CareShield Life unveiled

Stay on top of the latest government initiative and find out how to make the most of it

In A

In a nutshell

CareShield Life is

  • An improved version of ElderShield
  • A long-term care insurance for financial protection against long-term care costs

Main features

  • Lifetime cash payouts for as long as you are severely disabled 
  • Increasing payouts from $600/month
  • Premiums can be fully payable by MediSave
Without proper planning,

Long term care can cost around $23,000/year

1 out of 2 healthy Singaporeans of age 65 risk becoming severely disabled in their lifetime, and will require long term care.

“Severe disability” is the inability of an individual to perform three or more Activities of Daily Living (ADLs) independently, with or without mobility aids (e.g. walking aids, wheelchair). This means that the individual will require the physical assistance of another person for the ADL.

1 out of 2 healthy Singaporeans of age 65 risk becoming severely disabled in their lifetime, and will require long term care.

“Severe disability” is the inability of an individual to perform three or more Activities of Daily Living (ADLs) independently, with or without mobility aids (e.g. walking aids, wheelchair). This means that the individual will require the physical assistance of another person for the ADL.

Washing

The ability to wash in the bath or shower (including getting into and out of the bath or shower) or do a sponge/bed bath.

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 toilet or manage bowel and bladder function through the use of protective undergarments such as diapers, or surgical appliances if appropriate.

Walking or moving around

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.

Washing

The ability to wash in the bath or shower (including getting into and out of the bath or shower) or do a sponge/bed bath.

Feeding

The ability to feed oneself food after it has been prepared and made available.

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

Toileting

The ability to use the toilet or manage bowel and bladder function through the use of protective undergarments such as diapers, or surgical appliances if appropriate.

Walking or moving around

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.

Without adequate planning for long term care, it can

Deprive you of proper care Wipe out all your savings Become a financial burden

  • Deprive you of proper care
  • Wipe out all your savings
  • Become a financial burden for your family

*Based on a 2016 APRC survey

How will CareShield Life affect someone like me?

I AM
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Born in 1980 or later
Born in 1979 or earlier
Compulsory? Yes
Start of premium payment In 2020 or when you turn 30, whichever is later
End of premium payment Age 67 or later, as per Singapore’s re-employment age
Annual premium Estimated annual premiums from $200 for men and $250 for women, and will increase over time
Number of payments 38
Payable by Medisave? Yes
To qualify for payout Inability to carry out 3 ADLs
Payout amount From $600/month, depending on when you make your first claim (Estimated values)
Duration of payout No cap
Premium paid to payout received (*for a 30 year old male) Estimated premiums paid: $11,300
Estimated payouts received (10 years):

$144,000

Approx. 12x estimated value

Born in 1980 or later
Born in 1979 or earlier
Compulsory? Yes
Start of premium payment In 2020 or when you turn 30, whichever is later
End of premium payment Age 67 or later, as per Singapore’s re-employment age
Annual premium Estimated annual premiums from $200 for men and $250 for women, and will increase over time
Number of payments 38
Payable by Medisave? Yes
To qualify for payout Inability to carry out 3 ADLs
Payout amount From $600/month, depending on when you make your first claim (Estimated values)
Duration of payout No cap
Premium paid to payout received (*for a 30 year old male) Estimated premiums paid: $11,300
Estimated payouts received (10 years):

$144,000

Approx. 12x estimated value

Note: Figures stated are estimated for illustration purposes, and rounded to the nearest hundred. The rates apply to a person who joins the scheme in 2020, and assume a premium and payout increase of 2% per year.

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Curious about how CareShield Life will affect you in the long run?

Get in touch and let us advise you.

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Frequently Asked Questions

    • MediShield Life is a basic health insurance plan that protects all Singapore Citizens and Permanent Residents against large hospital bills for life, regardless of age or health condition.
    • CareShield Life helps you financially should you become severely disabled and require long-term care. The payouts are more flexible as they are not limited to hospital bills and medical treatments.

The monthly payout is given in cash. You can choose what you would like to use it on, such as employing a helper, or offsetting the cost of daycare.

    • Yes, but only from 2021. You will need to top up your premiums to switch to CareShield Life.
    • The Government is giving up to $2,500 over 10 years to encourage older people to join CareShield Life. Merdeka and Pioneer generations will get an additional $1,500 premium subsidy – making it a total of $4,000 – over 10 years. These subsidies are only for those who join the scheme within the first two years.
    • Those who had opted out of ElderShield may also join. Details of how this can be done will come later. However, people born before 1980 who are already severely disabled will not be able to join CareShield Life.
    • The premiums to be paid will depend on the payouts (which will increase over the years), the amount of claims made against the scheme, as well as the inflation rate.
    • For instance, If more claims are made than anticipated, premiums will have to go up to support the scheme accordingly. Similarly, should there be less claims than expected, the increase in premiums will also slow down.
    • The payout amount is not age-based. It will go up annually based on the year in which you first make a claim. Two people of different ages making their first claim in the same year will get the same monthly payout.
    • However, the payout for people older than 67 will be pegged at the payout amount in the year they stop paying premiums, which is at 67 years old.
    • It is possible to use the Medisave savings of a family member, such as your child, to pay the premium. You can also pay for it in cash.
    • If those options are not possible for you, you will be means-tested to see if you qualify for subsidies. If you do, the Government will pay the outstanding amount for you.
    • No, you cannot. CareShield Life is compulsory for all Singaporeans and permanent residents, so it does not matter if you do not reside here. 
    • It is different for MediShield Life as it pays for treatment that has to be carried out here.

Yes. Plans that add an additional amount to the monthly payouts will likely be available from private insurers.

Still have questions? Drop us a message here and we will do our best to answer them.