Terminate Eldershield supplement

[demoforce1]

As the government moves eldershield to careshield, I have eldershield supplement bought in the past with income, I plan to terminate eldershield supplement and not to purchase careshield supplement anymore with Income, can I do that?

 

[boredboiboi]

As the government moves eldershield to careshield, I have eldershield supplement bought in the past with income, I plan to terminate eldershield supplement and not to purchase careshield supplement anymore with Income, can I do that?

Why not? The plan is your. U can make every single decision. The upgrade u wan get from who also can. There are ntuc, aviva and GE.

 

[andyhtc]

I believe you can contact your insurance company to get the procedure to cancel it.

Just to share that I have an Eldershield supplement and have also considered terminating it.

However, I noted that Careshield only allows a claim for at least 3 ADLs while a supplement may allow (not all) for at least 2 ADLs. In addition, the payout can be stacked with Careshield if one is hit with at least 3 ADLs.

As I took up the supplement very early, my premium is locked at a lower rate. Therefore, I decided to keep it and let it function as a very basic disability income insurance (DII).

The only issue now is whether I should stay put with Eldershield or move over to Careshield.

 

[qhong61]

I believe you can contact your insurance company to get the procedure to cancel it.

Just to share that I have an Eldershield supplement and have also considered terminating it.

However, I noted that Careshield only allows a claim for at least 3 ADLs while a supplement may allow (not all) for at least 2 ADLs. In addition, the payout can be stacked with Careshield if one is hit with at least 3 ADLs.

As I took up the supplement very early, my premium is locked at a lower rate. Therefore, I decided to keep it and let it function as a very basic disability income insurance (DII).

The only issue now is whether I should stay put with Eldershield or move over to Careshield.

If ur medisave enough, why not?

 

[andyhtc]

If ur medisave enough, why not?

I'm paying only $174 for my Eldershield for a payout of $400 a month.

If I go for Careshield, it will be $316 this year after the discount for a payout of $600 a month. Thereafter, every year the premium will increase while the monthly payout only goes up by 2% annually. I already have the supplement that pays out $1,300 a month for 2 ADLs. I also have several insurance plans for TPDs.

By comparing against the insurance companies' premium at $600 payout, the premium increase will be a lot faster for Careshield since it is taking in almost everybody and even those with pre-existing illnesses. Effectively, I will be paying more to subsidise others.

 

[qhong61]

I'm paying only $174 for my Eldershield for a payout of $400 a month.

If I go for Careshield, it will be $316 this year after the discount for a payout of $600 a month. Thereafter, every year the premium will increase while the monthly payout only goes up by 2% annually. I already have the supplement that pays out $1,300 a month for 2 ADLs. I also have several insurance plans for TPDs.

By comparing against the insurance companies' premium at $600 payout, the premium increase will be a lot faster for Careshield since it is taking in almost everybody and even those with pre-existing illnesses. Effectively, I will be paying more to subsidise others.

Ur eldershield is lifetime payout?

 

[andyhtc]

Deleted...

 

[qhong61]

Deleted...

Why delete?

 

[demoforce1]

I'm paying only $174 for my Eldershield for a payout of $400 a month.

If I go for Careshield, it will be $316 this year after the discount for a payout of $600 a month. Thereafter, every year the premium will increase while the monthly payout only goes up by 2% annually. I already have the supplement that pays out $1,300 a month for 2 ADLs. I also have several insurance plans for TPDs.

By comparing against the insurance companies' premium at $600 payout, the premium increase will be a lot faster for Careshield since it is taking in almost everybody and even those with pre-existing illnesses. Effectively, I will be paying more to subsidise others.

Careshield is lifetime, while Eldershield only 72 months, unless with supplement.
how much do you pay eldershield supplement for 2 ADL with $1300?

 

[andyhtc]

Why delete?

I realised the question was not addressed to me.

Careshield is lifetime, while Eldershield only 72 months, unless with supplement.
how much do you pay eldershield supplement for 2 ADL with $1300?

Yes, I have a supplement with Aviva fixed at $587.11 per year.

The key problem with Careshield is the premium will keep on increasing based on the claims and my guess is the premium will jump in next 5-10 years.

The biggest beneficiaries will be those in their 50s and 60s who just need to pay a few more years of premium and they will get to enjoy protection for life.

Those in their 30s are the ones who will highly subsidise this ageing group and their premium will continue to go up as they age.

 

[qhong61]

I realised the question was not addressed to me.



Yes, I have a supplement with Aviva fixed at $587.11 per year.

The key problem with Careshield is the premium will keep on increasing based on the claims and my guess is the premium will jump in next 5-10 years.

The biggest beneficiaries will be those in their 50s and 60s who just need to pay a few more years of premium and they will get to enjoy protection for life.

Those in their 30s are the ones who will highly subsidise this ageing group and their premium will continue to go up as they age.

They need to pay min ten yrs premium.

 

[demoforce1]

I realised the question was not addressed to me.



Yes, I have a supplement with Aviva fixed at $587.11 per year.

The key problem with Careshield is the premium will keep on increasing based on the claims and my guess is the premium will jump in next 5-10 years.

The biggest beneficiaries will be those in their 50s and 60s who just need to pay a few more years of premium and they will get to enjoy protection for life.

Those in their 30s are the ones who will highly subsidise this ageing group and their premium will continue to go up as they age.

if I am not wrong, premium increase also benefits increase every year.

 

[andyhtc]

if I am not wrong, premium increase also benefits increase every year.

Provided you can claim for 3 ADLs, which is not a good thing.

 

[andyhtc]

They need to pay min ten yrs premium.

10 years of a small amount of premium for lifetime protection I also want

 

[demoforce1]

Provided you can claim for 3 ADLs, which is not a good thing.

yes the same with my current eldershield supplement with income which also 3 ADL

 

[qhong61]

yes the same with my current eldershield supplement with income which also 3 ADL

Not 2ADL?

 

[Okenba]

10 years of a small amount of premium for lifetime protection I also want

If I'm not wrong, premiums are personalised.
In other words, someone who has been paying since 30, when he is 50, his premiums are likely lower than someone who just started paying when he hits 50.
In that sense, I doubt those in their 30s are subsidising anyone. Rather, like other insurance, those who don't claim (or claim less) are the ones subsidising the ones who claim more.

 

[zoneguard]

In other words, someone who has been paying since 30, when he is 50, his premiums are likely lower than someone who just started paying when he hits 50.
In that sense, I doubt those in their 30s are subsidising anyone. Rather, like other insurance, those who don't claim (or claim less) are the ones subsidising the ones who claim more.

The scheme is on a not-for-profit basis and supposed to be actuarially fair.

https://www.careshieldlife.gov.sg/faqs/careshield-life.html

5. What will be the CareShield Life premiums when a 30-year-old today reaches 67 years old?


For those born in 1980 or later, starting premiums vary by joining age and gender. CareShield Life premiums are designed to increase regularly to support the regular increase in payouts. The schedule of premium increases is not fixed, and will be regularly reviewed by an independent council to ensure the sustainability of the scheme.

As an illustration, for a 30-year-old who joins the CareShield Life scheme upon its launch, his premiums would increase from $17/month to $36/month when he reaches 67 years old, assuming a non-guaranteed 2% premium increase per annum. His payouts would have correspondingly increased from $600/month at scheme launch to around $1,200/month. Actual future premiums and payouts will vary depending on the adjustment each year.


4. How much cheaper are the CareShield Life and ElderShield premiums going to be under Government administration, compared to private sector administration?

As the Government will be operating CareShield Life on a not-for-profit basis, CareShield Life premiums will be based on actuarial principles with no profit margins priced in.

 

[a4973]

Hello, would like to ask for a 57 yo male on the original Eldershield 300. Please help me brainstorm all the factors he has to consider in deciding whether to remain on ES300 or upgrade (is it even considered an upgrade?) to Care shield Life?
Thanks in advance.

 

[demoforce1]

Not 2ADL?

my income eldershield supplement is 3 ADL, although the premium closed to yours