Protection coverage for the elderly

[zeroX26]

Will like to hear some views from the folks here for insurance coverage for elderly parents. My in-laws are pretty much walking time bombs who bochup their health and life choices, and have no qualms about burdening their children financially. I really hate it when the ball gets passed around and in the end its my wife (coz she's the eldest) who has to clean up their ****. So to ensure there won't be any surprise medical costs, I will like to check if the following actions are correct:

1) Ensure my in-laws have an integrated shield plan which will pay for the bulk of their hospitalization bills.
2) Upgrade their eldershield to careshield life.
3) Consider Dementia insurance? I only found out about this today. See this (https://www.dbs.com.sg/personal/insurance/protection/critical-illness/dementia-caregiver-protect)

Anything else I miss out?

 

[BBCWatcher]

1) Ensure my in-laws have an integrated shield plan which will pay for the bulk of their hospitalization bills.

As qhong61 suggests they're probably not able to obtain Integrated Shield coverage if they don't already have it. Preexisting conditions are not covered, and you've indicated they already have health problems.

However, they still have MediShield Life. And it's pretty decent coverage for public hospitals in B2 and C wards. If they want a little more comfort without too much extra expense they could stay in B2+ ward. Getting proper referrals to specialists is important to avoid the higher private patient charges. They may also qualify for CHAS subsidies.

2) Upgrade their eldershield to careshield life.

Yes, CareShield Life is essentially Long-Term Care (LTC) insurance. It helps cover the higher expenses associated with severe disability should they end up in that situation. CSL is obtainable since they aren't severely disabled.

3) Consider Dementia insurance? I only found out about this today. See this (https://www.dbs.com.sg/personal/insurance/protection/critical-illness/dementia-caregiver-protect)

No, I wouldn't. I'd investigate a CSL supplement if you want them to have more than base CSL coverage. Dementia is only one possible reason why they might be severely disabled. Whether they can actually obtain CSL supplements is a separate question, but it's worth checking.

Anything else I miss out?

Yes, longevity insurance — insurance that covers the risk that they might outlive their savings. Or your ability/enthusiasm for supporting them financially. Or some of both. CPF LIFE is the most common (and best value) longevity insurance in Singapore.

 

[DevilPlate]

Check with yr in-laws whether they receive any perks from CPFBoard to upgrade to Careshield Life.

 

[8zaoyu]

If they are already on Eldershield 300 or 400. Do add them on the Careshield Life if not yet kanna severe illness like stroke, heart problems and diabetes, kidney failures,cannot join in liao. "Perk help for premiums" are given till end of 2023 to sign up.
MediShieldLife yearly premiums already up what more for Integrated Shields for age over 60s and above ?

 

[zeroX26]

As qhong61 suggests they're probably not able to obtain Integrated Shield coverage if they don't already have it. Preexisting conditions are not covered, and you've indicated they already have health problems.

However, they still have MediShield Life. And it's pretty decent coverage for public hospitals in B2 and C wards. If they want a little more comfort without too much extra expense they could stay in B2+ ward. Getting proper referrals to specialists is important to avoid the higher private patient charges. They may also qualify for CHAS subsidies.

Yes, CareShield Life is essentially Long-Term Care (LTC) insurance. It helps cover the higher expenses associated with severe disability should they end up in that situation. CSL is obtainable since they aren't severely disabled.

No, I wouldn't. I'd investigate a CSL supplement if you want them to have more than base CSL coverage. Dementia is only one possible reason why they might be severely disabled. Whether they can actually obtain CSL supplements is a separate question, but it's worth checking.

Yes, longevity insurance — insurance that covers the risk that they might outlive their savings. Or your ability/enthusiasm for supporting them financially. Or some of both. CPF LIFE is the most common (and best value) longevity insurance in Singapore.

1) They have ISP currently which is under the old 0% co-payment scheme. However, its the very pricey ISP which covers up to private hospital and the premiums are getting very pricey. I'm thinking of getting it downgraded to something much more affordable.

2) Claims for CareShield Life can only be done if 3 out of the 6 ADLS cannot be done. But a person with dementia can still do all 6 ADLS right and not be severely disabled right?

3) I won't bother about CPF life liao. They were born b4 1958 which made CPF life not compulsory for them. They sold their only hard asset (a very big flat) about 18 months ago, withdrew and squandered the bulk of the sale proceeds away liao. Not my parents, not my problem.

 

[reddevil0728]

1) They have ISP currently which is under the old 0% co-payment scheme. However, its the very pricey ISP which covers up to private hospital and the premiums are getting very pricey. I'm thinking of getting it downgraded to something much more affordable.

2) Claims for CareShield Life can only be done if 3 out of the 6 ADLS cannot be done. But a person with dementia can still do all 6 ADLS right and not be severely disabled right?

3) I won't bother about CPF life liao. They were born b4 1958 which made CPF life not compulsory for them. They sold their only hard asset (a very big flat) about 18 months ago, withdrew and squandered the bulk of the sale proceeds away liao. Not my parents, not my problem.

Whilst not your parents. If it’s your wife’s problem wouldn’t it be your problem indirectly?

 

[8zaoyu]

1) They have ISP currently which is under the old 0% co-payment scheme. However, its the very pricey ISP which covers up to private hospital and the premiums are getting very pricey. I'm thinking of getting it downgraded to something much more affordable.

2) Claims for CareShield Life can only be done if 3 out of the 6 ADLS cannot be done. But a person with dementia can still do all 6 ADLS right and not be severely disabled right?

3) I won't bother about CPF life liao. They were born b4 1958 which made CPF life not compulsory for them. They sold their only hard asset (a very big flat) about 18 months ago, withdrew and squandered the bulk of the sale proceeds away liao. Not my parents, not my problem.

If I were to sell our only hard asset ( a very big flat) - i can make at least a $Mil too, it is their money, even up to $8k+ yearly or monthly premium per pax is sufficient from their profits, do not downgrade! Just buy CareShield Life plus supplements for them. Enough one. Some folks still buy $150k+ ten year COE, right, see open open. Hope yr future kiddos do not downgrade next time for you also!

 

[BBCWatcher]

1) They have ISP currently which is under the old 0% co-payment scheme.

No it isn’t. All the Integrated Shield plans/riders require co-insurance, including the ”legacy” plans. The government insisted on it. If you/they check the current coverage terms you/they should find there’s at least a 5% co-pay at least up to a $3,000/year co-insurance cap. Moreover, some carriers have claims-based pricing. So if they file a claim their rider premium could increase.

However, its the very pricey ISP which covers up to private hospital and the premiums are getting very pricey. I'm thinking of getting it downgraded to something much more affordable.

Obviously that’s possible. In most cases as long as they stay with the same carrier there’s no preexisting condition reset.

2) Claims for CareShield Life can only be done if 3 out of the 6 ADLS cannot be done. But a person with dementia can still do all 6 ADLS right and not be severely disabled right?

It depends on how severe the dementia is. Just like it depends on how severe the injury, stroke, vertigo, or other potentially disabling misfortune is.

A CSL supplement can drop the threshold for a valid claim down to as few as 1 ADL.

3) I won't bother about CPF life liao. They were born b4 1958 which made CPF life not compulsory for them. They sold their only hard asset (a very big flat) about 18 months ago, withdrew and squandered the bulk of the sale proceeds away liao. Not my parents, not my problem.

It’s your spouse’s problem by law, and that probably makes it yours. Unless you have a fairly unusual marriage. And if they’re prone to squandering money then that’s all the more reason for longevity insurance, highly preferably escalating.

The government is currently offering various incentives for CPF RA top ups that may apply.

 

[DevilPlate]

1) They have ISP currently which is under the old 0% co-payment scheme. However, its the very pricey ISP which covers up to private hospital and the premiums are getting very pricey. I'm thinking of getting it downgraded to something much more affordable.

2) Claims for CareShield Life can only be done if 3 out of the 6 ADLS cannot be done. But a person with dementia can still do all 6 ADLS right and not be severely disabled right?

3) I won't bother about CPF life liao. They were born b4 1958 which made CPF life not compulsory for them. They sold their only hard asset (a very big flat) about 18 months ago, withdrew and squandered the bulk of the sale proceeds away liao. Not my parents, not my problem.

So where they stay now?
Can ask them to right sized and buy a resale 2-3rm flat to lock-in/preserve whatever is left

Safe from scammers including themselves squandering. Or get them to top up RA till max if they havent done so.

 

[8zaoyu]

So where they stay now?
Can ask them to right sized and buy a resale 2-3rm flat to lock-in/preserve whatever is left

Safe from scammers including themselves squandering. Or get them to top up RA till max if they havent done so.

lots of nearing retirees-to-be like us couple already getting offers to do small businesses. Think best putting to Enhanced CPFLife as a couple liao - downgrading to 2-rm flexi with a helper only when become widow/widower. Dun want to trouble any kiddo w fmly.

 

[zeroX26]

If I were to sell our only hard asset ( a very big flat) - i can make at least a $Mil too, it is their money, even up to $8k+ yearly or monthly premium per pax is sufficient from their profits, do not downgrade! Just buy CareShield Life plus supplements for them. Enough one. Some folks still buy $150k+ ten year COE, right, see open open. Hope yr future kiddos do not downgrade next time for you also!

Read properly, they SQUANDERED away most (if not almost all) the proceeds already (cost + profits). They are not the one paying for the ISP premiums; its the children. I won't let my kids be a new sandwich generation, that's why I'm creating passive income from my portfolio to attend to my needs, including paying my own ISP.

 

[zeroX26]

It’s your spouse’s problem by law, and that probably makes it yours. Unless you have a fairly unusual marriage. And if they’re prone to squandering money then that’s all the more reason for longevity insurance, highly preferably escalating.

The government is currently offering various incentives for CPF RA top ups that may apply.

There's just a problem - they subscribe to extreme religious beliefs that the sg government is the puppet of the "Globalist Group" who's attempting to control the world. So CPF cannot be trusted, its better to withdraw as much as possible and manage it themselves (aka throw the money into get rich quick scams).

 

[zeroX26]

So where they stay now?
Can ask them to right sized and buy a resale 2-3rm flat to lock-in/preserve whatever is left

Safe from scammers including themselves squandering. Or get them to top up RA till max if they havent done so.

They are staying with their only unmarried child who bought a resale 5-rm. Your ideas are great and its what I advocate every retiree to do, but unfortunately, its too late in my in-law case becoz the bulk of the sales proceeds is already gone sighzzzz.

 

[BBCWatcher]

There's just a problem - they subscribe to extreme religious beliefs that the sg government is the puppet of the "Globalist Group" who's attempting to control the world.

Yes, that's a well known fact.

So CPF cannot be trusted, its better to withdraw as much as possible and manage it themselves (aka throw the money into get rich quick scams).

Well, as long as someone knows their NRICs anyone can deposit funds into their CPF Retirement Accounts if he/she wishes.

 

[sohguanh]

Dun want to trouble any kiddo w fmly.

You do know such stuff work both ways? Kids could be troubling you for monies instead. Reader jjww I think just posted cannot let your children know your whole networth in the other thread. I roughly can guess what is troubling him liao.

 

[8zaoyu]

There's just a problem - they subscribe to extreme religious beliefs that the sg government is the puppet of the "Globalist Group" who's attempting to control the world. So CPF cannot be trusted, its better to withdraw as much as possible and manage it themselves (aka throw the money into get rich quick scams).

Jialat, why you sio kiam zeh, marrying into this kind of parents in laws' family. The fools and their money don't sync. Some more in-law know how to buy ISP, in fact yr single sibling in-law should make them buy their 2-rm flexi and bo-chap them liao. All insurances auto - stop if they cannot pay. Go hospitals get C wards, last time I know of someone asked for D (death) ward,please pull all life-saving plugs, just sing Amitabha , tolong go die.
So poor thing, the whole world wants to scam SG elderlies their CPF at 55. I know my age folks refuse to go work anymore and rely on their little savings once their kids go to university too. Many say sian working liao, haiz. I also tempted to quit in fact - xia suay pay!

 

[zeroX26]

Jialat, why you sio kiam zeh, marrying into this kind of parents in laws. The fools and their money don't sync. Some more in-law know how to buy ISP, in fact yr single in-law should make them buy their 2-rm flexi and bo-chap them liao. All insurances auto - stop if they cannot pay. Go hospitals get C wards, last time I know of someone asked for D (death) ward,please pull all life-saving plugs, just sing Amitabha , tolong go die.

Simi is kiam zeh?

 

[8zaoyu]

Simi is kiam zeh?

means your "destined duty" till resignation from the family/company lor

 

[zeroX26]

Jialat, why you sio kiam zeh, marrying into this kind of parents in laws' family. The fools and their money don't sync. Some more in-law know how to buy ISP, in fact yr single sibling in-law should make them buy their 2-rm flexi and bo-chap them liao. All insurances auto - stop if they cannot pay. Go hospitals get C wards, last time I know of someone asked for D (death) ward,please pull all life-saving plugs, just sing Amitabha , tolong go die.
So poor thing, the whole world wants to scam SG elderlies their CPF at 55. I know my age folks refuse to go work anymore and rely on their little savings once their kids go to university too. Many say sian working liao, haiz. I also tempted to quit in fact - xia suay pay!

Actually they don't. Is kanna "conned" by insurance agent. Since ISP don't give much commission, so she "conned" them to buy the priciest coverage.

 

[sohguanh]

Simi is kiam zeh?

Hokkien owe debt. Means need to pay back possibly previous life owe ppl so this life need pay back.