Long Term Care Insurance

 Long-term care insurance pays a fixed amount of benefit each month towards expenses for long-term nursing treatment. There is usually a minimum entry age imposed and the maximum entry age is usually in the range of 70-75 years. 

        Benefits are paid when you cannot perform certain ‘activities of daily living’ (ADL) on your own. These include, but are not limited to,

bathing,

dressing,

feeding,

going to the toilet

moving around, and

transferring

The definition of ‘activities of daily living’ and the minimum number of activities that you are unable to perform to qualify for the benefits may vary from one policy to another. 

Do note that:

                   If the number of activities you cannot perform falls below the minimum specified, you will stop receiving the benefits.

Some long-term care policies may pay benefits up to a maximum number of years. Once the benefits have been paid for that time, the policy will end. Other long-term care policies may pay benefits for life as long as you meet the conditions for making a claim.

Benefit payments usually begin only after you have not been able to perform the minimum number of activities for some time.

ElderShield

ElderShield is the national severe disability insurance scheme. It provides basic coverage to those who need long-term care, especially during old age. The monthly cash payments help pay for the care of a severely disabled person. 

To qualify for the payment, you must be unable to perform at least three of the activities of daily living. The six activities are

washing     dressing   feeding   toileting  mobility, and transferring.

ElderShield is offered to eligible Singaporeans and Permanent Residents (PRs) who are CPF members when they turn 40 years old. If you become disabled, you are eligible for monthly insurance payments for a maximum of 72 months, and will not need to continue paying premiums. 

There are currently three insurers offering ElderShield policies. All three insurers charge the same premiums and provide the same payments under the basic ElderShield policy. You will be randomly assigned to one of the three insurers. Eligible persons will receive the ElderShield auto-coverage packages from their assigned insurer three months before their 40th birthday by post. 

The appointed ElderShield insurers also offer optional additional coverage called ElderShield Supplements on top of the ElderShield policy at additional premiums.

Do note that:

If you wish to switch to any of the other insurers or opt out of ElderShield, you can do so within the 90-day offer period with no penalty. You must complete an opt-out form and send it to your assigned insurer. If you change insurer after the 90-day period, you will be regarded as a new application by the second insurer. The second insurer may require you to undergo a medical assessment in order to be accepted.

You have a “free look”, within 60 days of the start date, to cancel the policy and receive a full refund of the premiums paid. There will be no refund of premiums for cancellations after the “free look” period. Terminations after the “free look period” are only effective from the next renewal date.

ElderShield premiums are based on your age of entry. Subject to insurers’ review, they do not increase with age. Premiums are payable annually until age 65 and can be paid using Medisave or cash. A CPF member can also use his Medisave to pay ElderShield premiums for parents, spouse, grandparents and children. 

For more information about applying for ElderShield, visit the Ministry of Health (MOH) website.

ElderShield Supplements

ElderShield policyholders who want higher severe disability insurance coverage can buy ElderShield Supplements. These complement ElderShield by offering additional benefits at different pricing levels. Premiums for ElderShield Supplements can be paid using Medisave (subject to a limit) or by cash. 

For more information about ElderShield Supplements, visit the MOH website.

For more information about applying for ElderShield Supplements, please contact any of the appointed ElderShield insurers.