eldershield comprehensive plan

[jansenangge]

Ask me anything about eldershield comprehensive plan upgrade using medisave.

 

[tiny]

The cheapest premium is only at age 40?

 

[antonpoh]

I opt out of eldershield once i hit 40.

 

[jansenangge]

The cheapest premium is only at age 40?

If you buy at the age of 40, The premium will be fixed at 40years old.

The premium will not increase like medical plan when you get older.

 

[jansenangge]

I opt out of eldershield once i hit 40.

What is the reason for opting out of the plan?

 

[antonpoh]

What is the reason for opting out of the plan?

The claim part i don't like.

ElderShield classifies a person as severely disabled when the person is certified to be unable to perform at least 3 out of 6 of the following tasks, even with special equipment and requires constant assistance.


Washing
The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.

Dressing
The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.

Feeding
The ability to feed oneself food after it has been prepared and made available.

Toileting
The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.

Mobility
The ability to move indoors from room to room on level surfaces.

Transferring
The ability to move from a bed to an upright chair or wheelchair, and vice versa.


Get the $300 monthly cash payout up to 60 months or $400 monthly cash payout up to 72 months under the ElderShield300.


For now $300 is already very little.. by the time we hit 80-90 this amount maybe worth like $30?

 

[SpinFire]

The ElderShield plans don't look useful at all. It's like an annuity plan with strict terms for claiming. Payouts are really small. If you want a higher payout, the premiums are much higher.

In short, I feel that this plan is outdated/not relevant.

 

[antonpoh]

The ElderShield plans don't look useful at all. It's like an annuity plan with strict terms for claiming. Payouts are really small. If you want a higher payout, the premiums are much higher.

In short, I feel that this plan is outdated/not relevant.

It is outdated even before it is out.

 

[whitesand]

I opted out from ElderShield too.

When it first implemented, I called and asked: what kind of SPECIAL equipment and CONSTANT assistance is this policy referred to?

If a walking stick counted as special equipment and the insured can walk using it, then surely the insured can perform mobility function, thus claim under this category is not counted. I can live with that.

I asked: is there a cap on the cost of "special equipment" and "constant assistance"? Ansnered, no.

So, what if, there is a special robot that cost S$1 mil invented in US, if the insured bought that, he can also wash/dress/feed/move. Thus claim under that category is not counted. So long as there is one or more "special equipment" or "constant assistance", regardless of how costly it is, as long as it can help the insured to perform, that function is not counted. I asked if that is so? They dare not answered anything.

I had a bad taste, and opted out.

The claim part i don't like.

ElderShield classifies a person as severely disabled when the person is certified to be unable to perform at least 3 out of 6 of the following tasks, even with special equipment and requires constant assistance.


Washing
The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.

Dressing
The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.

Feeding
The ability to feed oneself food after it has been prepared and made available.

Toileting
The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.

Mobility
The ability to move indoors from room to room on level surfaces.

Transferring
The ability to move from a bed to an upright chair or wheelchair, and vice versa.


Get the $300 monthly cash payout up to 60 months or $400 monthly cash payout up to 72 months under the ElderShield300.


For now $300 is already very little.. by the time we hit 80-90 this amount maybe worth like $30?

 

[SpinFire]

It is outdated even before it is out.

Yeah. I found out that my parents paid up all the premiums for it... Not sure if can refund or not. The ElderShield is really a poor plan by the govt. Hiring a nurse for special care probably costs $2k a month. Even then, the plan may not payout because the disability conditions aren't met

 

[antonpoh]

Yeah. I found out that my parents paid up all the premiums for it... Not sure if can refund or not. The ElderShield is really a poor plan by the govt. Hiring a nurse for special care probably costs $2k a month. Even then, the plan may not payout because the disability conditions aren't met

Same like the new CPF Life.. they deduct 155k for the annuity plan at 55yrs old, if 60-65yrs old pass away think they will refund the full amount?

 

[autumnsil]

Any of you getting the Enhanced Eldershield? I will be getting it.

I agree with many of you that the payout sucks. Actually, yes, the whole concept doesn't look attractive. Overall, it ensures the private insurance companies will make lots of profits.

BUT.... I feel being dissatisfied with it is one thing. However, to opt out because we are angry is another story. Is it wise to do this?

I think the basic plan's coverage is little. But remember, the amount is paid using your Medisave. You won't even have to fork out any money. It's only $10+ a month. If you don't want it, you can't take out the money from your Medisave either. So why not go ahead?

It's no joke when one is stricken with serious disability. And it has nothing to do with being fit or keeping healthy. Sometimes it's not of your choice. Accidents and illnesses can strike any time. Ironically, you may think you want to exercise to keep fit. But you are actually at some risk of dropping dead or suffering from stroke! (Reported many times in the newspapers.)

The government is not doing much since there have been a lot of complaints in 2012. Till today, they still keep to the $400 payout. Jia lat for us. $400 now is pathetic. Imagine 30 years later, what is $400? Even if you buy an upgraded Eldershield, how do we project how much is enough? $1k? $2k? $3k?

By then this country will be so overcrowded with people and with an ageing population, nursing homes may cost minimum $4k a month! I won't be surprised. Where got enough to cover. Future looks bleak.....

But having said that, I would still buy the Enhanced version. Cos some protection is better than no protection at all.

What are your thoughts on this? Please share.

 

[jansenangge]

ElderShield classifies a person as severely disabled when the person is certified to be unable to perform at least 3 out of 6. The certification is done by independent doctor islandwide. The doctor is not from the insurer. If the tclaim is successful, the medical fee will even be waived.

The premium is fixed at the entry age and the payout is fixed. If you are worried about the inflation, you can opt for a higher payout.

 

[autumnsil]

Is it better to get lifetime coverage or limited number of years only?

 

[NiteX2]

Is it better to get lifetime coverage or limited number of years only?

Depends on your own comfort levels and whether you think one would recover from the illness or inactivity after 12 years.

Enhanced eldershield is good in that one is able to get a payout of $1k and above per month in the event one is unable to perform 2/3 out of 6 ADLs for one who enters at age 40 using just money from their medisave. Payout and premium varies according to the insurer, gender, payout period and payment period.

Do feel free to PM me should you need more info on the plans available in the market

 

[jansenangge]

Hi Friend,

you may PM me any queries about the eldershield plan.

I am more than willing to share with you.

 

[limster]

The conditions for triggering eldershield are way too restrictive.

If you are paralyzed from waist down, unable to walk and are in wheelchair all the time, it still doesn't trigger because you still can use your hands.

I suppose Eldershield may have been relevant because term policies usually end at 65. Now that insurers are offering term to 70, 80, 99 which covers not just death but total/partial disability, Eldershield seems to be less relevant.

One question agents can answer though we already know the answer, which one gives agents higher commission, selling enhanced eldershield or term policy

 

[DavCha]

Terms after 65 years of age are very expensive.

Yes, I think the definition to claim Eldershield is restrictive.

Shame on the Singapore government. We are not asking them to spoon feed us, but if they sincerely cared and understood the citizens well, they won't have the cheek to offer only $400 for basic Eldershield. It's an insult! Even the Enhanced Eldershield is expensive with minimal coverage.

Difficult to claim or not, it's still a form of protection. Many people who don't think properly often say it's better to get out of Eldershield completely because the coverage is so little. But it just needs one incident to happen and their lives can be screwed forever because they don't have any insurance.

 

[limster]

Terms after 65 years of age are very expensive.

http://forums.hardwarezone.com.sg/money-mind-210/term-till-99-a-4710717-4.html

I used to think the same way but see the above thread. The rates quoted do seem quite attractive. Instead of wasting money on enhanced eldershield, I would rather take a supplementary term to 99 policy for a smaller amount like $50k on top of an existing term to 65 policy.

However, I'm not doing so because I am reasonably optimistic that my Dividend Warrior investment strategy will succeed and that I will receive monthly payouts from dividend income that far exceed anything that Eldershield can pay out.

 

[DavCha]

I used to think the same way but see the above thread. The rates quoted do seem quite attractive. Instead of wasting money on enhanced eldershield, I would rather take a supplementary term to 99 policy for a smaller amount like $50k on top of an existing term to 65 policy.

However, I'm not doing so because I am reasonably optimistic that my Dividend Warrior investment strategy will succeed and that I will receive monthly payouts from dividend income that far exceed anything that Eldershield can pay out.

Thanks for sharing.

Does the term cover severe disability or just death? Anyway, I will check out more. Cos it has to be a 1-1 comparison since Eldershield is a regular payout upon severe disability.

Good for you that you have some form of investment, provided you succeed. If I were a multi-millionaire, I might not care about Eldershield also.

But I guess for the hundreds of thousands of common people out there, they do need some form of insurance protection. Too bad Eldershield payout is so little. The government better act fast and come out with something better.