Planning for the future is about embracing the joy of your golden years with peace of mind, knowing you’re prepared for life’s uncertainties. Among these preparations, considering long-term healthcare is crucial. In Singapore, CareShield Life offers a safety net for those unforeseen health complications that might arise as we age. In this article, we’ll delve into what CareShield Life is, its benefits, and why this program is instrumental in your health planning.
What is CareShield Life?
CareShield Life is designed to offer financial support should you develop a severe disability and require long-term care. If you’re a Singaporean citizen or permanent resident, here’s what you need to know: Those born in 1980 or later are automatically included in CareShield Life from 1 October 2020 or from the age of 30. For individuals born in 1979 or earlier, enrollment is optional, but recommended given the comprehensive coverage the scheme provides.
Suppose you’re contemplating how to join CareShield Life. In that case, you are eligible to sign up if you are a Singapore Citizen or Permanent Resident born in 1979 or earlier, and currently do not have a severe disability.
Begin by accessing the CareShield Life e-Service using your Singpass, a secure and widely-used method of identity verification in Singapore. Some applicants may need to undergo a disability assessment as part of the application process. If this applies to you, rest assured that you will be informed accordingly and provided with the necessary assistance to complete this assessment.
Key features of CareShield Life
The various features of CareShield Life are structured to deliver comprehensive assistance, protecting your future in significant ways. This comprises:
1. Lifetime coverage: A promise of long-term security
You pay your premiums until the stipulated time — either when you turn 67 or 10 years after your enrollment date, depending on which is later. After that, even if you live to be 100, the plan stands steadfast. This lifetime coverage is pivotal, especially considering that the risk of severe disability increases significantly as we age.
2. Lifetime cash payouts: Continuous financial support when you need it most
When CareShield Life stipulates lifetime cash payouts, it means that upon qualification — which involves being unable to perform at least three of the six defined ADLs (Activities of Daily Living). These ADLs include:
- Washing
- Dressing
- Feeding
- Toileting
- Walking or Moving Around
- Transferring
Should you be assessed as unable to perform at least three of these ADLs, you will be eligible to receive a monthly stipend from CareShield Life. Starting at $600 per month as of 2020, these payouts are set to increase over time until the age of 67 or upon the approval of a claim. What’s more, these funds are dispensed in cash, allowing you to allocate them as you see fit, depending on your care requirements, lifestyle, and other needs.
3. Worldwide coverage: Because life knows no borders
Perhaps you dream of retiring elsewhere, or your children work overseas. Whatever the case, CareShield Life‘s benefits aren’t confined to Singapore‘s borders. With its worldwide coverage, this plan ensures you’re supported, whether you’re residing in Singapore or any other part of the world. You’re entitled to claim and receive your benefits regardless of your location.
Understand your CareShield Life premium
Once enrolled in CareShield Life, it is important to understand that the premiums are designed to be pre-funded; you pay during your working years until the age of 67. However, your coverage continues for life, and should you make a successful claim, future premiums are waived, providing further financial ease during challenging times.
Maximising the benefits: How payouts can be used
The flexibility of the CareShield Life payout is one of its strongest appeals. The cash payouts are yours to use as you see fit, whether for medical expenses, caregiver fees, or daily living costs. This aspect of CareShield Life allows you and your loved ones the freedom to make decisions that best suit your needs, without the strain of financial restrictions.
Take charge of your future health needs
For further information, you may visit the CareShield Life website to learn more. You can also purchase this plan online without the need for an in-person meeting. Simply enter your Expat Insurance advisor’s code when securing the CareShield Life plan. While CareShield Life can provide essential support, they form just one piece of the healthcare puzzle. Taking charge of your future health needs also means being proactive about your health today. Start by understanding and maximising your metabolism, which plays a critical role in your overall well-being.
Moreover, to fortify your health strategy, it is prudent to explore the wider landscape of life insurance and medical insurance in Singapore. Collaborate with Expat Insurance to assess your needs and explore plans that best resonate with your anticipations for health and lifestyle. Adopting this layered strategy can enhance your security against unpredictable health complications in the future. To find out more, don’t hesitate to get in touch with our team at Expat Insurance.
