19/11/2017
What is Eldershield?
ElderShield is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially during old age.
Are you aware that ALL Singaporeans and PR age 40 and above that they have been auto-enrolled by CPF into the basic Eldershield scheme?
However, the Basic Eldershield:
1. only pays out $400/month for 6 years, highly insufficient in the event of disability
2. pays upon inability to perform 3 out of 6 ADLs, whereas the upgrade pays upon inability to perform 2 out of 6 ADLs instead.
What are the Benefits of upgrading your basic Eldershield?
The current Eldershield upgrade is aimed to increase the amount payable, to afford an external help such as a nurse or maid, should you or your parents be unable to take care of yourself or themselves. It is also easier to claim. This is in line with the government’s initiative of having the basic Eldershield as an opt out scheme instead of an opt in scheme.
Thus, all Singaporeans turning age 40 and above who wish to obtain higher coverage can do so by purchasing ElderShield Supplements or upgrading. These Supplements complement ElderShield by offering additional benefits at different premium levels. They increase your coverage through:
(i) increasing the monthly payout 3 times more than the current
(ii) extending the payout period for LIFE or
(iii) a combination of both.
The best news is that this upgrade can be fully funded from your Medisave. (Hence no cash is required!)
Kindly leave a Message so that we can show you how to get it started without further delay!😊
