Best Careshield Life Supplement Singapore 2024

Initiated in 2020, Careshield Life is a government program designed to offer monthly income if the insured becomes severely disabled. Severe disability, as defined currently, refers to the incapability to perform 3 out of the 6 Activities of Daily Living (ADLs): Washing, Feeding, Dressing, Toileting, Mobility, and Transferability.

From 2020 onward, Careshield Life is a mandatory coverage for all Singaporeans and Permanent Residents aged 30 and above. The plan can be financed through Medisave.

Given that the typical monthly expenses for long-term care can exceed $2,400 — encompassing daily living aids, routine expenses, caregiver costs, medication, therapy, and other miscellaneous charges — and with potential inflationary increases, enhancing your coverage is a prudent financial move if it’s within your budget.

Careshield Life covers all pre-existing conditions. However, when it comes to the Careshield Life supplement, coverage for such conditions varies. Depending on the specifics of the condition, there might be additional charges (loading) or certain conditions might be excluded from the coverage.

While many maximize their Medisave withdrawal limits for Careshield Life, if you foresee higher needs and can manage cash payments, consider accounting for your daily costs and anticipated disability-related expenses to ensure sufficient coverage.

The Careshield Life supplement allows claims based on the inability to execute 2 of the 6 daily activities. Some plans even provide payouts and waive premiums for just 1 unmanageable activity.

No, only the base Careshield Life is obligatory. Upgrading with supplements is entirely optional.

Consider upgrading the moment you’re eligible. Premiums tend to be lowest at your current age, and if you’re in good health, it’s best to capitalize on it.

No, occupational factors aren’t considered in the underwriting for Careshield supplements.

 Your current disability plans might differ in coverage definitions from Careshield Life or may expire after a certain age. Careshield Life and its supplements offer lifetime protection, as long as you maintain the premium payments.

Simply click on “get quotes”, and a seasoned financial advisor will guide you, offering impartial advice and gathering quotes from various providers for comparison. The service is entirely free, with no obligations attached.

CareShield Life (终身护保) is a disability insurance scheme for Singaporean residents that will be launched in 1^st October 2020. If you are born 1980 or later, it is compulsory for you. You will be automatically enrolled and will start paying premiums for it. Here we talk about the differences between the two: ElderShield, CareShield Life & MediShield Life: What Are The Differences?