ElderShield is a severe disability insurance scheme introduced by the Government to provide insurance coverage to elderly Singaporeans and permanent residents who require long-term care. ElderShield would provide them with the basic financial protection and help defray out-of-pocket expenses in the event of severe disabilities.
Singaporeans and permanent residents who are CPF members and have reached age 40 will be automatically covered under ElderShield unless they opt out of the scheme. Depending on the age of the insureds, they can choose to pay single premiums or regular premiums. For regular premiums, they are payable annually until the insureds reach age 65. ElderShield premiums can be paid using Medisave. The insured will enjoy lifetime coverage once the full premiums are paid.
ElderShield can be used to complement a member’s MediShield. This is because different insurance plans serve different purposes. While MediShield can help to pay hospitalisation expenses, it will not give the insured cash to help him pay for living expenses. ElderShield, on the other hand, will pay the insured $300 cash each month for up to 5 years if the insured becomes severely disabled for any reason such as old age or illness.
Great Eastern and NTUC Income are currently the Government-appointed administrators of ElderShield Scheme.
For more information on the ElderShield Scheme, please click here.