Although the likelihood of a serious impairment throughout our lifetimes may be minimal, this does not mean that it ought to be disregarded. If we are unprepared when they occur to us, unlikely but significant impact occurrences that result in severe handicaps have the power to completely change our life. despite this, CareShield Life provides subsidies and reimbursements to inhabitants of Singapore to safeguard them from serious disability.
The CareShield Life long-term care insurance program offers modest financial assistance if Singaporeans become seriously incapacitated, particularly as they age and require long-term personal as well as medical care.
What Is Careshield Life?
A long-term care insurance program called CareShield Life offers Singaporeans with severe disabilities, particularly those who are elderly, the very minimum financial support if they require long-term personal and healthcare services. On October 1, 2020, or as they reach the age of 30, whichever comes later, Singapore citizens and PRs born in 1980 or after will be protected by CareShield Life, the upgraded ElderShield program. Those who weren’t seriously impaired when they were born may opt to join CareShield Life.
Singaporeans or PRs who are covered by the ElderShield 400 program and are not seriously incapacitated will be automatically enrolled in CareShield Life starting in December 2021. This would make membership more straightforward for those who were born between 1970 and 1979, inclusive.
What are Considered ADLs?
Being seriously handicapped, according to the CareShield Life coverage, is being unable to do at least three out of six Activities of Daily Living, or ADLs, which involve the following:
- Feeding
- Toileting
- Washing
- Dressing
- Walking
- Transferring
What Is Long-Term Care?
A person’s personal and medical care requirements may be met over a prolonged period with the aid of several services provided as part of long-term care. When a person is no longer able to conduct everyday tasks on their own, these services are meant to help them live as safely and independently as possible.
What Are the Payouts Provided by Careshield Life?
For so long as they are seriously impaired, persons who are protected by CareShield Life are entitled to monthly reimbursements of at least $600 in the case of a severe impairment. Monthly rewards begin at $600 and are anticipated to rise by 2% annually between 2020 and 2025. A separate CareShield Life Council will decide on compensation modifications after 2025.
The compensation amount you get, nevertheless, stays at the year of your successful application and will not grow even if the scheme’s compensation increases. In the same vein, the payment amount will additionally be set at the age of 67, which is the year you make your final premium.
What Benefits CareShield Life Covers?
Permanent protection
After settling off all of your payments, which occurs either ten years after joining the program or as you reach 67, you remain eligible to get lifelong coverage from CareShield Life.
Payments in cash that you may utilize to meet your priorities
You will get monthly payments for the duration of your severe impairment. Since these payments are made in cash, you have the freedom to choose the type of care you want to receive.
Increasing Monthly Cash Payments
Beginning in 2020 at $600, CareShield Life monthly payouts will rise yearly until you reach the age of 67 or, in the event of a successful claim, the earlier of the two. Please be aware that if your new claim is approved in terms of disability and longevity trends, your monthly payout will stay the same for the period of your disability. To know more about this, you can reach the Life Insurance Association or click on this article.
Global Reach
No matter where you live or travel, coverage will be offered, and you will be able to file a claim and get monthly cash payouts worldwide. Private insurance companies and policy owners’ protection scheme also sell add-on plans and additional premium support for CareShield Life.
Application Process for CareShield Life
Use your Singpass details to log in to the AIC eService site and we recommend advise applying online because there is less time needed for application acceptance. Kindly send an email or stop by any of our AIC sites to receive a hardcopy application form should fail to apply through eFASS. To cover their expenses, Singapore nursing homes or Singapore elderly co-living residents may request for payments to be paid to the facility.
What Are The Qualifications for CareShield Life?
Regardless of any prior impairments or medical problems, CareShield Life covers any Singaporeans or PRs born after 1980. If you fit this description, CareShield Life will begin to immediately cover you on October 1, 2020, or as you reach 30, whichever comes later.
Participants who are Singaporeans or permanent residents born in 1979 or before may choose not to participate. You can decide whether to stick with ElderShield, move to CareShield Life, or forgo both of them. If you have not been seriously incapacitated and will need to increase your premiums, you can apply to join CareShield Life by the end of 2021.
How to Make a CareShield Life Claim?
Caregivers of elderly folks may submit a CareShield Life claim in the case of a serious disability.
- Make arrangements for a severe disability evaluator who has received MOH accreditation to conduct a disability assessment. Please be aware that there can be a charge for the evaluation.
- Use your SingPass to access eFASS or the AIC eService site.
- Choose For Myself or As a Caregiver under the Apply to Receive Scheme Payout tab on the overview section.
- The clearance of your application might take up to one month, and if it is accepted, you will get your first reward the following month.
What Is The Cost of CareShield Life Premiums?
The initial cost for CareShield Life is $206 and $253 for men and women, respectively. Up to the age of 67, your premium is expected to rise by 2% annually. It becomes rather reasonable when you consider that MediSave may be used to pay for your premiums. Age and gender will affect the premiums and your eligibility for government assistance will alter along with any potential shifts in your financial situation.
Paying for CareShield Life Premiums
With the help of your family’s MediSave, you may pay the whole cost of CareShield Life premiums. Also, you may top off your MediSave account using CPF e-Cashier if it is deficient in money. To maintain premium affordability for everyone, several subsidies and assistance programs are also available here.
FAQs
How can I tell whether I have a serious disability?
To find out if you are seriously handicapped to be covered under Careshield Life, you must go to a severe disability assessor who has been approved by the MOH. If you are incapable to conduct 3 of 6 ADLs, you are most likely to be regarded as seriously handicapped. These ADLs include eating, using the restroom, getting dressed, moving around, and transferring.
What is the cost of the assessment fees?
Clinic-based exams cost $100, whereas non-clinic-based assessments cost $250. Irrespective of the exam’s conclusion, the initial disability evaluation for CareShield Life claims will be free of charge. Alternatively, only if the insured is determined to be severely disabled, will assessment expenses be refunded.
Can I see my physician or therapist determine whether I am eligible to file a CareShield Life claim?
You must submit to a severe disability evaluation by a MOH-accredited assessor who has completed a demanding training program to understand how to appropriately evaluate impairment if you want to qualify for CareShield Life. You might want to see if your doctor or other healthcare provider is one of the MOH’s approved severe disability assessors.
Can I refuse CareShield Life coverage?
To guarantee that every Singaporean has some level of insurance against the costs of long-term care, CareShield Life is required for those who were born after 1980. CareShield Life is an optional benefit available to persons born in 1979 or before.
