Your needs change as you age, and this is why you’ll often hear others say to plan for your future while you are younger. You will realise the effects of such a phrase once you transition into your retirement age and become severely disabled.
Luckily, the Singaporean government developed programs to aid its ageing population in ensuring a more comfortable future by offering basic financial protection. It has done its assignment in identifying the changes in insurance requirements of its elderly citizens. This paved the way for the creation of ElderShield and CareShield Life, which both offer a monthly cash compensation in the event of serious impairment, to alleviate this worry.
How do Singapore citizens and permanent residents become ElderShield policyholders? How to join ElderShield? How to join CareShield Life? What are the CareShield benefits?
This article will explain what ElderShield is, how it differs from CareShield Life, as well as the advantages, drawbacks, and other crucial details about both insurance plans.
ElderShield – The Definition
A government insurance programme called ElderShield was established in 2002 to offer financial assistance to people with severe disabilities. The programme covers three out of six Activities of Daily Living (ADLs), such as washing, dressing, feeding, using the restroom, transferring, and mobility. ElderShield offers a cash payout of up to $400 per month for a maximum of 72 months, with yearly premiums ranging from $175 to $619.
Defining Long-Term Care
The Singaporean healthcare system invests in providing intermediate and long-term care (ILTC) services. These services offer the required support and care for patients who need more care after being released from the hospital or for residents in elderly care in Singapore who may be weak and in need of assistance with everyday tasks.
Services for intermediate care are often designed for individuals who need rehabilitation and short-term care. These services are designed to aid patients in getting well and regaining their independence so they may carry on with their elderly activities of daily living. Rehabilitation services, community hospital care, and day rehabilitation services are a few examples of intermediate care services.
Long-term care services, on the other hand, are designed for people who need ongoing care and assistance for a protracted period of time. These services offer assistance with daily tasks, including bathing, dressing, and feeding. The patient’s home, a nursing home, a hospice, or a residential care facility may offer long-term care services. Home nursing, medical escort services, and nursing home care are a few types of long-term care services.
It’s crucial to remember that the price of ILTC services might vary greatly based on the kind and intensity of care needed. For those who need ILTC services in Singapore and meet the eligibility requirements, the Ministry of Health (MOH) offers subsidies. The subsidies, which can be obtained through various channels, including government-funded initiatives or insurance policies, can be utilised to lower the price of ILTC services.
Defining Severe Disability
A severe disability makes it difficult for a person to carry out daily tasks. A severe disability assessor who is accredited by the MOH must be consulted to determine if a person is severely impaired.
They are likely to be regarded as having significant disabilities if they are unable to complete at least three ADLs. For instance, a person may be deemed to have a severe impairment if they must completely rely on their carer to feed them, bathe them, manage their diapers or catheter, or dress them. A person may also be seriously disabled if they require complete support when moving from bed to chair or vice versa or if they must rely solely on their carer to get them there.
If a person is determined to be seriously disabled, the assessment money will be entirely refunded. Suppose they are found to have a minor or moderate disability. In that case, they can still be qualified for assistance programmes for people with mild or moderate disabilities, such as the Home Caregiving Grant and the Foreign Domestic Worker Levy Concession for Persons with Disabilities.
It is important to remember that a severe impairment can affect a person’s quality of life and make it difficult to carry out basic duties independently. These programmes can assist in defraying the expense of caregiving services, such as having a care assistant or qualified nurse look after a patient and support them with everyday tasks.
More About ElderShield Eligibility
ElderShield offers financial assistance to people with severe disabilities. The Ministry of Health oversees the programme, which aims to give those who require it long-term care.
Who is eligible for ElderShield? Prior to this change, unless they choose to opt out of the programme, all Singapore permanent residents and citizens’ MediSave Accounts were automatically enrolled in ElderShield by the time they turn 40.
In 2002, those born on or before September 30, 1932, were not eligible for ElderShield. It also applies to those who already have a disability. If you instead become seriously disabled, you can be qualified for support under the IDAPE or the Interim Disability Assistance Programme for the Elderly.
How do you check your eligibility for the ElderShield scheme? You can look at the CPF Board website to see and follow these steps:
- Go to the CPF board’s website, and log in using your Singpass.
- Click on “Healthcare” under “My dashboards” after hovering over “my CPF”.
- Scroll down to the “Long-term care insurance” section or click on the anchor links that say “Long-term care insurance.”
- If you have ElderShield coverage, this section will tell you which ElderShield Plan covers you, such as ElderShield 300 or ElderShield 400.
- This part will inform you if you are or are not covered by CareShield Life/ElderShield.
Visit this page for more questions on Eldershield.
The Benefits of ElderShield
ElderShield is a crucial resource for Singaporeans to use as they plan for the high costs of long-term care. Individuals and families can feel secure knowing they will have some financial support in the case of a serious handicap, thanks to ElderShield. Moreover, ElderShield benefits give those who might require long-term care in the future comfort and financial security.
Eldershield Payouts – ElderShield 300 and ElderShield 400
Seniors can use the rewards from ElderShield to pay for their medical bills and other relevant obligations. ElderShield offers monthly payouts of either $300 or $400, and the benefit period can last up to 72 months.
The plan you have chosen to participate in, and the date you entered the programme will determine the benefit amount and duration. When you are unable to execute at least three of the six daily living tasks—dressing, feeding oneself, using the toilet, moving around, and transferring — you begin receiving payments.
It’s crucial to remember that ElderShield reimbursements do not fully cover all potential costs associated with severe disability. As a result, it is advised to combine ElderShield with other long-term care insurance plans like CareShield Life and ElderShield Supplements.
The ElderShield Supplements are optional add-ons that extend the base ElderShield program’s coverage and benefits. ElderShield Comprehensive and ElderShield Advantage are the two categories of supplements that are now available. While ElderShield Advantage gives more comprehensive coverage for a wider range of disabilities, ElderShield Comprehensive delivers larger payouts than the standard plan.
More About ElderShield Claims
ElderShield offers long-term care insurance in Singapore for people with severe disabilities. You can receive your ElderShield reimbursement if you or a loved one has a serious impairment by completing a few easy procedures:
1. Arrange for an assessment to find out if you are severely disabled with a severe disability assessor who the MOH has accredited. The assessor will carry out the evaluation and demand payment from you.
The whole assessment fee will be refunded with the first payout if the care recipient is determined to be severely disabled. You can ask the nursing home for help submitting a Resident’s evaluation Form instead of the severe disability evaluation if the care receiver is a resident.
2. To submit an online application for yourself or on behalf of the care recipient, you must log in using your Singpass to the e-Service portal of AIC.
3. In their application, residents can specify that payments should be paid to the nursing home to cover their expenses.
Carers can use these methods to assist their loved ones in receiving their ElderShield payout and lessen the cost of long-term care.
The Differences Between ElderShield and CareShield
ElderShield was replaced in 2020 by CareShield Life, a more comprehensive programme that offers larger CareShield life coverage and covers a wider spectrum of disabilities. CareShield Life, like ElderShield, provides coverage for people who are unable to complete three out of six ADLs. However, whereas ElderShield coverage began at age 40, it began to cover people at age 30.
ElderShield’s maximum payout is much lower than CareShield Life Premiums maximum monthly cash payout of up to $1,500. The programme also offers lifelong coverage, which guarantees payments to people with severe disabilities for as long as they need care. In addition, the premium structure for CareShield Life is based on the applicant’s age at the time of enrolling, with younger applicants paying cheaper rates than those who enrol at a later age.
Both ElderShield and CareShield Life are significant insurance programmes that can offer severely disabled people the much-needed financial support they require. Although the cost of premiums depends on a person’s age and other circumstances, both programmes provide inexpensive solutions for the majority of people.
It is crucial to remember that these insurance plans are not intended to replace the necessity for long-term care planning, and people should consider their whole financial status and insurance needs when choosing their insurance coverage.
Frequently Asked Questions About ElderShield
Here are the most searched topics people want to know more about ElderShield:
How does ElderShield work?
A long-term care insurance programme called ElderShield offers financial support to Singaporeans and Permanent Residents in the case of a serious handicap. CareShield Life has since taken its place since its 2002 introduction.
When are you qualified to submit a claim?
A severe disability assessor who the Ministry of Health accredits may determine that you qualify for ElderShield benefits by performing a severe disability assessment. To pass the severely disable category, you must be unable to carry out at least three ADLs, such as bathing, transferring, moving around, using the toilet, eating on your own, and dressing, to be classified as seriously disabled.
An ElderShield claim can be made in several ways.
An evaluation if the ElderShield insurer is severely disabled must be completed by a severe disability assessor accredited by the MOH before you may submit an ElderShield claim. After the severe disability assessment, you can use your Singpass to go into AIC’s e-Service portal (eFASS), submit an online application, email the organisation at email@example.com, or visit the AIC Link offices for help. Patients in nursing homes can request funds be given to the facility to help with their expenses by indicating this on their application.
Are there any costs associated with it?
Assessing if one is severely disabled is performed by the MOH-accredited severe disability assessor is subject to a cost. However, the full assessment charge will be covered by the first award if the care user is determined to be severely incapacitated.
If you sign up for CareShield Life, what happens to your ElderShield policy?
Your ElderShield coverage will automatically expire if you choose to join CareShield Life. Your ElderShield premium payments will either be returned to your MediSave account or applied towards your CareShield Life subscription payments.