Careshield Life Supplement

[exterminazn]

I heard that Eldershield premiums are flat while Careshield increases with age? Would that be a plus point for eldershield?

Both premiums are flat, but may be subjected to increase by insurance companies

You should be referring to the careshield life payout, which is escalating at 2% per year

 

[peacefulday]

Currently I am on Eldershield premium (payout = basic $400 + add on $600 = $1000, cover till lifetime). Annual premium fees will be flat till age 65.
Not sure of Careshield and CS plus?

 

[peacefulday]

Careshield coverage also increases when the premium increases

Premium fees for Eldershield enhanced will be flat and stop at age65 and lifetime coverage, any idea when Careshield stop paying?

 

[soneat]

Premium fees for Eldershield enhanced will be flat and stop at age65 and lifetime coverage, any idea when Careshield stop paying?

age 67 or upon a claim.

 

[peacefulday]

I heard that Eldershield premiums are flat while Careshield increases with age? Would that be a plus point for eldershield?

to add on, Careshield premium mandatory begins at age30, whereas Eldershield can opt in only at 40.

 

[exterminazn]

to add on, Careshield premium mandatory begins at age30, whereas Eldershield can opt in only at 40.

Basic Eldershield previously was auto enroll at age 40...... but one can opt out of the basic scheme too

 

[doratch]

Ur eldershield is basic or upgraded? If is upgraded, most probably u will have to fork out more cash as you can only withdraw a limit from medisave to pay for it.

Mine is basic. So, I am only paying $200+/yr.

 

[Speedhawk]

After consulting with independent advisor, I have been advised to choose AVIVA, due to the 20% perpetual discount. She recommend choose the coverage that cost below $600 after discount so don't need to fork out cash.
Now is choosing between Aviva MyLongTermCare (can claim with 3 out of 6 ADL but cheaper) and MyLongTermCare Plus (can on claim with 2 out of 6 ADL). the coverage difference between choosing either of them is $300 month (if both cost slight less than $600).
Thus need to decide whether to choose which one, is the $300 less coverage per month worth the higher chance of claiming. She also mentioned that if anyone will have any disabilities, most likely will be 3 out of 6 as as the ADL is categorizing in such a way 3 if related to hands and 3 related to legs. But it can be possible to be a mixture if suffer from cases like dementia.
Anyone has any opinion about this?

Which option did you buy after considering?

 

[Prof. Utonium]

Seems like not many are into the supplements?

 

[reddevil0728]

Seems like not many are into the supplements?

how you come to that conclusion?

 

[Prof. Utonium]

how you come to that conclusion?

not many discussions here from the search =/

 

[reddevil0728]

not many discussions here from the search =/

Maybe not much to discuss? What’s your concern/opinion about it?

 

[Prof. Utonium]

Maybe not much to discuss? What’s your concern/opinion about it?

Perhaps.

Concerned about

1. Is it worth it getting the supplement since we are able to use up to $600 from medisave. (as much as possible, even in future if premium rises I would not want to top up cash).

2. Choosing premium period up to age of 67 or beyond that

Currently shortlisted Aviva since it offers escalating out of the 3 but the claim eligibility would be 3 out of 6 ADLs instead of 2 like the competitors.

 

[reddevil0728]

Perhaps.

Concerned about

1. Is it worth it getting the supplement since we are able to use up to $600 from medisave. (as much as possible, even in future if premium rises I would not want to top up cash).

2. Choosing premium period up to age of 67 or beyond that

Currently shortlisted Aviva since it offers escalating out of the 3 but the claim eligibility would be 3 out of 6 ADLs instead of 2 like the competitors.

I don’t think anybody can answer 1. Because it’s like asking what’s your likelihood of not being able to perform 2/3 ADLs?

I think is “better” to drag the premium payment for as long as possible.

 

[soneat]

1. Even if you are able to use S$600 from medisave to buy careshield life supplement, it does not mean you should or you have to. The question to ask should be is this the protection you need and is the premium cost effective? Don't "rush" to use your Medisave.

2. In general, it is better to drag the premium term as long as possible. This is assuming the CPF SMRA rate remains at current level (or better). Should the govt reverts to the "true" SMRA rate (10Y SGS+1%, which is around 2.04%), then it is a different story.

 

[xtwis7]

For those working, Careshield life upgrades should really be a secondary option after they had looked at a true dedicated disability income type of cover where you can just insure up to 75% of your income by just allocating maybe 1-2% aside.

While CareShield Life is good in the super long run, the crucial phase is still our 20-30 years ahead of us.

 

[reddevil0728]

For those working, Careshield life upgrades should really be a secondary option after they had looked at a true dedicated disability income type of cover where you can just insure up to 75% of your income by just allocating maybe 1-2% aside.

While CareShield Life is good in the super long run, the crucial phase is still our 20-30 years ahead of us.

But DII depends on what profession you are in right.

some profession makes sense to have DII while some don’t.

DII can’t be paid by MA. But CSL can

 

[xtwis7]

But DII depends on what profession you are in right.

some profession makes sense to have DII while some don’t.

DII can’t be paid by MA. But CSL can

Yes, they are quite different so the only benefit of CSL is that you can be unemployed and still be covered up to a cap of $5k. What are the odds that you remain unemployed all the way before retirement though?

Even for deskbound roles, you can still suffer from illnesses. Deskbound doesn’t means you’re immune to disabilities. I do agree that DI is even more necessary for occupations that require a high level of dexterity such as dentists, doctors, surgeons etc.

CSL is the last resort for certain occupations like regulars, pilots who cannot be insured under DII.

 

[qhong61]

1. Even if you are able to use S$600 from medisave to buy careshield life supplement, it does not mean you should or you have to. The question to ask should be is this the protection you need and is the premium cost effective? Don't "rush" to use your Medisave.

2. In general, it is better to drag the premium term as long as possible. This is assuming the CPF SMRA rate remains at current level (or better). Should the govt reverts to the "true" SMRA rate (10Y SGS+1%, which is around 2.04%), then it is a different story.

I have the GE enhanced shield beside the eldershield. Should I keep?

 

[soneat]

I have the GE enhanced shield beside the eldershield. Should I keep?

What exactly is your question?
GE Supreme Shield is for H&S
Eldershield is for 3ADL DI

They serve different purpose but generally H&S cover is more impt because the likelihood of H&S events are higher than 3ADL DI.