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Should I opt for ElderShield Upgrade?

You may probably have received cold calls and being recommended by your insurance agent to implement the ElderShield upgrade. Or your friends are casually discussing it during meet ups about his/her ElderShield upgrade. However, you are not entirely convinced of the reason and benefits of implementing the upgrade. In this article, we hope to provide you with facts and data that may help you to make an informed decision.

Should I get my ElderShield Upgrade?

What are the chances of claiming ElderShield upgrade? Let’s look at some ElderShield Claims Statistic

Health Minister Gan Kim Yong shared some claims statistic in Apr 2016 via a written reply in response to a question posted by Member of Parliament for Nee Soon GRC, Louis Ng on 4th April 2016.

Around S$90 million has been paid out since ElderShield was launched in 2002, with about 12,500 successful claims.

Aviva shared their ElderShield claims statistic in 2011 regarding age breakdown

Aviva’s claims statistics shows that 70% of our ElderShield claims are from those aged below 55

The details of the claims statistic can be found in one of our article here.

Is the ElderShield Upgrade necessary? Isn’t the basic ElderShield payout of $300/mth or $400/mth sufficient?

In the event of disability, most people will choose a nursing home or hire a maid to look after the patient. Hiring a maid is preferred as it is cheaper and the patient can continue to stay with the family. The cost hiring a maid has increased over the years, and a simple cost breakdown is as follow

  1. Monthly salary between $500 to $600
  2. Monthly Maid levy ($145 after $120 concession from Agency for Integrated Care)
  3. Food and miscellaneous (e.g. daily necessaries and doctor visit)  about another $400 to $500 per month)

Hence, the monthly $400 payout is insufficient, and one should increase the coverage to have a higher monthly payout in the event of unable to perform 2 or 3 out of the 6 daily activities. Do you think that a basic ElderShield payout of $300/mth or $400/mth is sufficient in the event of disability?

Try out our ElderShield Upgrade Premium Calculator here

or

Click here to discuss your ElderShield upgrade.

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