Careshield Life Supplement

[reddevil0728]

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

More like don’t go for that, go for 2/3 ADL version.

that being said, insurance are technically “never” necessary if you are wealthy enough to self insure. That’s the case of wealthy people.

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

Do you think it’s sufficient for your care needs? It’s a qns that only you can answer.

 

[Okenba]

More like don’t go for that, go for 2/3 ADL version.

that being said, insurance are technically “never” necessary if you are wealthy enough to self insure. That’s the case of wealthy people.

Do you think it’s sufficient for your care needs? It’s a qns that only you can answer.

Overall, careshield does not seem like cheap insurance to me.
If you are retired, CPF life seems better.
If you are working, you should already have Disability income insurance.

 

[reddevil0728]

Overall, careshield does not seem like cheap insurance to me.

It’s not cheap for a reason right? Personal accident insurance are cheap for a reason. But CI insurance aren’t. Context matters

If you are retired, CPF life seems better.

Retirement and CPF life are 2 separate things. You can retire at age 12 but doesn’t mean you reach the age of cpf life payout yet.

If you are near cpf life payout age, sure maybe can forgot the supplement. But what if you are no where close to cpf life payout age how? Take the chance?

If you are working, you should already have Disability income insurance.

Yea but they cover different things.

 

[Okenba]

It’s not cheap for a reason right? Personal accident insurance are cheap for a reason. But CI insurance aren’t. Context matters

Not cheap in the sense that other products can help to cover.

Retirement and CPF life are 2 separate things. You can retire at age 12but doesn’t mean you reach the age of cpf life payout yet.
If you are near cpf life payout age, sure maybe can forgot the supplement. But what if you are no where close to cpf life payout age how? Take the chance?

If you retire at age 12 I'm going to assume you have enough to cover your expenses (which is the point of careshield) for the rest of your life. If you don't, perhaps you shouldn't be retiring?
Maybe you would retire at age 12 without planning, but I wouldn't.

Yea but they cover different things.

There is overlap.

 

[reddevil0728]

Not cheap in the sense that other products can help to cover.

definitely not a perfect substitute if one is cognisant of that sure.

If you retire at age 12 I'm going to assume you have enough to cover your expenses (which is the point of careshield) for the rest of your life. If you don't, perhaps you shouldn't be retiring?
Maybe you would retire at age 12 without planning, but I wouldn't.

Again that's an extreme illustration, but the point is still the same. retirement and cpf life payout age are different thing

There is overlap.

sure but not perfect substitute. if you are cognisant about that then go ahead

 

[exterminazn]

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...

Careshield supplement uses Medisave to pay, whereas CPF life gets from OA and SA, so by getting Careshield supplement it won’t affect your CPF life payout

anyway both are different things…..

 

[Okenba]

Careshield supplement uses Medisave to pay, whereas CPF life gets from OA and SA, so by getting Careshield supplement it won’t affect your CPF life payout

anyway both are different things…..

Medisave is your money.
OA & SA also your money.
Interest in medisave abv BHS goes into your OA/SA.

 

[reddevil0728]

Medisave is your money.
OA & SA also your money.
Interest in medisave abv BHS goes into your OA/SA.

It’s insurance for a reason.

the qns now is whether you need more

it’s a bet

 

[Okenba]

definitely not a perfect substitute if one is cognisant of that sure.

Any careshield life supplement from one insurer is also not a perfect substitute of a supplement from another insurer.

Again that's an extreme illustration, but the point is still the same. retirement and cpf life payout age are different thing

Extreme illustration wasn't brought up by me.

sure but not perfect substitute. if you are cognisant about that then go ahead

Sure. But many things are not perfect substitutes.

 

[exterminazn]

Medisave is your money.
OA & SA also your money.
Interest in medisave abv BHS goes into your OA/SA.

Correct from the flow, I miss out this

and correct both are your money, but I didn’t mention anything CPF is not your money though

 

[Okenba]

It’s insurance for a reason.

the qns now is whether you need more

it’s a bet

I honestly have no idea what point you are trying to make.
My point is that I can see other products that can help me in a careshield situation and since I have those products, it seems to me that careshield supplements are not a huge priority.

If retire early, presumably you have enough money that you don't really need careshield. Unless you are FIRE lite. I don't think FIRE lite is a good idea.
If still working, presumably you have DII, which should cover careshield situations. If you cannot do 2-3 ADL but still can work (ie. DII does not kick in), you likely do not need the careshield payout much anyway.

If 60+, you have CPF and CPF life. There seems to be very precise windows where careshield would be a big/significant help.
I would be happy for someone to tell me why i'm wrong so I can plan my insurance more deliberately, but platitudes like "they serve different purposes" or "they are not perfect substitutes" don't really help.

 

[reddevil0728]

Any careshield life supplement from one insurer is also not a perfect substitute of a supplement from another insurer.

Didn’t say it is. But this is a different comparison to non CSL alternatives.

Extreme illustration wasn't brought up by me.

I didn’t say it was brought up by you. But you only address the example but not the principle.

Sure. But many things are not perfect substitutes.

They aren’t. But if you are cognisant about it and still make that decision, I think it’s totally fine.

it’s more of an issue when making decisions based on imperfect information.

 

[reddevil0728]

I honestly have no idea what point you are trying to make.

Trying to say you cannot compare paying of premium for insurance with the money you have that’s considered like “savings”

My point is that I can see other products that can help me in a careshield situation and since I have those products, it seems to me that careshield supplements are not a huge priority.

Yep that’s your decision to make so long as you are making it based on holistic information

If retire early, presumably you have enough money that you don't really need careshield. Unless you are FIRE lite. I don't think FIRE lite is a good idea.
If still working, presumably you have DII, which should cover careshield situations. If you cannot do 2-3 ADL but still can work (ie. DII does not kick in), you likely do not need the careshield payout much anyway.

Individual specific circumstances. Not so much of IFS, but rather do you fit into this assumption for yourself?

If 60+, you have CPF and CPF life. There seems to be very precise windows where careshield would be a big/significant help.
I would be happy for someone to tell me why i'm wrong so I can plan my insurance more deliberately, but platitudes like "they serve different purposes" or "they are not perfect substitutes" don't really help.

Have explained and mentioned don’t agree with that characterisation.

maybe you just don’t vibe with how it is explained, maybe others can try.

 

[Okenba]

Didn’t say it is. But this is a different comparison to non CSL alternatives.

And yet people make comparisons anyway.

I didn’t say it was brought up by you. But you only address the example but not the principle.

But I did. The principle is quite simply that if you don't have the money, you shouldn't be retiring. Perhaps what you meant was that I didn't agree with you. At least you'd be right there.

They aren’t. But if you are cognisant about it and still make that decision, I think it’s totally fine.

it’s more of an issue when making decisions based on imperfect information.

So glad to have your approval.
Almost all decisions are made on imperfect information. If you think you have perfect information, you must think you're God.

 

[Okenba]

Trying to say you cannot compare paying of premium for insurance with the money you have that’s considered like “savings”

Of course you can. The money you don't pay to premiums would be added to your savings.

Yep that’s your decision to make so long as you are making it based on holistic information

Individual specific circumstances. Not so much of IFS, but rather do you fit into this assumption for yourself?

Have explained and mentioned don’t agree with that characterisation.

maybe you just don’t vibe with how it is explained, maybe others can try.

Absolutely don't vibe.

All I read are general platitudes that I mentioned earlier.

Stuff like "they serve different purposes" with no mention about what the different purposes are or why we should not conflate the two, or even specific instances where it might be unwise to have one without the other.

Or "they are not perfect substitutes" again without mentioning why this would be important and what one misses out by using an 'imperfect' substitute.

 

[qhong61]

Get the supplement.
Before chronic set in.
Unless those payout don't really matter.

 

[reddevil0728]

And yet people make comparisons anyway.

Yep. But that shouldn’t be the reason why the comparison is valid just because ppl compare anyway.

But I did. The principle is quite simply that if you don't have the money, you shouldn't be retiring. Perhaps what you meant was that I didn't agree with you. At least you'd be right there.

noted that you are of the opinion that you did. I was of the opinion that you are very specific to the 12yo, so not so much about whether you did agree with me or not

So glad to have your approval.
Almost all decisions are made on imperfect information. If you think you have perfect information, you must think you're God.

You don’t need my approval. Dunno why you characterised it as such.

ah ok, that I agree. I should have said “more perfect”.

 

[reddevil0728]

Of course you can. The money you don't pay to premiums would be added to your savings.

Then using this argument. If you ever have to incur cost due to what the insurance could have covered. Then you might be dipping into much more savings than you would have been by paying the premium

Absolutely don't vibe.

All I read are general platitudes that I mentioned earlier.

Stuff like "they serve different purposes" with no mention about what the different purposes are or why we should not conflate the two, or even specific instances where it might be unwise to have one without the other.

Or "they are not perfect substitutes" again without mentioning why this would be important and what one misses out by using an 'imperfect' substitute.

Yep sure if that’s what you feel. You can choose not to react to it.

 

[qhong61]

Of course you can. The money you don't pay to premiums would be added to your savings.


Absolutely don't vibe.

All I read are general platitudes that I mentioned earlier.

Stuff like "they serve different purposes" with no mention about what the different purposes are or why we should not conflate the two, or even specific instances where it might be unwise to have one without the other.

Or "they are not perfect substitutes" again without mentioning why this would be important and what one misses out by using an 'imperfect' substitute.

Ur choice

 

[Okenba]

Get the supplement.
Before chronic set in.
Unless those payout don't really matter.

So you bought the supplement? Can share which one and why?