Is it worth taking up Careshield Life? Annual premium rose by almost 2 times !

[Lemonpeach]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

 

[Da Ren]

In short, NO.

 

[wongminmin]

if u got excess cpf, then buy loh. but need severe disability, then got payout.
i think premium is 1k+++ , then the payout is $600+
u go calculate worth anot.... but with aging population, i believe the premium will still increase. sigh~

 

[Encouragesome1]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

I feel not worth but it’s not optional or by free will
I see it as a scheme for most of everyone to subsidise the one who r most likely super duper handicapped
To hv 3/6 basic life functions : can’t even be a paralympian kinda operating level

so it s a state none of us would ever hope we become able to claim
If we do need to claim , that coverage would not even be enuf for our med care
Maybe enuf for subsidising some taxi fares to some degree ba

 

[alph4tang0]

LLST having this type of half phark scheme

 

[Eliwood]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

Maybe u can pray hard that the insurance becomes worth it for u then lol.

 

[EdenHazard]

Edmw bbfa have high risk of stroke and heart attack which may result in disability so should consider getting to avoid burdening family

 

[kw442]

Just checked:

CareShield Life premiums of $2xx.xx will be deducted from your MediSave Account.

 

[dezzo69]

all i can say is focus on the pay out when the plan is triggered to how much premium you are paying and work backwards. eg. do you want to pay more premium for 20 - 30 years? or are you confident for lower premium with lower pay out because you are financially more flexible?

i been reading bertha hanson's thoughts and writings about this ever since her mom needed a caregiver after her fall and the difference between payouts of different plans can range from $100 to some more.

 

[sales69]

If you are guaranteed to be rich at old age, don't bother.

I know someone who is irresponsible, dirt poor. The payout is handy even though not alot.

 

[kebinu]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

if you think you will never claim it, it will never be worth it.

insurance is like this 1, you never know you will need it, so if MA account can pay via interest earn etc, just buy coz you will never use the money from MA except to pay premium if you are well insured (for now).

 

[Discarded]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

Honestly damn hard to be certified 3ADL. If you really certified 3ADL, will live for how long? 10 years?

Every month give you $1k, 10 years you only collected $120k. Better pump into term insurance get one lump sum.

 

[Atilas]

I thought CareShield Life is enrolled automatically unless you are born before 1970.

 

[plasticpistola]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

can opt out meh?

Honestly damn hard to be certified 3ADL. If you really certified 3ADL, will live for how long? 10 years?

Every month give you $1k, 10 years you only collected $120k. Better pump into term insurance get one lump sum.

i think it's not so much about the policy holder liao, more for the caregivers. if kena 3ADL then monthly upkeep expenses will be siong.

 

[Discarded]

can opt out meh?



i think it's not so much about the policy holder liao, more for the caregivers. if kena 3ADL then monthly upkeep expenses will be siong.

I think several MPs raised the issue before. In 2018, they collected $3.3 billion but paid out $133 million from it's predecessor Eldershield.

Still up premiums? I really wonder what this scheme is really for when less than 5% of what is collected is paid out.

https://www.todayonline.com/singapo...dershield-show-positive-balance-chee-hong-tat

 

[Foetid]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

they effin asking young healthy sinkies to pay for laolang illness when the state dont want to provide any help.​

​

What is CareShield Life?​

CareShield Life is a long-term care insurance scheme that provides basic financial support should an insured develop severe disability, especially during old age, and need personal and medical care for a prolonged duration (i.e. long-term care).

---

Why do we need CareShield Life?​

1 in 2 healthy Singaporeans aged 65 could develop severe disability in their lifetime, and may need long-term care. Severe disability may arise due to a sudden disabling event (e.g. stroke and spinal cord injuries), the worsening of chronic conditions and diseases (e.g. diabetes), or the progression of illnesses as we age (e.g. dementia).

It is important that we plan early for our future long-term care needs, but working out how much to save can be difficult since the cost of long-term care is uncertain. Insurance schemes like CareShield Life help to pool our risks together and ensure protection against potentially catastrophic long-term care costs, providing peace of mind.

 

[Foetid]

I think several MPs raised the issue before. In 2018, they collected $3.3 billion but paid out $133 million from it's predecessor Eldershield.

Still up premiums? I really wonder what this scheme is really for when less than 5% of what is collected is paid out.

https://www.todayonline.com/singapo...dershield-show-positive-balance-chee-hong-tat

seebei jialiat, 3.3 billion free money but still not enuff, didi or lui, or ah or

 

[maxmike]

Saw an "invite" from CPF to sign-up Careshield Life.

Premium rose substantially. Mainly due to so-called better payout but essentially pooling with high-risk, low ses.

Heard it is not easy to be certified 3ADL difficulty to submit for payout.

If so, is Careshield Life worth it?

I bought last year over 55 years claimed only pay for 10 years or till 67 but went in to see carefully, there are two components, one only pay for 10 years, another component will need to pay yearly after 10 years and will increase due to your age till you die. Regretted buying.

 

[TitanSmall]

all protection insurances are zero-sum game. the premium u paid are being used to pay for those who claim...

so u have to decide if u want to take the risk of no coverage lor... no right or wrong...

 

[semiret]

MOH just sent me a letter and invites me to join CareShield Life. I straight away tears up the letter and throw it into the rubbish bin. Haha