About Careshield Life
How Careshield LifeWorks
Preparing for our long-term care needs in the future is essential, but the uncertainty for these expenses makes planning difficult.
CareShield gives us a peace of mind by guaranteeing our protection against potentially catastrophic long-term care expenditures.
Receive Lifetime Payouts
Yes, you can continue to be covered for life, even after you’ve finished paying the premiums.
Lifetime Coverage
As long as you meet the criteria of severe disability (at least 3 out of 6 ADLs), you’ll be eligible.
Fully Payable with Medisave
They’re fully payable using your CPF MediSave.
Understanding Careshield
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What is Careshield?
CareShield Life is a national healthcare scheme that provides protection against severe disability. It’s a type of insurance that provides a monthly payout to cater for long term care needs when the unfortunate happens.
Who Will Be Covered?
- 30 year old Singapore Citizen or a Permanent Resident (PR)
- born between 1980 and 1990
- For those who are born in 1980 or later, CareShield is compulsory.
What Does it Cover?
To claim from CareShield, you’ll need to know the definition of a severe disability.
That definition is this: inability to perform at least 3 out of 6 Basic Activities of Living (ADLs).
Why do we need CareShield Life?
1 in 2 healthy Singaporeans aged 65 could become severely disabled
There is a risk that one in two healthy 65-year-old Singaporeans would become seriously disabled and require long-term care at some point in their lives. Sudden debilitating events (such as stroke and spinal cord injuries), the development of chronic disorders and diseases (such as diabetes), and the natural progression of illnesses as we age are all potential causes of severe impairment (e.g. dementia).
Although saving for long-term care is essential, determining how much to set aside can be challenging due to the unpredictability of the expense of long-term care. CareShield Life allow us all to share the risk of potentially disastrous long-term care expenses.