If you weren’t too busy last year reading bad news about COVID-19, you probably came across an article or two about Careshield Life.
Launched on 1 Oct last year, the national long-term care insurance scheme is compulsory for all residents born in 1980 or later, meaning people who are 41 years old or younger this year.
The insurance scheme provides basic financial support for Singaporeans who develop severe disabilities that require long-term care.
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Now, it seems that folks in older age groups will be eligible for this scheme as well.
People Born in 1979 or Earlier Can Now Join CareShield Life
Are you a Singapore citizen or PR born in 1979 or earlier? Well, you’ll be able to join Careshield Life from 6 Nov.
ElderShield 400 policyholders who were born from 1970 to 1979 and are not severely disabled won’t need to do anything as they’ll be automatically enrolled from 1 Dec.
All other citizens and PRs born in 1979 or earlier who are not severely disabled will have to sign up for the scheme and can do so here.
Incentives for Joining
Do note that while Careshield Life is mandatory for all Singaporeans born in 1980 or later, it is not compulsory for the latest cohort – those born in 1979 or earlier.
This is why the government is providing incentives of up to $2,500 to all citizens born in 1979 or earlier who join CareShield Life by 31 December 2023, when Lawrence Wong and Ong Ye Kung have finally decided on whether we can dine in twos or fives.
Merdeka and Pioneer generation citizens who join the scheme by this date will receive additional incentives of $1,500.
Premiums
According to the Ministry of Health (MOH), ElderShield 300 policyholders, uninsured individuals, and older individuals will face higher annual premiums for the scheme.
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This is why they are not part of the auto-enrolment group.
“They should therefore weigh the costs and benefits, and make a conscious decision to opt into CareShield Life,” MOH said.
CareShield Life premiums can be paid using MediSave (i.e. your CPF) and are paid until the age of 67. Even when policyholders stop paying premiums, Singaporeans will still be covered for life.
In the event of severe disability which requires long-term care, the Careshield Life scheme will provide lifetime payouts of at least $600 a month.
A payout is given in the event that a policyholder’s severe disability prevents them from performing three of the six following activities of daily living without assistance:
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- washing
- dressing
- feeding
- going to the toilet
- walking or moving around
- moving from bed to chair and vice versa
Existing ElderShield policyholders who do not wish to join Careshield Life need not panic; they’ll still be covered under Eldershield.
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Featured Image: Justin Adam Lee / Shutterstock.com
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