The ElderShield upgrade ensures you get these payouts for a life time and get the required care continuously. ElderShield was initiated by the MOH (Ministry of Health) in the year 2002 as an insurance scheme for severe disability. Any Permanent Resident (PR) of Singapore or a Singaporean is enrolled automatically once they reach the age of 40. You are notified of this via mail around 3 month before your 40th birthday. There are 3 insurance companies assisting the MOH for this ElderShield scheme. These are Great Eastern, Aviva and NTUC Income. The selection of the company is done on a random basis but you can change to your preferred choice of insurer once you receive the welcome package.
The key features of ElderShield are
- In case of severe disability you get a payout every month.
- You are covered for life. You can make a claim at any age once you start paying the premiums. This means, even after the term of the premium ends you are covered for a life time.
- The amount of the premium is set when you decide on this. This amount does not change with age. You need to make a payment of the premiums every year till you make a claim or reach the age of 65.
You are eligible to receive a payout on a monthly basis from the ElderShield if you are unable to carry out a minimum of 3 of the 6 ADL’s which are listed by the MOH. This needs to be certified by an assessor. The 6 Basic activities of daily living (ADL) include dressing, washing, and toileting, feeding, transferring and moving around.
You receive a payout of $400 if you are under the ElderShield400 and $300 if you are under the ElderShield 300.
Benefits of Upgrading ElderShield:
Upgrading the ElderShield offers you a wide range of benefits.
Monthly Payouts are higher:
You can select a higher amount as a payout instead of the $300 or $400. The payout is different with each company. Aviva has a high amount of $5,000 monthly. With this high amount of payout you can decide on choosing care facilities on a professional level, if and when required.
Payouts for a lifetime:
Instead of getting payouts for a limited time of 5 to 6 years, you can enjoy the payouts for a lifetime. There are many disabilities which can be lifelong and chronic. The upgrade of the ElderShield ensures you get these payouts for a life time and get the required care continuously.
Eligibility of claim:
Basic ElderShield makes payouts only if 3 of the 6 ADL’s cannot be performed. Choosing to upgrade the ElderShield, you can decide on plans which make the eligibility criteria for the claims easier by offering payouts even if you are unable to perform 2 of the 6 ADL’s.
Premiums are Cheaper:
The premiums of enhancements of the ElderShield are leveled, unlike the hospitalization plans which tend to get higher with age. If you enter soon the premiums work out cheaper at the similar amount of the benefit on a monthly basis.
CPF Medisave maximized:
The funds from the CPF Mdisave can be used for the payment of the upgrades. This is subjected to $600 a year. In case you can top up with cash you can avail of higher monthly benefits.
Pay as you Go:
You can stop paying the premiums in case you cannot afford this after a few years. This means, you discontinue the upgrade and that too, without any penalties.
ElderShield Upgrade is the same as ElderShield Supplements or enhanced ElderShield. This serves as an add-on to the ElderShield plan you have. This offers a higher amount as payout, additional features and also a longer duration or the payout.
Which ElderShield Upgrade is best?
Before upgrading the ElderShield you have you need to consider specific factors listed below.
*Coverage calculated per dollar of premiums that are paid.
*Percentage of Returns on Premiums
* In case you do not make a claim what is the lowest total premium
*What is the highest allowance on a monthly basis?
With a recent research conducted, it has been proved that Aviva Mycare offers the highest percent return on the premium paid. You get back $10.78 in the payout for men and $8.29 for women for every paid dollar for the premium.
Aviva Mycare also works best for the highest payout amount monthly which is $1,600 per month for men and $1,200 for women.
Comparison of the Features of ElderShield Supplements:
*Checking out the benefits of your dependents, Aviva offers an additional layer of support with $200 every month for a period of 36 months and NTUC offers an additional benefit of 20%of the monthly benefit for a period of 36 months.
*Recovery benefits given by Aviva Mycare are almost 50% of the benefit given monthly even if your claim stops. If you recover fully from the disability NTUC Income gives you 3% of the benefit.
*In case your disability is not severe according to the specifications, that is, you cannot perform 2 of the 6 ADL’s Aviva and Great Eastern offer options for making a claim.
*All the companies have a different period for the payment of the premium. NTUC and Aviva offer an option of stop paying the premium from the age of 65, as this is considered as the standard age for retirement.
*Aviva offers a 100% discount besides the Exclusive privilege card, while NTUC and great Eastern do not have any promotions presently.
How to Upgrade ElderShield:
You can upgrade ElderShield with any of the three companies listed below.
- Great Eastern
- NTUC Income
If you are looking for the highest payout per month, it is advisable to decide on Aviva Mycare as this offers a monthly payout of $1600/. NTUC Income works well for those looking to save on the cost. For those looking for an easy claim definition, Aviva or great Eastern works well. You can choose the 2ADL instead of the 3ADL. Aviva works best if you are looking for the value factor. Aviva offers more of the disability income for every dollar of the paid premium.