Opt out of Eldershield

[highsulphur]

How many here choose to opt out of Eldershield? Care to explain why?

Granted the payout isn't fantastic (max $28,800 or $400 per month for 6 years) but the premium isn't high too (around $175 per year for a 40 years old)

 

[peaceone]

How many here choose to opt out of Eldershield? Care to explain why?

Granted the payout isn't fantastic (max $28,800 or $400 per month for 6 years) but the premium isn't high too (around $175 per year for a 40 years old)

I opt in additional Primeshield from ntuc, premium will need to pay till age 65 then stop. Coverage will depend on the sum you choose and pay claim is till lifetime.

 

[highsulphur]

Thanks. Will take a look at it.

 

[SBC]

I opt in only the basic eldershield to support national program.

Did not opt for the Enhanced Eldershield though.

 

[limster]

At age 40, you can look at your investment portfolio and see whether you are able to 'self-insure' by the time you hit retirement.

Eg: $100k of shares/REITs yielding 4.8% will give you $400 a month for lifetime and can hand the shares to next of kin.

 

[cscs3]

At age 40, you can look at your investment portfolio and see whether you are able to 'self-insure' by the time you hit retirement.

Eg: $100k of shares/REITs yielding 4.8% will give you $400 a month for lifetime and can hand the shares to next of kin.

But REITs return is not 4.8% for life right?

 

[heng_ah]

Opted out because I think the scheme is not for me. I cannot understand the complexity to qualify for a claim. It's quite subjective.

 

[mummy1234]

At age 40, you can look at your investment portfolio and see whether you are able to 'self-insure' by the time you hit retirement.

Eg: $100k of shares/REITs yielding 4.8% will give you $400 a month for lifetime and can hand the shares to next of kin.

Wow, can teach me which REIT is good to buy at what price? I also opted out of Eldershield and have spare cash.

 

[OngHuatHuat]

But REITs return is not 4.8% for life right?

This REIT yield keep increasing over the years!

 

[peaceone]

Wow, can teach me which REIT is good to buy at what price? I also opted out of Eldershield and have spare cash.

Eldershield is pay by cpf medisave and what to do with have spare cash? Btw, the annual medisave's interest should be able to cover the sum and you'll never know when you need it.

 

[peaceone]

At age 40, you can look at your investment portfolio and see whether you are able to 'self-insure' by the time you hit retirement.

Eg: $100k of shares/REITs yielding 4.8% will give you $400 a month for lifetime and can hand the shares to next of kin.

self invest using cash only thereby to achieve 'self-insure' for medical and retirement sound great.

in addition, one should make use of the cpf medisave to invest on health insurance such as private integrate shield plan and enhanced the eldershield for lifetime coverage.

 

[mummy1234]

This REIT yield keep increasing over the years!

But the share price drop so much, can compensate? Reminds me of my SPH share, good dividend but steadily dropping in share price.

 

[mummy1234]

Eldershield is pay by cpf medisave and what to do with have spare cash? Btw, the annual medisave's interest should be able to cover the sum and you'll never know when you need it.

I don't have CPF contributions unless I TOP up myself. My hubby also opted out so I was influenced by him. I have CI coverage x3 with 3 different insurers as my dad had 2 cancers and a heart Attack so I think that should help to cover. Also have term and ILP and whole life insurance....too many already...anyway, can have passive income to retire simply now if I downgrade so I do not think there is a need.

 

[antonpoh]

I opt in additional Primeshield from ntuc, premium will need to pay till age 65 then stop. Coverage will depend on the sum you choose and pay claim is till lifetime.

But to claim it's still base on a person is unable to do at least three of these six daily activities listed below, the person is considered to have severe disability. Under such circumstance, the person can submit a claim under ElderShield.

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.

https://www.cpf.gov.sg/Members/Schemes/schemes/healthcare/eldershield

 

[OngHuatHuat]

But the share price drop so much, can compensate? Reminds me of my SPH share, good dividend but steadily dropping in share price.

SPH is much better in my opinion.

 

[peaceone]

But to claim it's still base on a person is unable to do at least three of these six daily activities listed below, the person is considered to have severe disability. Under such circumstance, the person can submit a claim under ElderShield.

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.

https://www.cpf.gov.sg/Members/Schemes/schemes/healthcare/eldershield

Pray hard and nobody want to claim it. But and when age reached and think it over, I choose to sacrifice a bit of my current medisave, pay in 'advance' to buffer relief on future medical use.

 

[mummy1234]

I think to have multiple streams of passive income is more important as insurance claims are notoriously difficult. As a Dr, I can tell you that many stroke patients will not fulfil the criteria if what they have is a mild stroke as rehab can help a lot.

 

[OngHuatHuat]

I think to have multiple streams of passive income is more important as insurance claims are notoriously difficult. As a Dr, I can tell you that many stroke patients will not fulfil the criteria if what they have is a mild stroke as rehab can help a lot.

I am thinking of terminating my accelerated disability rider for my life insurance, but pay 4 more years can cover until 65 years old.
Still considering.

 

[Sai777]

I opted in with additional premium from GE

Unless one really review their priviate insurance yearly, understand both short and long term chronic illnesses requirement, otherwise, the medishield is the min.

 

[Mecisteus]

This REIT yield keep increasing over the years!

wow you are really an expert in picking non favorable data to support your negative views.

in here, you pick some lousy reit to show that reits are not good.

in my DCA thread, you pick non favorable window to prove that DCA does not work.