I remembered there was this one time, when I was doing cold calling, I called a lady who shared with me how Eldershield has helped her husband who was bedridden due to stroke.
She was very thankful of the monthly payout, which helped with their living expenses. Even though it was not a lot, it definitely made a difference.
Even if you are not age 40 and above, this article will be very beneficial as it is applicable to your parents and grandparents as long as they are Singapore or PR. If anything happen to them, your lifestyle will be greatly affected too.
Definition of Eldershield
‘ElderShield is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially during old age. It provides a monthly cash payout to help pay the out-of-pocket expenses for the care of a severely-disabled person.’
Some key facts about Eldershield
- It is not the same as Medishield Life (which covers for hospitalisation bill)
- It is not the same as Hospital Cash Income (which gives cash payout when a person is hospitalised)
- It is not applicable to only ‘Elderly’. If you have a Medisave Account, you will automatically be offered ElderShield cover when you turn 40 years old. No registration or medical assessment is required.
- Ministry of Health has appointed 3 private insurers to run ElderShield: NTUC, AVIVA, Great Eastern and the insurance companies are auto allocated to you.
- The upgrade to a Eldershield Comprehensive is not done automatically.
- Premiums for female is higher for the same amount of payout as compare to males. Reason being life expectancy of females are longer.
- Government allows Singaporeans and PR to use $600 yearly from Medisave to upgrade Eldershield for a lifetime monthly payout.
How did Eldershield came about and why it is Important
- Ageing population accompanying with longer life expectancy
- Rising Nursing Home Costs
- Preventing such Tragedy from happening again
The 65-year-old man’s second son, IT support staff ,30, became his main caregiver.
He tragically carried out his father’s wish on March 24. Both fell to their deaths from the 17th storey of Block 605 at Clementi West Street 1.
In his findings yesterday, state coroner Marvin Bay said that the pair were killed in a joint suicide after they fell from the 22-storey point block.
Under what circumstances will Eldershield payout?
In the event, the life assured is unable to perform 3 out of 6 Activities of Daily Living.
How does a claim form look like?
Two Eldershield Schemes:
- Eldershield 400 (Monthly Cash Payout of $400 for 72 months) – policies inforced after September 2007
- Eldershield 300 (Monthly Cash Payout of $300 for 60 months) – policies inforced before September 2007
Hope this article will help you in understanding Eldershield better. Eldershield is definitely not Medishield Life and it is also not Hospital Cash Income.
If you are not aware of which company your Eldershield is with, feel free to contact me at 81029976 and I will be able to assist you in this.
Have a lovely week! ❤