Aviva Elder Shield VS NTUC Enhanced Plan

[luei74]

Already covered with the NTUC Income Enhanced Plan for my self and the family members. Reduction from my CPF MA.

Today received another Aviva Elder Shield with the following info:

Plan: ElderShield
Benefits: $400/mth subject to a maximum lifetime limit of 72 mths.
Premium Plan: Regular Premium Plan (i.e payable yearly till age 65)
Premium: $174.96/year.

What's the different between the NTUC enhanced plan with this aviva elder shield? Thanks in advance for those who able to shed the lights.

 

[lzydata]

NTUC Enhanced IncomeShield is an integrated-shield plan on top of Medishield. It is for hospitalisation and surgery as well as certain outpatient treatments like chemo.

Eldershield is a government opt-out programme for severe disability insurance where one gets a payout if one is unable to perform 3 or more of the 6 so-called Activities of Daily Living (ADLs): washing, feeding, dressing, toileting, mobility and transferring. If this happens, one can claim $400 per month for 72 months.

There are 3 insurers appointed to offer the basic Eldershield plan: Aviva, NTUC Income and GE. All 3 insurers also offer upgraded versions with more benefits such as a larger monthly payout or a payout that lasts for life (until death).

Premiums are paid from age of signing up - usually age 40 unless you opt out - till age 65. For example, males who signs up at age 40 years old pay $174.96 a year, females $217.76 a year. Coverage is for life. Premiums of up to $600 per year per person insured can be paid from Medisave, which covers the basic Eldershield and the lower-end supplementary versions. If not you will have to top it up with cash.

In short, Medishield and Eldershield cover different things, not really overlapping. You can decide (1) whether you want to opt out of Eldershield, and then (2) which insurer to opt for. It may be easier to sign up with the same insurer as your other policies, but it's up to you. In any case, their benefits and premiums should be quite similar.

 

[FP_IFA]

Opting out of eldershield and then reapplying again means you going to have to go through medical underwriting. Not advisable to opt out and reselect insurer. The benefits are the same for all 3 insurers.