eldershield comprehensive plan

[qhong61]

In this kind of scenario, I would rather be dead than be alive! (at least, that is my person opinion, even though it is not because of a lack of money. What is the point of having a lot of money but staying on like a "vegetable"?).

Even assuming that you want to be alive, Eldershield payout of $400 p.m. for 6 years is not worth the high premiums I was paying.
So, Eldershield is really pretty useless to me, and I had cancelled it long ago!

The so-called CareShield Life doesn't really change much of the fact that you must be better dead than alive to be able to claim from it, so you know what I mean?

Can we choose not to live?

 

[stillgottheblues]

Eldershield is only for seriously disabled folks, while we know in reality most old people won't get into such stage until nearing the end. Seems pretty useless to me. We know we have this unspoken open secret that your family members can put you to sleep, with doctor's and councillors advices for those at this last stage.


So my question is how relevant is this Eldershield to other healthier person? And do you have statistics of those seriously disabled vs those who bought and have claimed nothing.

 

[qhong61]

Eldershield is only for seriously disabled folks, while we know in reality most old people won't get into such stage until nearing the end. Seems pretty useless to me. We know we have this unspoken open secret that your family members can put you to sleep, with doctor's and councillors advices for those at this last stage.


So my question is how relevant is this Eldershield to other healthier person? And do you have statistics of those seriously disabled vs those who bought and have claimed nothing.

U rather u would be claiming?

 

[ELKYme]

I think ElderShield is still relevant for a person who’s young (40) & healthy today because:

1) Premiums are risk pooled WITHIN age cohorts (A 40 y.o. healthy person isn’t paying extra premiums because of another 70 y.o. person)

2) Premiums are low for the younger age cohorts and its FIXED at the age this person joined the scheme.
https://www.moh.gov.sg/careshieldlife/about-eldershield/premiums

3) 20,30,40 years later, when this “young” person grows old, the likelihood of severe disability will increase and this person can still claim the benefits in the event of severe disability even AFTER premium payments have stopped (65).

Definition of “severe disability” is when a person is unable to perform three of these six daily activities: (1)washing (2)dressing (3)feeding (4)toileting (5)mobility (6)transferring.
More details in the CPF link:
https://www.cpf.gov.sg/Members/Schemes/schemes/healthcare/eldershield

Eldershield is only for seriously disabled folks, while we know in reality most old people won't get into such stage until nearing the end. Seems pretty useless to me. We know we have this unspoken open secret that your family members can put you to sleep, with doctor's and councillors advices for those at this last stage.


So my question is how relevant is this Eldershield to other healthier person? And do you have statistics of those seriously disabled vs those who bought and have claimed nothing.

 

[limster]

https://www.straitstimes.com/forum/...nsurers-should-return-surplus-premiums-to-moh

private insurers collected $3.3 billion in premiums for ElderShield and only about $133 million has been paid out in claims

Win for the insurers or the insured? Anyway discussion has moved onto Careshield.

Vested in Aviva and OCBC. Like i said, instead of paying money for a policy that may or may not ever pay you $400 a month for 6 years, get a dividend portfolio and collect $400 dividends a month for life, and can hand over to your loved ones.. and Aviva and OCBC are good dividend stocks... after all if their (or their subsidiary's) Eldershield policy so good, then buying their stock must be even better...

 

[asmartng]

insurance agent. Good way to market your products

 

[Opps-gal]

So does it mean is best to opt out if there is an option?

 

[qhong61]

So does it mean is best to opt out if there is an option?

If u can afford should u become disabled, guess it's OK to opt out.

 

[crimsontactics]

So does it mean is best to opt out if there is an option?

No right answer since you can't determine if you will be disabled or not in the future with high certainty.

Sent from . using GAGT

 

[jasonlim1988]

In this kind of scenario, I would rather be dead than be alive! (at least, that is my person opinion, even though it is not because of a lack of money. What is the point of having a lot of money but staying on like a "vegetable"?).

Even assuming that you want to be alive, Eldershield payout of $400 p.m. for 6 years is not worth the high premiums I was paying.
So, Eldershield is really pretty useless to me, and I had cancelled it long ago!

The so-called CareShield Life doesn't really change much of the fact that you must be better dead than alive to be able to claim from it, so you know what I mean?

Around S$90 million has been paid out since ElderShield was launched in 2002, with about 12,500 successful claims.

“As at end 2015, there were 1.2 million ElderShield policyholders, or about 65 per cent of the resident population aged 40 to 83,” said Mr Gan in a written reply.


1% of the policyholder able to claim. this is like the lowest payout ratio in all types of policies.

where got so easy so many vegetables in Singapore.
land also so little.

 

[Intel888]

After reading through. I feel this policy is clear cut claimable for these 2 people only
1. 植物人 (brain dead)
2. 2 side stroke (unable to move 4 limbs)

Not easy.

Is this eldershield/ careshield still relevant for those who already have coverage for total permanent disability?

 

[ELKYme]

It indeed is still relevant even if you already have TPD insurance.

The conditions to claim the payouts in most TPD policies is, as what terryhoho says, “not easy”.
Example of a typical TPD T&C (May differ):
a. Loss of the sight of both eyes;
b. Loss of sight of one (1) eye and loss by severance or loss of use of one (1) limb at above the ankle or wrist;
c. Loss of severance or loss of use of:
i. Both hands at or above the wrists;
ii. Both feet at or above the ankles;
iii. One (1) hand at or above the wrist and one (1) foot at or above the ankle

As for ElderShield, it is certainly “easier”, though I hope that me or anybody will ever need to claim this or any insurance policy be it car, CI, life!

For ElderShield, not able to perform 3 of the 6 functions:
https://www.moh.gov.sg/careshieldlife/long-term-care-financing

Is this eldershield/ careshield still relevant for those who already have coverage for total permanent disability?

 

[limster]

It indeed is still relevant even if you already have TPD insurance.

The conditions to claim the payouts in most TPD policies is, as what terryhoho says, “not easy”.
Example of a typical TPD T&C (May differ):
a. Loss of the sight of both eyes;
b. Loss of sight of one (1) eye and loss by severance or loss of use of one (1) limb at above the ankle or wrist;
c. Loss of severance or loss of use of:
i. Both hands at or above the wrists;
ii. Both feet at or above the ankles;
iii. One (1) hand at or above the wrist and one (1) foot at or above the ankle

As for ElderShield, it is certainly “easier”, though I hope that me or anybody will ever need to claim this or any insurance policy be it car, CI, life!

You cited a typical TPD but says it "may differ". of course based on the terms you cited it appears that eldershield is easier to claim. obviously you should compare the best term policy to the best eldershield policy and look at all the T&C of each. And term insurance will give you whole sum assured immediately, not $400 a month for 6 years.

whether a policy is easier to claim, like everyone else has quoted, just look at the claims experience for eldershield, how much the insurers have collected vs how much they have paid out. (collected 3.3 BILLION, and only paid out 133 million so far) As a shareholder I am happy that insurers are allowed to sell this kind of policy with such low payouts.

Remember that the 3.3 billion is what the insurers have now. If they have to increase payouts in 20,30 years time, inflation will help to erode the value of what they have to pay out... assuming 4% inflation for 20, 30 years, whats the inflation adjusted value of $400 a month?

 

[jasonlim1988]

Saw a plan allows only need to not able perform 2 out of the 6.
Even that,

also only vegatable can claim.
This plan sibei lame. Vegetable need few hundred dollars allowance for what har?

 

[ELKYme]

Bro ervino,
Believe TPD is normally a rider in an insurance policy. Believe this rider does not have a death benefit (I’m not an Insurance Agent so not sure).

I believe TPD and death is easier to claim than Eldershield, because it is easier for you to die than to be eligible for Eldershield! In another words, you could be dying due to TPD but yet still not eligible for Eldershield (and CareShield)!

Also for TPD, you pay $240 per year insurance you can claim may be $200k, or a payout ratio of 200k:240 or 833:1, while Eldershield you pay $240 per year the max you can claim is = $400 * 12 * 6 = $28,800 or a payout ratio of 28,800:240 = 120:1 only!

Also, even if somebody is eligible for Eldershield, I never heard the person can survive for 10 years and claim for that long. So, Careshield payout probably = $400 * 12 * 10 = $48,000 maximum, but you need to start paying premium from 30 years old (vs 40 years old for Eldershield) and also that premium is going up every year! (Don't know how high it will go?)

 

[ELKYme]

Yes sir, all not easy to claim and I hope nobody claim it (everyone remain healthy).

There’s no statistics or “stories” of people claiming this now probably because the “stories” will be in 20,30,40 year’s time.

In my case, I pay a relatively low annual premium as I’m “young” till I’m 65. No more payments after that, touch wood, I will have this benefit ($400 x 72 months) in my lifetime.

Agree, the payout is not much, but so is the premium.

For your case where your investment dividends is much much more than this payout, you may not need this plan.

You cited a typical TPD but says it "may differ". of course based on the terms you cited it appears that eldershield is easier to claim. obviously you should compare the best term policy to the best eldershield policy and look at all the T&C of each. And term insurance will give you whole sum assured immediately, not $400 a month for 6 years.

whether a policy is easier to claim, like everyone else has quoted, just look at the claims experience for eldershield, how much the insurers have collected vs how much they have paid out. (collected 3.3 BILLION, and only paid out 133 million so far) As a shareholder I am happy that insurers are allowed to sell this kind of policy with such low payouts.

Remember that the 3.3 billion is what the insurers have now. If they have to increase payouts in 20,30 years time, inflation will help to erode the value of what they have to pay out... assuming 4% inflation for 20, 30 years, whats the inflation adjusted value of $400 a month?

 

[qhong61]

Saw a plan allows only need to not able perform 2 out of the 6.
Even that,

also only vegatable can claim.
This plan sibei lame. Vegetable need few hundred dollars allowance for what har?

To hire helper..