Careshield Life Supplement

[rgdusr]

Just received email from CPF asking me to upgrade from ElderShield 400 to CareShield Life. The annual premium will increase from 174.96 to 479 (1st year with participation incentives), and the monthly payout will increase from 400 to 624 (2022).
Any advices should I upgrade or stay with ElderShield 400, and how do the others (old man like me) choose? Thanks.

 

[qhong61]

Just received email from CPF asking me to upgrade from ElderShield 400 to CareShield Life. The annual premium will increase from 174.96 to 479 (1st year with participation incentives), and the monthly payout will increase from 400 to 624 (2022).
Any advices should I upgrade or stay with ElderShield 400, and how do the others (old man like me) choose? Thanks.

How old are u?

 

[rgdusr]

How old are u?

57

 

[qhong61]

Just received email from CPF asking me to upgrade from ElderShield 400 to CareShield Life. The annual premium will increase from 174.96 to 479 (1st year with participation incentives), and the monthly payout will increase from 400 to 624 (2022).
Any advices should I upgrade or stay with ElderShield 400, and how do the others (old man like me) choose? Thanks.

Eldershield400 payout is only payable for six yrs and $400 monthly payout.
Careshield life is payout for life if 3ADL out of 6ADL and $600 monthly payout.
Eldershield400 premium is payable till age 65.
Careshield life premium is payable for ten yrs.

 

[qhong61]

57

If u opt for govt careshield life (which is basis), u can still enhanced it with private careshield plus covering one to two ADL.
Govt careshield life can use medisave till $600 for premium.
Pte careshield plus can use separately another $600 from medisave.

 

[exterminazn]

If u opt for govt careshield life (which is basis), u can still enhanced it with private careshield plus covering one to two ADL.
Govt careshield life can use medisave till $600 for premium.
Pte careshield plus can use separately another $600 from medisave.

Even if one have or remain basic Eldershield, can also purchase Careshield supplement from insurance company

Careshield life if not wrong doesn’t have limit for usage of medsiave

whereas Careshield supplement do have the $600 medisave limit

 

[qhong61]

Even if one have or remain basic Eldershield, can also purchase Careshield supplement from insurance company

Careshield life if not wrong doesn’t have limit for usage of medsiave

whereas Careshield supplement do have the $600 medisave limit

If under eldershield, then the supplement will be eldershield supplement.
Are u sure no limit on medisave for careshield life ?

 

[exterminazn]

If under eldershield, then the supplement will be eldershield supplement.
Are u sure no limit on medisave for careshield life ?

If under Eldershield, supplement have a possibility be either Eldershield or Careshield supplement

on the limit, u might want to check, so far I understand no limit….. $600 limit applies only to supplement

 

[andyhtc]

Just received email from CPF asking me to upgrade from ElderShield 400 to CareShield Life. The annual premium will increase from 174.96 to 479 (1st year with participation incentives), and the monthly payout will increase from 400 to 624 (2022).
Any advices should I upgrade or stay with ElderShield 400, and how do the others (old man like me) choose? Thanks.

I switched from the ElderShield to the new CareShield Life.

The increase in premium is bearable, given the lifetime payout if I'm down with severe disabilities.

The beauty of CareShield Life is a very young group must join by law, so they will help with supporting the system.

Those in their 40s and 50s should benefit the most at this point.

 

[rgdusr]

Thank you all for the advices. I was thinking if I had 3 ADLs, I would unlikely drag for more than 6 years. So the lifetime payout is a waste. The expected value of CareShield Life payout (600 x probability x month of payout) is unlikely much more than the premium to be paid (600 x 10 years). So stay with ElderShield, which is the minimum, maybe the most cost-effective option.

 

[qhong61]

Thank you all for the advices. I was thinking if I had 3 ADLs, I would unlikely drag for more than 6 years. So the lifetime payout is a waste. The expected value of CareShield Life payout (600 x probability x month of payout) is unlikely much more than the premium to be paid (600 x 10 years). So stay with ElderShield, which is the minimum, maybe the most cost-effective option.

If payout for six yrs will be $600*12mths*6yrs.
Premium for ten yrs is $6000.
A lot of difference.

 

[reddevil0728]

Thank you all for the advices. I was thinking if I had 3 ADLs, I would unlikely drag for more than 6 years. So the lifetime payout is a waste. The expected value of CareShield Life payout (600 x probability x month of payout) is unlikely much more than the premium to be paid (600 x 10 years). So stay with ElderShield, which is the minimum, maybe the most cost-effective option.

what do you mean unlikely drag?? like you think you will die within 6 years?

 

[rgdusr]

If payout for six yrs will be $600*12mths*6yrs.

Premium for ten yrs is $6000.
A lot of difference.

The expected value of payout could be $600 x 72mos x 10%, assume the probability of claim is 10%, which is quite high to me.

wouldn't do you mean unlikely drag?? like you think you will die within 6 years?

If had 3 ADLs, likely will die within 6 years. Not really based on statistics?

 

[reddevil0728]

If payout for six yrs will be $600*12mths*6yrs.

The expected value of payout could be $600 x 72mos x 10%, assume the probability of claim is 10%, which is quite high to me.


If had 3 ADLs, likely will die within 6 years. Not really based on statistics?

sorry i meant what do you mean.

so you are saying you will or wouldn't?

 

[rgdusr]

sorry i meant what do you mean.

so you are saying you will or wouldn't?

Will, because the health will deteriorate quickly if 3 ADLs. Also I guess the 5 / 6 years payout of ElderShield was decided based on nationwide statistics.

 

[reddevil0728]

Will, because the health will deteriorate quickly if 3 ADLs. Also I guess the 5 / 6 years payout of ElderShield was decided based on nationwide statistics.

so there's statistic to show ppl with 3 ADL are more likely to die within 6 years?

 

[rgdusr]

so there's statistic to show ppl with 3 ADL are more likely to die within 6 years?

I would think so, when the initial ElderShield plan was designed.

 

[reddevil0728]

I would think so, when the initial ElderShield plan was designed.

got source to this statistic?

 

[rgdusr]

got source to this statistic?

not really, but think how gov convinced people then to take ElderShield and 6 years was decided. Just my guess only, could be wrong, and maybe now the medicine is more developed can drag longer. But for me, 3 ADLs is too bad to drag belong 6 years.

 

[reddevil0728]

not really, but think how gov convinced people then to take ElderShield and 6 years was decided. Just my guess only, could be wrong, and maybe now the medicine is more developed can drag longer. But for me, 3 ADLs is too bad to drag belong 6 years.

have you looked at what are the 3 ADLs for you to come to that conclusion?