Careshield Life Supplement

[reddevil0728]

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.

But you can suffer from 2/3 ADL and still be working. Hence the kind of job matters no?

yes being desk bound doesn’t mean not immune to disabilities, but there’s always the trade off in terms of the cost.

for those occupation that requires high dexterity, I think is more important to have DII than those desk bound given the cost.

i see CSL as like separate for different purpose in a way from a different pot

 

[Prof. Utonium]

DII being mentioned, make sense though I did not opt for 1 since never really considered the possibility. I do have some form of "DII coverage" through LOI from my annuity however that only pays out during my predetermined income period which is decades away. Since CSL came in, was thinking perhaps I can have some form of coverage to cover the lack of DII.

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.

Oh dear, coincidentally vetted through some applicants CV recently and 1 is apparently sick prior hence the gap between employment. All of them are 20s SC, though one may not be unemployed till retirement but damn it is unfavourable out there.

 

[xtwis7]

DII being mentioned, make sense though I did not opt for 1 since never really considered the possibility. I do have some form of "DII coverage" through LOI from my annuity however that only pays out during my predetermined income period which is decades away. Since CSL came in, was thinking perhaps I can have some form of coverage to cover the lack of DII.




Oh dear, coincidentally vetted through some applicants CV recently and 1 is apparently sick prior hence the gap between employment. All of them are 20s SC, though one may not be unemployed till retirement but damn it is unfavourable out there.

I get a lot of this reply that tells me if they're in a TPD state that lost the use of their legs but they can still use their hands. Sure if the employers are kind enough to retain them, they may also not be in the optimal physical condition.

There's also the chance of mental disorders eg. depression rendering the person to be unemployable.

Why take the risk to lose your income when it's a small price to pay? If one is seeing it from a cost perspective, then they're looking at the wrong thing when they're potentially giving up their prime earnings.

 

[qhong61]

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.

Enhanced eldershield. Paying abt $600 per yr premium since 7 yrs ago.

 

[soneat]

Enhanced eldershield. Paying abt $600 per yr premium since 7 yrs ago.

Are you asking if you should keep your eldershield supplement?

Is your original purpose of buying it still valid? If so, why are you thinking of dropping now?

If not, evaluate carefully why you feel the coverage is not needed anymore.

 

[valuesniper]

I'm in a dilemma as to purchase the Careshield Life Supplement or not.

Hospital & Surgical shield plan is a easy and obvious decision coz it covers for medical expenses/ bills.

To fulfil the criteria of 3 out 6 ADLs - the probability seems on the extreme low side. What could be some of the possible situations that I might be able to claim from this coverage?

For those who signed up / declined to sign up, mind sharing your thinking process?

 

[reddevil0728]

I'm in a dilemma as to purchase the Careshield Life Supplement or not.

Hospital & Surgical shield plan is a easy and obvious decision coz it covers for medical expenses/ bills.

To fulfil the criteria of 3 out 6 ADLs - the probability seems on the extreme low side. What could be some of the possible situations that I might be able to claim from this coverage?

For those who signed up / declined to sign up, mind sharing your thinking process?

Tbh, the very purpose of an insurance is a hedge against the eventuality which you cannot predict will happen.

if you look at the ADLS, can broadly be categorised into upper body and lower body.

If in the unfortunate that you kena something, be it upper or lower. chances are you might fulfil 3/6 and thus be able to claim.

So the question is whether you are a gambler.

And if you are not a gambler, you can always cap how much coverage you get based on how much that can be paid from MediSave so that you don't have to pay any cash.

 

[xtwis7]

I'm in a dilemma as to purchase the Careshield Life Supplement or not.

Hospital & Surgical shield plan is a easy and obvious decision coz it covers for medical expenses/ bills.

To fulfil the criteria of 3 out 6 ADLs - the probability seems on the extreme low side. What could be some of the possible situations that I might be able to claim from this coverage?

For those who signed up / declined to sign up, mind sharing your thinking process?

For me, the likelihood of meeting the ADLs criteria during the younger days is definitely much lower as it most likely needs to be a stroke or a severe accident.

That’s why I prioritised having my disability income and I also highly recommend for anybody young and working still for one reason, you don’t need to meet the ADLs definition and you can still be unable to work. With just careshield life and it’s supplement, you may not even have this gap covered.

Losing one’s income is a big thing, it’s even bigger when we are not financially free yet. And the price to ensure that your investments and insurance still continue without the ability to work is so low as you pay maybe 1-2% of your annual income to protect up to 75%.

 

[valuesniper]

Tbh, the very purpose of an insurance is a hedge against the eventuality which you cannot predict will happen.

if you look at the ADLS, can broadly be categorised into upper body and lower body.

If in the unfortunate that you kena something, be it upper or lower. chances are you might fulfil 3/6 and thus be able to claim.

So the question is whether you are a gambler.

And if you are not a gambler, you can always cap how much coverage you get based on how much that can be paid from MediSave so that you don't have to pay any cash.

With a limited budget, its always about a trade off which are the essential coverage vs which are the good to have. I'm unsure which category Careshield Life Supplement falls into, thus the indecision.

Wouldn't want to waste money on unnecessary coverage.

 

[valuesniper]

For me, the likelihood of meeting the ADLs criteria during the younger days is definitely much lower as it most likely needs to be a stroke or a severe accident.

That’s why I prioritised having my disability income and I also highly recommend for anybody young and working still for one reason, you don’t need to meet the ADLs definition and you can still be unable to work. With just careshield life and it’s supplement, you may not even have this gap covered.

Losing one’s income is a big thing, it’s even bigger when we are not financially free yet. And the price to ensure that your investments and insurance still continue without the ability to work is so low as you pay maybe 1-2% of your annual income to protect up to 75%.

Fully agree with this. I have H&S + Disability Income coverage coz I think both are essential to have.

 

[reddevil0728]

With a limited budget, its always about a trade off which are the essential coverage vs which are the good to have. I'm unsure which category Careshield Life Supplement falls into, thus the indecision.

Wouldn't want to waste money on unnecessary coverage.

Fully agree with this. I have H&S + Disability Income coverage coz I think both are essential to have.

Think about it.

it’s possible to still be able to work but not be able to perform 3 ADL.

vice versa.

n tbh, DII really depends on the type of job you are doing.

if you are doing office job kind is very iffy.

 

[mimicake]

Does anybody know if these add-on supplements can be cancelled if you decide that it's not worth after signing up?

 

[boredboiboi]

Does anybody know if these add-on supplements can be cancelled if you decide that it's not worth after signing up?

Yes cancel anytime, its like a term plan. There are 2 type, limited pay till age 65 or pay all the way.

 

[reddevil0728]

Does anybody know if these add-on supplements can be cancelled if you decide that it's not worth after signing up?

How do you determine that it’s not worth it?

 

[exterminazn]

Does anybody know if these add-on supplements can be cancelled if you decide that it's not worth after signing up?

Got freelook period after policy inforce

Yes cancel anytime, its like a term plan. There are 2 type, limited pay till age 65 or pay or the way.

GE has limited pay till age 80 too FYI. But no have pay all the way tho

 

[boredboiboi]

Got freelook period after policy inforce


GE has limited pay till age 80 too FYI. But no have pay all the way tho

I didnt mentioned which company has what type, only mentioned there are 2 types. Chill bro.

 

[heyhoe]

I would appreciate if someone could advise me. I'm currently on Eldershield scheme and intend to sign on to Careshield plan when the offer is made available.

The question is since I'm also on "Mycare or Mycareplus" from Aviva, should i terminate this policy once i signed up for Careshield plan? Thanks!

 

[zoneguard]

The question is since I'm also on "Mycare or Mycareplus" from Aviva, should i terminate this policy once i signed up for Careshield plan? Thanks!

The supplements.

Eldershield: https://www.moh.gov.sg/docs/librari...dershield-supplements-for-eldershield-400.pdf
Careshield: https://www.careshieldlife.gov.sg/content/dam/cshl/pdf/COMPARISON_OF_CARESHIELD_LIFE_SUPPLEMENTS.pdf

 

[boredboiboi]

I would appreciate if someone could advise me. I'm currently on Eldershield scheme and intend to sign on to Careshield plan when the offer is made available.

The question is since I'm also on "Mycare or Mycareplus" from Aviva, should i terminate this policy once i signed up for Careshield plan? Thanks!

Would suggest u to stick on ur existing one. As once u change to careshield, ur premium most probably will be much higher with almost the same benefit

 

[wira]

recently Aviva sent me brochure for MyLongTermCare which is supplement for eldershield.

am currently on eldershield 400. does it make sense to buy the supplement ?