Is Eldershield a good or lousy plan?

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klarklar

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For Singaporeans reaching 40, Eldershield is automatically bought for them. Is this a good or lousy plan?
 
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VictorvonDoom

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imho any plan that can be paid using CPF monies is a good.

DPS, HPS, Eldershield and Medishield.
 
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MikeZhang

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klarklar said:
For Singaporeans reaching 40, Eldershield is automatically bought for them. Is this a good or lousy plan?
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You should upgrade the eldershield plan instead. Having this plan is not to burden your family member in the event that you're bedridden. As $400 payout is very unlikely to be able to hire a maid or care taker in the future to take care of you. So I would recommend to upgrade the plan to higher coverage. 3 out of 6 activity of daily living include - washing, feeding, transferring, toileting, mobility, dressing. By looking at the 6 ADLs, I believe if you can't do 2, most likely you can't do 3. So you may consider to upgrade and you can use up to $600 from Medisave to pay off the premium.

Lastly, the earlier you buy the cheaper the premium (premium is locked in according to age)

If you need more information, you can pm me.
 
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