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.
Premiums for ElderShield are payable annually and can be made in cash or deducted from Medisave savings. A CPF member can also use his/her Medisave savings to pay the ElderShield premiums for his/her parents, spouse, grandparents and children.
ElderShield policyholders who wish to obtain higher severe disability insurance coverage may purchase ElderShield Supplements.
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.
Aviva Ltd, Great Eastern and NTUC Income are currently the Government-appointed administrators of ElderShield Scheme.
For more information on the ElderShield Scheme, please click here.