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Why You Should Consider Getting Supplement Plans for Your CareShield Life

What are CareShield Life Supplements?

CareShield Life Supplements are insurance products which complement your basic CareShield Life plan, by providing additional benefits. These benefits can include:

1. Higher Monthly Payout Amounts 

CareShield Life only provides a basic payout of $600 per month, which is not sufficient unless you are young and temporarily disabled, and can continue working once you have recovered.

With supplement plans such as NTUC Income’s Care Secure, your monthly payout will be increased to $1,200, up to $5,000 (in increments of $100), inclusive of your existing CareShield Life’s payout.

If you are worried about inflation affecting your payouts, you can also opt for a supplement plan like Aviva’s MyLongTermCare Plus, which lets you opt for a payout that increases at a fixed rate of 2% p.a. or 3% p.a., until the end of the premium term or when a claim is made, whichever is earlier. Understandably, your premium may also be higher if you choose this escalating payout option.

2. Quicker Payout Period

Supplement plans will also make it easier and quicker for you to make claims. For example, instead of the typical payout upon inability to perform 3 Activities of Daily Living (ADL), supplement plans can reduce the ADL claim criteria to 2 ADLs.

Disability Insurance Plan Disability Definition: Inability to perform at least
CareShield Life (Basic) 3 out of 6 ADLs
Aviva’s MyLongTermCare 3 out of 6 ADLs
Aviva’s MyLongTermCare Plus 2 out of 6 ADLs
NTUC Income’s Care Secure 2 out of 6 ADLs

3. Extra Benefits 

There are also additional benefits offered by supplement plans, such as lump sum benefits, rehabilitation benefits, caregiver benefits or dependent care benefits.

For example, Aviva’s MyLongTermCare Plus offers a one-time, lump sum support benefit, of 3 times your first monthly benefit, upon your inability to perform 2 out of 6 ADLs. Future premiums are also waived for this supplement plan, for as long as you are unable to perform at least 1 ADL.

On the other hand, NTUC Income’s Secure Care offers an additional 25% of your monthly benefit for up to 36 months, if you have a dependent (e.g. child, spouse, parents or parents in-law).

Check out the full list of benefits Supplement Plans offer.

How can I pay for my CareShield Life Supplement Plan premiums? 

CareShield Life supplement plan premiums can be paid using cash or using you or your family’s (e.g. spouse, parents, sibling, children or grandchildren) MediSave, up to a maximum of $600 per calendar year, per person insured.

What happens to my existing Supplement bought under ElderShield if I decide to join CareShield Life?

According to the MoH website, your supplement policy will continue to stay in-force as long as you continue to pay the premiums and remain covered under the ElderShield/CareShield policy.

You will also be able to receive payouts and claims from both supplement plans and ElderShield/CareShield Life policies, as long as you fulfil the claim criterias.
All supplement plans will continue to be administered by the private insurers, even after the government takes over the administration of Eldershield from 1st November 2021.

Still unsure whether you should get a CareShield Life supplement plan? Speak to our consultants or Whatsapp us for more details (Mon to Fri: 9am – 5pm).

This is for general information only and does not constitute financial advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.


Posted in Life & Health