Anyone bought Careshield Enhancement plans

[testerjp]

Great Eastern is currently offering a 20% discount on their careshield enhancement insurance premium, which they say the premium will remain constant over time. The promotion will probably end by the end of the year.

However, it's important to note that the premium for Careshield Life, a separate government program, the premium increase annually, potentially around $25 each year.

Currently, my premium for Careshield Life is over $250, with an expected payout of $637 with 2 disabilities, and this payment plan extends for approximately 25 years.

Here's a screenshot provided by my agent showing the details for someone aged 42:

If I supplement with Great Eastern's plan with a monthly payout of $2,000, I would need to pay an additional $500+ in cash.
Medisave would cover $600, and these payments would continue until I reach 85 years old.

The total cash payment required is just over $500, specifically for the enhancement part of the plan. Medisave would then cover $600 for the enhancement and the existing $250 for the original Careshield component.

The $2,000 monthly payout is given upon having two disabilities. Should there be only one disability, the payout would be $1,000 per month.

Is TKL online to give an expert's opinion?

 

[harky]

i bump this as i lazzy to open one.. anyone buy the supplement plan?

 

[xdivider]

there are nice to have and need to have. this is the former type. dun have oso wun kill u. got spare money ur choice......

 

[Elnoxv]

Great Eastern is currently offering a 20% discount on their careshield enhancement insurance premium, which they say the premium will remain constant over time. The promotion will probably end by the end of the year.

However, it's important to note that the premium for Careshield Life, a separate government program, the premium increase annually, potentially around $25 each year.

Currently, my premium for Careshield Life is over $250, with an expected payout of $637 with 2 disabilities, and this payment plan extends for approximately 25 years.

Here's a screenshot provided by my agent showing the details for someone aged 42:

If I supplement with Great Eastern's plan with a monthly payout of $2,000, I would need to pay an additional $500+ in cash.
Medisave would cover $600, and these payments would continue until I reach 85 years old.

The total cash payment required is just over $500, specifically for the enhancement part of the plan. Medisave would then cover $600 for the enhancement and the existing $250 for the original Careshield component.

The $2,000 monthly payout is given upon having two disabilities. Should there be only one disability, the payout would be $1,000 per month.

Is TKL online to give an expert's opinion?

imo, the chances of becoming disabled is pretty low but to be hospitalised, especially as we age is increasingly high.

Seeing in that light, i think the point of paying for careshield is pointless unless you expect the possibility of becoming disabled is high in you.

 

[archie7]

"premium will remain constant over time"

constant = in tandem with inflation? or stay the same?

T&C can flip prata anytime one right?

 

[Soya_Bean]

i bump this as i lazzy to open one.. anyone buy the supplement plan?

No, I've got GE PayAssure Disability Income Insurance instead of CareShield Supplement.
I feel that is more comprehensive.

 

[harky]

No, I've got GE PayAssure Disability Income Insurance instead of CareShield Supplement.
I feel that is more comprehensive.

cover till age 65 only

 

[purplewave]

what ish that?

 

[eno_lc]

I did consider but in the end find the criteria to claim too stringent vs the premium amount and payouts

 

[xdivider]

what ish that?

disability income.......

 

[Soya_Bean]

cover till age 65 only

Personally feels that It is unnecessary to get any coverage besides hospitalisation plan after the age of 65 years old.
If one is prudent with their money, they should have sufficient for their retirement by then.