BEWARE, Upgrading eldershield good or bad?

[unhinged_loon]

I am planning to cancel eldershield, looked like a waste of my medisave.

Why not just save enough money, $400 x 6yrs = $28800, rather than money go down the drain if did not utilise

Eldershield is a ripoff.

Just look at the premiums:
https://www.moh.gov.sg/content/moh_.../ElderShield/Premiums_For_ElderShield400.html

I personally know elderly people who are sufficiently disabled to require assistance for 3 or more of the 6 activities. Typically we are talking about being semi-ambulatory at that stage. Unless disabled by illness, you are probably close to 80 years old in order to be that weak. If the premiums stayed in your MA account, how much would it have accumulated by then? It is ridiculous to try and use this scheme to pull cash out of the MA account.

You are not going to get the money if you don't qualify for it. Look at the biggest killers and the most prevalent chronic diseases. Think how much you are more likely to spend on treatment. Then think how likely you are to qualify for disability. If you die halfway of receiving the payout, the payment stops when your heart stops beating.

Furthermore, I'm not sure if mental illness related disability qualifies.

 

[unhinged_loon]

If u kena sever stroke must prob is 3 out of 6.
I think kena 3 out of 6 has higher chance compared to just 2 out of 6.

The 6 activities are:

Washing
The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.

Dressing
The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.

Feeding
The ability to feed oneself food after it has been prepared and made available.

Toileting
The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.

Mobility
The ability to move indoors from room to room on level surfaces.

Transferring
The ability to move from a bed to an upright chair or wheelchair, and vice versa.



I think u are more or less correct that the payout is majorily used to subsidise the cost of a caretaker, or if your loved ones have to quit their job to take care of you, this would replace their income.

Personally I think the premiums are rather low, if you Medisave can afford it, there's not much reasons to reject the option since you can't spend the money in MA elsewhere.

Putting things into perspective, if your loved ones (could be parent, spouse, children) reach that stage in life and think they'd be better off dead instead, what would your response be for them?
Try putting yourself in their shoes too rather than just putting them into yours.

That's emotional blackmail.

400 freaking dollars a month. That's not even enough to pay for the salary of a maid from Myanmar, and they are among the cheaper ones right now.

For a typical case of such disability, we are usually talking about semi-ambulatory state and possibly on tube feeding too. Do you know the price of the milk used for tube feeding?

Those people who have geriatrics in their household will know how expensive it is to take care of them. That payout is a pittance.

 

[unhinged_loon]

I am also pondering whether to upgrade eldershield since i'm turning 40 next month. my insurer is GE and yup, they have an upgrade which is just 2 activities out of the 6 that we cannot do.

but at the back of my mind I was thinking how 'difficult' it is to 'qualify' for the 2 activities. if I reach that stage in my life, will I be better off dead and not be a burden to others? I supposed the payout is just to subsidise the cost of some caretaker to take care of my 'disabilities' until I die. right?

You do realize that assisted suicide is not available or even legal in Singapore?

 

[soneat]

Since we are talking about 3ADLs and whether Eldershield Life is worth it or not, not sure if anyone is aware that most of the current CI plans have a "lost of independence" cover which is similar to 3 ADLs. The main difference is CI's 3 ADLs need a longer waiting period and Eldershield (and upgrades) payout is subjected to revalidation from time to time.

 

[maumu]

You do realize that assisted suicide is not available or even legal in Singapore?

of course I do.. relac bro. I don't mean that I shld therefore kill myself. what I mean is there's no reason to purposely prolong my life if i'm in that situation. anyway, it's personal perspective...

 

[starlight318]

Not right to say we can't spend the money in MA elsewhere, can use to pay for your hospital bills, premium for shield plans. And lastly, can bequest to your next of kin if there is any leftover in MA.

I also feel that the premium for eldershield is a rip-off

If u kena sever stroke must prob is 3 out of 6.
I think kena 3 out of 6 has higher chance compared to just 2 out of 6.

The 6 activities are:

Washing
The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.

Dressing
The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.

Feeding
The ability to feed oneself food after it has been prepared and made available.

Toileting
The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.

Mobility
The ability to move indoors from room to room on level surfaces.

Transferring
The ability to move from a bed to an upright chair or wheelchair, and vice versa.



I think u are more or less correct that the payout is majorily used to subsidise the cost of a caretaker, or if your loved ones have to quit their job to take care of you, this would replace their income.

Personally I think the premiums are rather low, if you Medisave can afford it, there's not much reasons to reject the option since you can't spend the money in MA elsewhere.

Putting things into perspective, if your loved ones (could be parent, spouse, children) reach that stage in life and think they'd be better off dead instead, what would your response be for them?
Try putting yourself in their shoes too rather than just putting them into yours.

 

[parallelyy]

That's emotional blackmail.

400 freaking dollars a month. That's not even enough to pay for the salary of a maid from Myanmar, and they are among the cheaper ones right now.

For a typical case of such disability, we are usually talking about semi-ambulatory state and possibly on tube feeding too. Do you know the price of the milk used for tube feeding?

Those people who have geriatrics in their household will know how expensive it is to take care of them. That payout is a pittance.

That's why insurers have upgrades for you to raise that $400.

Moreover, it is precisely this reason why there will be a review on Eldershield

 

[parallelyy]

Since we are talking about 3ADLs and whether Eldershield Life is worth it or not, not sure if anyone is aware that most of the current CI plans have a "lost of independence" cover which is similar to 3 ADLs. The main difference is CI's 3 ADLs need a longer waiting period and Eldershield (and upgrades) payout is subjected to revalidation from time to time.

Same as Total Permanent Disability (TPD) in most life insurance

 

[soneat]

Same as Total Permanent Disability (TPD) in most life insurance

The TPD's definition related to 3 ADLs is not as close as CI's definition to 3 ADLs. Also, TPD will typically cease upon 65/70.

I have actually called up insurers and studied their document policies to attempt to understand the difference - which is mainly the waiting period and the need to revalidate (for the case of eldershield related claims).