Terminate Eldershield supplement

[qhong61]

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.

Convert to careshield life. Lifetime payout of $600 and only pay till 67.

 

[qhong61]

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

Why don't upgrade to 2ADL?

 

[qhong61]

Convert to careshield life. Lifetime payout of $600 and only pay till 67.

Then get a supplement for 2ADL if your health and medisave still can afford.

 

[a4973]

Then get a supplement for 2ADL if your health and medisave still can afford.

Thank you for your reply.
1. So the decision is really that no brainer simple to move from ES300 to CSL?

2. "Supplement for 2ADL if health still can afford" means if able to get accepted by the 3 insurance coys due to no health issues?

Thank you

 

[exterminazn]

Thank you for your reply.
1. So the decision is really that no brainer simple to move from ES300 to CSL?

2. "Supplement for 2ADL if health still can afford" means if able to get accepted by the 3 insurance coys due to no health issues?

Thank you

Yes, csl definitely better benefit, but depends whether u comfortable with premium

 

[demoforce1]

Why don't upgrade to 2ADL?

GE CSL supplement have 1 ADL and the premium is still okay, I am calling them tomorrow

 

[exterminazn]

GE CSL supplement have 1 ADL and the premium is still okay, I am calling them tomorrow

I can deal with Ge new csl

 

[Auzz18]

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.

Why don’t you think for yourself for once instead of asking others to do your thinking. It is your life yet you are lazy to think for yourself.

 

[a4973]

Why don’t you think for yourself for once instead of asking others to do your thinking. It is your life yet you are lazy to think for yourself.

I had considered affordability and personal risk factors to get hit with 3ADL. when I was composing the post, I was traveling in the MRT and nearing my destination so didn't elaborate on the above 2 factors I had already considered and just abruptly completed the post. Am sorry if I had offended anyone. Thanks

 

[andyhtc]

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

After some cost and benefit analysis, I decided that I will switch to Careshield Life from my Eldershield 400.

I might really need Careshield Life when I'm from the 60s onward and I can possibly get $500+ more per month.

If I don't need it eventually, I will just take the additional payment from my CPF as a charity donation or as buying a Disability Income Insurance with a lifetime payout.

 

[demoforce1]

After some cost and benefit analysis, I decided that I will switch to Careshield Life from my Eldershield 400.

I might really need Careshield Life when I'm from the 60s onward and I can possibly get $500+ more per month.

If I don't need it eventually, I will just take the additional payment from my CPF as a charity donation or as buying a Disability Income Insurance with a lifetime payout.

do you have ES supplement now?

 

[andyhtc]

do you have ES supplement now?

Yes, I'm keeping my $1,300 a month supplement because I got it at a low price of fixed $500+ per year.

With Careshield Life, I will get $2k+ a month if I get hit with 3 ADLs down the road. This should be sufficient to hire a helper to look after me.

 

[zoneguard]

Yes, I'm keeping my $1,300 a month supplement because I got it at a low price of fixed $500+ per year.

With Careshield Life, I will get $2k+ a month if I get hit with 3 ADLs down the road. This should be sufficient to hire a helper to look after me.

CSL payout does keep up with inflation (current projection 2%), does your supplement provide flat payout or inflation adjusted payout?

If it is flat payout, it is not an apple to apple comparison.

 

[andyhtc]

CSL payout does keep up with inflation (current projection 2%), does your supplement provide flat payout or inflation adjusted payout?

If it is flat payout, it is not an apple to apple comparison.

No, it doesn't. But the $1,300 payout a month is good for hiring a helper in future if I need it.

Hence, it is a $600 with 2% annual increment (3 ADLs) + $1,300 fixed (2 ADLs).

My legs are not so good now. Hence, I can imagine the rest of my body deteriorating with age.

 

[zoneguard]

Hence, it is a $600 with 2% annual increment (3 ADLs) + $1,300 fixed (2 ADLs).

Depending on when the need for making the claim arises - how far ahead in the future, $1,3K may not amount to a dollar value sufficient for hiring a helper due to inflation.

When using dollar value, it is necessary to use today's dollar value or some reference point agreeable to both parties.

 

[andyhtc]

Depending on when the need for making the claim arises - how far ahead in the future, $1,3K may not amount to a dollar value sufficient for hiring a helper due to inflation.

When using dollar value, it is necessary to use today's dollar value or some reference point agreeable to both parties.

With Careshield Life, it will be $2k a month at least and I guess it should be sufficient for a very basic helper.

My worry is Careshield Life's premium could escalate given our ageing population and inflation.

Looking at the premium and payout structure, I think Careshield Life is not sustainable in 10 years. The premium could see a big annual increment by then.

 

[zoneguard]

With Careshield Life, it will be $2k a month at least and I guess it should be sufficient for a very basic helper.

In 20 years, at 2% inflation, the total payout in today's dollar value = $1,468. Is this sufficient?

 

[andyhtc]

In 20 years, at 2% inflation, the total payout in today's dollar value = $1,468. Is this sufficient?

I think real inflation is higher than 2%. So in fact, $600 a month is losing value from year 1.

 

[demoforce1]

Yes, I'm keeping my $1,300 a month supplement because I got it at a low price of fixed $500+ per year.

With Careshield Life, I will get $2k+ a month if I get hit with 3 ADLs down the road. This should be sufficient to hire a helper to look after me.

I don't think you can mix ES supplement with CSL, but have you checked with your insurance?

 

[andyhtc]

I don't think you can mix ES supplement with CSL, but have you checked with your insurance?

Can. The supplement is by private insurance companies. The government took back the Eldershield from these companies and adapted them to Careshield. The policies work independently.