Careshield Life Supplement

[reddevil0728]

Hm.. I still have not signed up lol.
It doesn't seem to be bang for the buck. I'm paying $90+ for $600 monthly benefit (the compulsory portion), but have to pay another $400+ if I want say another $700 monthly benefit.
Any thoughts? Are there better alternatives to this?

$400 for $700 only?

Better alternatives is better just don’t purchase any supplement and have more savings?

 

[soneat]

$400 for $700 only?

Better alternatives is better just don’t purchase any supplement and have more savings?

Personally, I am on eldershield and likely to opt in for the basic careshield life next year.

My opinion:
Eldershield - Bad coverage.
Careshield Life - OK, probably will opt in.
Careshield Life Supplement - Still considering if its even worth it.

I think based on low historical claim rates of eldershield (3ADLs) and average mortality rates, its not very worth it in general.

 

[exterminazn]

Hm.. I still have not signed up lol.
It doesn't seem to be bang for the buck. I'm paying $90+ for $600 monthly benefit (the compulsory portion), but have to pay another $400+ if I want say another $700 monthly benefit.
Any thoughts? Are there better alternatives to this?

The additional $700 benefit can’t be compared to the default csl $600 benefit, as it is “easier” to claim some of the supplement benefits

No better alternative in the market

You can look into DII coverage

 

[a4973]

Personally, I am on eldershield and likely to opt in for the basic careshield life next year.

My opinion:
Eldershield - Bad coverage.
Careshield Life - OK, probably will opt in.
Careshield Life Supplement - Still considering if its even worth it.

I think based on low historical claim rates of eldershield (3ADLs) and average mortality rates, its not very worth it in general.

Hi though eldershield and Careshield Life are both 3ADLs but you will probably opt in for Careshield Life is it because of the life time coverage vs limited payout from eldershield? Ie though both hard to claim due to 3ADLs but at least have lifetime coverage by CSL ? Thanks

 

[reddevil0728]

The additional $700 benefit can’t be compared to the default csl $600 benefit, as it is “easier” to claim some of the supplement benefits

No better alternative in the market

You can look into DII coverage

DII is a very different ball game and really depends on your line of work.

You may not be able to dress yourself, feed yourself etc, but if you can talk and a person who talks for a living e.g. lecturer or something similar, you can actually still work hence cannot claim for DII.

 

[streetfighter]

Good to have.

Personally, I am on eldershield and likely to opt in for the basic careshield life next year.

My opinion:
Eldershield - Bad coverage.
Careshield Life - OK, probably will opt in.
Careshield Life Supplement - Still considering if its even worth it.

I think based on low historical claim rates of eldershield (3ADLs) and average mortality rates, its not very worth it in general.

 

[soneat]

Hi though eldershield and Careshield Life are both 3ADLs but you will probably opt in for Careshield Life is it because of the life time coverage vs limited payout from eldershield? Ie though both hard to claim due to 3ADLs but at least have lifetime coverage by CSL ? Thanks

Yes. That's why I say eldershield not worth it, considering the coverage vs premium.

CSL is lifetime but the probability of 3 ADLs at 70yo is not high plus the average mortality age for male is only about 82/83.

 

[dexboi]

In general, if it's not profitable for the insuers, they won't even bother coming up with supplements to sell.

The probability of careshield claims for individuals are super low. Going by the ratio, it's quite a waste of money to addon supplements.

 

[chrisloh65]

I believe so, that is why I opted out of Eldershield altogether (when I was able to).

In general, if it's not profitable for the insuers, they won't even bother coming up with supplements to sell.

The probability of careshield claims for individuals are super low. Going by the ratio, it's quite a waste of money to addon supplements.

 

[MaxZ123]

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?

 

[boredboiboi]

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?

I totally dont agree with 3 related to hands and 3 related to legs.
If u lost both legs, u can still do washing , toileting, feeding, dressing and transferring correct?

But I recommend go for the 2 out of 6 and max out the $600 medisave limit and pay lifetime instead of limited pay.

 

[doratch]

I am currently on Eldershield plan.
I will opt in for Careshield plan.
I have a Disability Income Insurance plan that has a payout of 4k/mth until 65yo.

I am thinking if I should get the Careshield supplements or not because since I am already covered by DII until 65yo, maybe i should consider it until I am nearing 65yo?

Any thoughts? Is there any rule/restriction that I am unable to get the careshield supplement when I am 65yo?

 

[reddevil0728]

DII and CSL supplement cover different things.

 

[netsit]

Personally, I am on eldershield and likely to opt in for the basic careshield life next year.

My opinion:
Eldershield - Bad coverage.
Careshield Life - OK, probably will opt in.
Careshield Life Supplement - Still considering if its even worth it.

I think based on low historical claim rates of eldershield (3ADLs) and average mortality rates, its not very worth it in general.

Hey where did you see this low historical claim rates?

 

[soneat]

Hey where did you see this low historical claim rates?

Eldershield Review Committee Report - MOH. Go read page 22 for more details

Alternatively, can see the following for reference
https://smartwealth.sg/eldershield-claim-statistics/

 

[kuang89]

In general, if it's not profitable for the insuers, they won't even bother coming up with supplements to sell.

The probability of careshield claims for individuals are super low. Going by the ratio, it's quite a waste of money to addon supplements.

All insurance products has to be profitable for insurers so they can be around when you need to claim money from them.

Also, it seems foolish to not get coverage just on the basis that someone will profit financially.

 

[doratch]

I just bought the careshield life supplement (Aviva).
And most likely, i will just continue with Edlershield.
So, it will be Eldershield + Careshield Life supplement.

 

[boredboiboi]

I just bought the careshield life supplement (Aviva).
And most likely, i will just continue with Edlershield.
So, it will be Eldershield + Careshield Life supplement.

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.

 

[Okenba]

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

 

[soneat]

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

Careshield coverage also increases when the premium increases