Careshield Life Supplement

[bluerail]

Can suddenly pay with cash meh?

You can always pay for Careshield Life Supplement with cash, just that you can pay max $600 per year from Medisave.

 

[flowerscflowers]

I intend to buy the lowest coverage which everything can just be covered by medisave. Not sure am I dumb or not. I feel careshield quite expensive

 

[jywy2005]

I intend to buy the lowest coverage which everything can just be covered by medisave. Not sure am I dumb or not. I feel careshield quite expensive

Yes, and the premium increases as you age. There will come a point you will need to pay by cash, unless the MA withdrawal limit also increases.

 

[reddevil0728]

Yes, and the premium increases as you age. There will come a point you will need to pay by cash, unless the MA withdrawal limit also increases.

For now it doesn’t increase right?

 

[reddevil0728]

I intend to buy the lowest coverage which everything can just be covered by medisave. Not sure am I dumb or not. I feel careshield quite expensive

I think that’s what a lot of people would probably do.

but why you think is quite expensive? What are you comparing to?

 

[xtwis7]

Yes, and the premium increases as you age. There will come a point you will need to pay by cash, unless the MA withdrawal limit also increases.

For Careshield life, yes the premiums do increase as the payout also increases. As for the supplements, the benefit amount is fixed and so is the premium. It's really just futureproofing your own long term care.

While the odds of a event happening to you while early is lower, it can still happen. Same goes for CI or any other hospitalisation.

 

[blueboat]

Yes, and the premium increases as you age. There will come a point you will need to pay by cash, unless the MA withdrawal limit also increases.

The premiums will be the same every once I start the plan right? Say I start at 30 yo for $500 a year, it will still be $500 a year when I'm 50 right?

 

[reddevil0728]

The premiums will be the same every once I start the plan right? Say I start at 30 yo for $500 a year, it will still be $500 a year when I'm 50 right?

they have the right to increase the price

 

[blueboat]

What's the difference between the 2 ages (eg 67 and 85 for ntuc)? The coverage is both for life so the difference is just the monthly premium and total premium?

 

[De SantaClaus]

Medisave pays 4% interest rate risk free. Personally I let my money in the Medisave accumulate at 4% instead of signing up for Careshield supplement. 4% accumulated over long periods is significant.

Disability protection at younger ages can be cheaply covered through TPD insurance.

Personally I see no need to have many layers take a ‘cut’ - Agent Comm & bonuses, insurer expenses, insurer profit, reinsurer expenses & reinsurer profit.

Not insurance advice, dyodd and manage your own risks accordingly

 

[qhong61]

Medisave pays 4% interest rate risk free. Personally I let my money in the Medisave accumulate at 4% instead of signing up for Careshield supplement. 4% accumulated over long periods is significant.

Disability protection at younger ages can be cheaply covered through TPD insurance.

Personally I see no need to have many layers take a ‘cut’ - Agent Comm & bonuses, insurer expenses, insurer profit, reinsurer expenses & reinsurer profit.

Not insurance advice, dyodd and manage your own risks accordingly

TPD insurance can use medisave?

 

[De SantaClaus]

TPD insurance can use medisave?

Cannot

 

[qhong61]

Cannot

So can't afford.

 

[De SantaClaus]

So can't afford.

Mindef Aviva is cheap. Group term life covers TPD.

And btw, Medisave money is your money, please remember this

https://singlife.com/content/dam/pu.../products/group-term-life-product-summary.pdf

 

[zeroX26]

Yes, and the premium increases as you age. There will come a point you will need to pay by cash, unless the MA withdrawal limit also increases.

For the rider, the premium is locked in one.

 

[qhong61]

Mindef Aviva is cheap. Group term life covers TPD.

And btw, Medisave money is your money, please remember this

https://singlife.com/content/dam/pu.../products/group-term-life-product-summary.pdf

Ur choice

 

[reddevil0728]

Medisave pays 4% interest rate risk free. Personally I let my money in the Medisave accumulate at 4% instead of signing up for Careshield supplement. 4% accumulated over long periods is significant.

Disability protection at younger ages can be cheaply covered through TPD insurance.

Personally I see no need to have many layers take a ‘cut’ - Agent Comm & bonuses, insurer expenses, insurer profit, reinsurer expenses & reinsurer profit.

Not insurance advice, dyodd and manage your own risks accordingly

Eh it’s for totally different purpose leh.

don’t confuse

 

[Okenba]

I've actually been thinking about Careshield life supplements. In particular Great Careshield, as I only recently heard about it having payouts even for 1 ADL.

But as I thought about it, I was thinking, why not just save the premiums and go for a higher CPF life payout?
Wouldn't that make more sense? And you'll get the payout whether or not you have health problems...

 

[reddevil0728]

I've actually been thinking about Careshield life supplements. In particular Great Careshield, as I only recently heard about it having payouts even for 1 ADL.

1 ADL is like some marketing gimmick. Much more costly, but may not be necessarily. Don’t be fooled by the ability to claim with just 1 adl = it is worth paying. The actuarial cal not so stupid to make it such a good deal

But as I thought about it, I was thinking, why not just save the premiums and go for a higher CPF life payout?
Wouldn't that make more sense? And you'll get the payout whether or not you have health problems...

What if you cannot do certain number of ADL at 31yo? Wait like 34 years for cpf life payout?

 

[Okenba]

1 ADL is like some marketing gimmick. Much more costly, but may not be necessarily. Don’t be fooled by the ability to claim with just 1 adl = it is worth paying. The actuarial cal not so stupid to make it such a good deal

Which is why it seems like a better idea to put the money somewhere else?

What if you cannot do certain number of ADL at 31yo? Wait like 34 years for cpf life payout?

There is still basic careshield life. Were you thinking of getting a supplement beyond that?