Financing Your Long Term Care | ElderShieldInsurance.Sg

ElderShield is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially during old age. It provides a monthly cash payout to help pay the out-of-pocket expenses for the care of a severely-disabled person

source: Ministry of Health

ElderShield Schemes

There are currently two basic schemes, and they are ElderShield300 & ElderShield400. ElderShield300 started in September 2002 and offered a monthly payout of $300/mth for a maximum of 60 months if the person is unable to perform 3 out of 6 daily activities (ADLs)

ElderShield400 was introduced in 2007, and it offers an improved coverage with a monthly payout of $400/month for a maximum of 72 months if the person is unable to perform 3 out of 6 daily ADLs. Singapore Citizens and PRs who join ElderShield after September 2007 will be on the ElderShield400 scheme.

The six daily activities (ADLs) are

  • 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

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Is ElderShield coverage sufficient?

With the rising cost of long-term care (e.g. nursing home), many find that the default coverage is insufficient in the event of disability. Hence, the enhancement was introduced by private insurers. The enhancement can be paid by MediSave with a maximum cap of $600 per person. Some benefits of upgrades are

  1. Lifetime payout instead of limit to 60 or 72 months
  2. Higher payout instead of just $300/mth or $400/mth. The payout can be more than $1,000/mth
  3. Easier to claim in which a person who can claim once he/she is unable to perform 2ADLs instead of 3ADLs.
Click HERE to access our ElderShield Upgrade Premium Calculator and find out the maximum enhanced coverage that you can obtain using ONLY MediSave!