Best Careshield Life Supplement Singapore 2024
Dive into our comprehensive comparison of over 15 leading life insurance providers in Singapore, all to help you pinpoint the optimal Careshield Supplement plan.
Competitive Quotes Over 15 Life Insurers
The Ministry of Health notes that 1 in 2 healthy Singaporeans aged 65 might face severe disability in their lives, necessitating long-term care. Such conditions can result from unexpected events like strokes, chronic disease progression like diabetes, or age-related illnesses such as dementia.
At Tree Of Wealth, we meticulously compare over 15 life insurance providers to guide you in selecting the term insurance that resonates best with your distinct needs.
About Careshield Supplements
Claim for 1 or 2 ADL Inabilities – CareShield Supplement plans cover 1 or 2 out of 6 of the defined Activities of daily living e.g. Washing, Feeding, Toileting, Dressing, Mobility & Transferability.
Lifelong ADL Coverage – While standard TPD coverage stops ADL-based payouts post age 70, Careshield Life and its supplement offer lifelong ADL-defined benefits.
How Upgrading Your Careshield Insurance Plan Benefits You
1/6 ADLs Coverage
Long-term Disability are determined by the inability to perform Activities of Daily Living (ADLs). Claims can be based on the incapability to carry out 1 or 2 of these 6 ADLs.
You can tap into an additional $600 yearly from Medisave for this upgrade, beyond the integrated shield hospital plan limit.
Choose a boosted payout up to $5,000/month for life, compared to the current Careshield Life's $600/month.
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Income Care Secure
2/6 ADLs Payouts
Singlife CareShield Plus
20% Lifetime Discount Now On
1/6 ADLs Payouts
2/6 ADLs Payouts
When Purchasing Careshield Life Supplement:
- Be aware of GST Charges. If GST rises, it may affect your premium due to Medisave Withdrawal Limitations.
- Understand if your plan’s payouts are inclusive or exclusive of Careshield life when unable to perform 3 of the 6 ADLs.
- Verify if your plan offers a paid-up benefit, ensuring continued, prorated coverage even if you halt premium payments after some years.
Premiums at a Glance
Age 30, Non-Smoker
Based on $1,500 Monthly Payout, based on inability to perform 2/6 ADLs with the longest payment duration.
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Frequently Asked Questions
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.
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CareShield Life (终身护保) is a disability insurance scheme for Singaporean residents that will be launched in 1st 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?