If you are a Singaporean and you have turned 40, there’s a good chance that you have been enrolled to a Basic Eldershield Scheme by CPF. Didn’t notice?
Eldershield Scheme is a health insurance provided by the government which gives monthly payout to help those who need long-term care because of severe disability. The severe disability here includes having inability performing 3 of the 6 Activities of Daily Living (ADLs):
- Inability to take a bath,
- Inability to get dressed,
- Inability to feed yourself,
- Inability to perform activities in the toilet,
- Inability to walk or move around, and
- Inability to move from bed to wheelchair and vice versa.
Those who own Medisave Account will be automatically enrolled to the Basic Eldershield Scheme upon turning 40.
BASIC ELDERSHIELD SCHEME
For introduction, there are 2 types of Basic Eldershield Scheme:
You will get $300 per month with period of 60 months. Application for this scheme is no longer available and is now running for those who are 51 and above as of September 2018.
You will get $400 per month with period of 72 months. Assuming you turned 40 after 2007, this is the scheme that you are insured with.
As you can see, the amount that you will receive will be approximately $2,400 per 6 years. Considering that you have severe disability and how much money that you will need to cover up for extra expenses, this amount is obviously far from sufficient.
With the condition of not being able to perform basic daily activities, the possibility is that you can no longer continue your job. This is a very disadvantaging situation because in the time where you need money the most, you can no longer receive monthly salary from your job.
Moreover, as you are too weak to even move your body, assistance from other people is necessary to help you eat and wash up and do other things you are unable to do. You may rely on your family members, but they may not be able to always stand by you because of job or school. Besides, you do not want to feel like you are becoming a burden for your loved ones. As a solution, you may need to hire a caretaker, which will cost you more money.
This is why, upgrading your Eldershield Scheme is highly important.
BENEFITS OF UPGRADING ELDERSHIELD SCHEME
Enhanced Eldershield Scheme can help you solve the problems above, with many benefits as follows:
- Higher Monthly Payout
The enhanced Eldershield Scheme will allow you to receive more than just $300 or $400 per month. You may be entitled to up to 3 times the current payout. With higher payouts, it can help you pay for a nurse or a caretaker or cover more expenses.
- Easier to Claim
When the Basic Eldershield Scheme requires you to have 3 of 6 ADLs, the enhanced scheme allows for a claim with only 2 of 6 ADLs. This is important because just by having 2 ADLs, one can already lose a job and has difficulty of performing basic activities which may require extra help from a nurse.
- Benefit Period up to Lifetime
If the Basic scheme only offers 6 years period, the upgraded scheme can have you receive payouts for a lifetime. It is a great solution for those who suffer permanent disability and cannot work to cover the expenses. As much as we hate it, we cannot know if the disability can be cured within 6 years, so it is best to upgrade the Eldershield Scheme as soon as possible for prevention.
- Can be Fully-funded from Medisave (No cash required)
If you upgrade through your Medisave, you can receive more interest every year; hence, more money for you. We can help you upgrade and count the interest you will receive if you opt for this upgrade.
Interested in upgrading your Eldershield Scheme? Do it now!
Do not wait until longer because the premium will get higher as you get older.
Upgrade your and your parents’ Eldershield Scheme with us, and we will tell you how you can
- Do a cashless upgrade via your CPF Medisave, and receive interest.
- Get covered up to $5000 per month with less stringent claim criteria.
- Get $50 NTUC/Capitaland mall vouchers from us upon referral to your family/friends/relatives.