured with enhanced shield from other company purchase?

any other protection/health plan that can use cpf $$?
 
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Cashcow

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likely most who are serious and aware of the importance of health insurance already bought those plans with cpf $$

daily cash is a rider right? can pay with CPF?

only ntuc offers daily cash rider .. if can pay using cpf, can insured with enhanced shield from other company purchase?

any other protection/health plan that can use cpf $$?

Rider is all paid using cash.

Ntuc is not the only one offering cash rider. Not sure whether it is standalone.

The disadvantage of ntuc rider is they dun cover both co-insurance and deductible. Other companies like GE and AIA offer.
 

audiovideo

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likely all riders for shield that covers deductible and co-insurance plus other benefits like hospital cash have to pay with cash

only the hospital stay "as charge" portion can pay by medisave
my GE supremehealth use medisave and totalshield needs to pay cash
 

cqprime

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what does the below mean in pay up?

<When the premiums become unbearable in your old age, just do a "paid-up". The benefits would be pro-rated accordingly. ??>>

My personal strategy:

Since CPF money is restricted to only certain use, squeeze as much value as you can.

i) DPS (via OA)

The only term insurance you can buy with CPF. Keep the plan at least until the mid-40s while covering the $46k elsewhere using private insurance. When the premiums get unbearable in your old age, just terminate it.

ii) Medishield (via Medisave)

Upgrade to the best medical plan possible you can afford and buy the riders in the following order of importance:
i) Cover deductible;
ii) Cover co-insurance;
iii) Cover daily cash

When the premiums become unbearable in your old age, downgrade progressively.


iii) Eldershield (via Medisave)

Get as much Eldershield supplements as you can given the $600/year medisave limit. Try to push for at least $800/mth benefit should you need to claim. Top up a little cash if needed.

When the premiums become unbearable in your old age, just do a "paid-up". The benefits would be pro-rated accordingly.

Hope this helps!
 

FP_IFA

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I believed "Paid Up" here means to stop paying for your policy while not terminating it.
 

Rommie2k6

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My personal strategy:

Since CPF money is restricted to only certain use, squeeze as much value as you can.

i) DPS (via OA)

The only term insurance you can buy with CPF. Keep the plan at least until the mid-40s while covering the $46k elsewhere using private insurance. When the premiums get unbearable in your old age, just terminate it.

Agreed. Cheap term insurance using "dead" money like CPF.

ii) Medishield (via Medisave)

Upgrade to the best medical plan possible you can afford and buy the riders in the following order of importance:
i) Cover deductible;
ii) Cover co-insurance;
iii) Cover daily cash

When the premiums become unbearable in your old age, downgrade progressively.

I think (ii) should come before (i). The best private shield plan deductible is only $3000. If you don't even have $3000 in emergency cash (unless you just started working) then something is seriously wrong. On the other hand co-insurance is not capped, e.g. if 20 years from now your hospital bill is $200k, a 10% co-insurance means you need to fork out $20k.

Option (iii) is wasting money if you ask me. Insurance is meant for big ticket financially catastrophic stuff.

I don't agree with downgrading at old age, cause that is when you need it the most. Factor in medical expenses and medical insurance premium in your retirement planning and give a good safety margin (using 5-10% for medical inflation is probably a safer estimate than 2-3%)

iii) Eldershield (via Medisave)

Get as much Eldershield supplements as you can given the $600/year medisave limit. Try to push for at least $800/mth benefit should you need to claim. Top up a little cash if needed.

When the premiums become unbearable in your old age, just do a "paid-up". The benefits would be pro-rated accordingly.

Hope this helps!

Agreed. Again using "dead" CPF money to pay is not a bad deal. Additionally, try to get the riders whereby you pay up to a certain age (e.g. from 40 to 65) and the cover is for life. Don't get the riders where you must pay premium every year, since the cost escalate too much.
 

freespiritsy

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i know ntuc agent has mentioned previously private home care for nurse approximates $1K a mth.

my financial advisor said it costs about $1.4K mthly for nursing home care.

does anyone know?

Shld i go for NTUC or Aviva?

how much min mthly payout for life shld i go for - $1K or $1.4K in view i need to top up with cash on top of medisave?
 

lonewalker

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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.

Currently, Aviva, NTUC and GE.

Whether of not eldershield is important, I believe one should have the basic from CPF board.

Reasons:

1) Aging population (my favorite topic and most concerned situation in Singapore)

Health cost will rise, however when someone is sick and need to go to hospital regularly, sometimes it also means they can't take care of themselves.

A disability payout benefit becomes extremely important. This payout allows funds to engage a care giver or even a maid (though a maid is not the best person as they are not trained). Especially when parents are having lesser kids. Imagine 2 working adult (husband and wife) taking care of 4 elderlys. Anyone kena illness or accidents and requires assistance, all the 4 are old and probably not strong enough to carry. They definetly need additional funds to engage a helper.

Eldershield is classify as a long term care insurance.

If you look at most of your disability contract in your insurance policies, you will notice that most TPD expires at age 65. Thus old age disabilities becomes a very critical cover that most people will be lacking.
This situation will be ballooned if everyone is aging. An economy that has aging population is extremely uncompetitive. Looking at the size of Singapore, our lack of natural resources, our prospect really does not looked very promising unless we do something about it early.


Eldershield is as important as healthcare insurance and in certain cases much much more important.

If you notice, many elderly requires long term care esp after a stroke, major illness or simply aging body condition (which is natural).

If one can afford it, one should consider using their medisave to calculate if their funds are able to last them through.

I have an excel done for calculating if the CPF is enough to pay for Shield plans and eldershields. If one is interested, pls pm me.
 

lonewalker

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OT abit.. Seems like no one brought up PruShield. Why ar?

Becoz PruShield is a medical insurance whereas eldershield is a long term care disability income plan.

Perhaps you have misread and thought they wrote medishield. It can be confusing becoz everything also shield. lolx. :)
 

choonfatt

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Becoz PruShield is a medical insurance whereas eldershield is a long term care disability income plan.

Perhaps you have misread and thought they wrote medishield. It can be confusing becoz everything also shield. lolx. :)

Yeah I just realised.. I was thinking of the H&S one. Everything also shield is really confusing.
 
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