{"id":346,"date":"2020-01-04T13:43:54","date_gmt":"2020-01-04T13:43:54","guid":{"rendered":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/british-designer-create-arras-2\/"},"modified":"2022-11-08T23:24:07","modified_gmt":"2022-11-08T15:24:07","slug":"careshield-the-ultimate-guide-2022","status":"publish","type":"post","link":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/careshield-the-ultimate-guide-2022\/","title":{"rendered":"CareShield: The Ultimate Guide (2022)"},"content":{"rendered":"\t\t
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<\/p>\n

According to statistics, about half of Singapore\u2019s population will be 65 or older by 2050. The government\u2019s healthcare spending is expected to rise, and we must ensure that we can afford it.<\/p>\n

Yes, some government healthcare schemes, such as MediSave and MediShield Life, can help you afford medical care to some extent but not entirely.<\/p>\n

So what if you get injuries or health conditions that affect your ability to live normally? It\u2019s one thing to grow old and have health issues; it\u2019s another to become incapacitated. Both plans mentioned do not cover all of your long-term care expenses. Fortunately, there is a CareShield Life plan, a disability insurance plan that takes care of your long-term and health-related needs.<\/p>\n

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What is CareShield?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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CareShield Life is a government-sponsored scheme that was launched in October 2020<\/strong>. It provides financial security and long-term care in case of a severe illness or injury that leaves you unable to work. If you become severely disabled, you will receive monthly payouts to keep you financially afloat and sustain your basic needs, including your long-term care. The scheme works by paying benefits to people who suffer from a range of debilitating conditions.<\/p>\n

CareShield Life automatically enrolls anyone born in 1980<\/strong> or beyond. Singaporeans born earlier and not yet disabled are also eligible for this policy. As the cost of long-term care continues to climb, many more Singaporeans will benefit and receive protection from this scheme.<\/p>\n

Long-term care services are offered to patients discharged from the hospital but still require additional care and treatment in the community (i.e., at home). Long-term care is also available to individuals who need help with their daily routines or other activities.<\/p>\n

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Is It Mandatory To Have A CareShield Scheme?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The care shield scheme is a compulsory government scheme. The scheme will automatically cover all Singaporeans and Permanent Residents who are 30<\/strong> and above or those born in 1980<\/strong>. Not yet 30<\/strong> years old? Not to worry, you will receive a letter two months before your 30<\/strong>th birthday informing you about the scheme.<\/p>\n

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What Does \u2018Severely Disabled\u2019 Mean?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What does it mean to be \u201cseverely disabled,\u201d<\/em><\/strong> and how was it described? According to CareShield Life, this means being unable to do at least three of the six Activities of Daily Living (ADLs).<\/p>\n

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    Washing<\/strong>\u2013 Ability to take a bath or shower and get in and out of the tub or shower.<\/p>\n<\/li>\n

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    Dressing<\/strong>\u2013 The process of putting on and taking off clothing, braces, artificial limbs, and other medical or surgical devices.<\/p>\n<\/li>\n

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    Eating<\/strong> \u2013 Consuming food that has been prepared and is ready to eat.<\/p>\n<\/li>\n

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    Toileting<\/strong>– Going to the toilet and, if necessary, controlling bowel and bladder function through protective underwear or surgical devices.<\/p>\n<\/li>\n

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    Walking\/Moving Around<\/strong>\u2013 Ability to move from one place to another on a flat surface.<\/p>\n<\/li>\n

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    Transferring<\/strong>\u2013 Transitioning from a bed to a chair or a wheelchair.<\/p>\n

    If you cannot accomplish at least three of the above, you are considered \u201cseverely disabled.\u201d<\/p>\n<\/li>\n<\/ul>\n

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    Careshield Vs. ElderShield\u2013 Which Care Is A Better Choice?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/p>\n

    ElderShield, the government\u2019s prior disability insurance program, has been replaced with CareShield Life. The new scheme provides higher and longer payouts, making it a far superior insurance plan.<\/p>\n

    Through the CareShield Life scheme, monthly payouts have been increased from $300<\/strong> to $400<\/strong> to $624<\/strong>. The latter sum will be adjusted progressively to keep pace with the rising cost of living. The entry age of 30<\/strong> has been introduced for the CareShield Life scheme, which is earlier than the ElderShield, which previously had an entry age of 40<\/strong>. Premiums are payable until age 67<\/strong> for CareShield Life, compared with 65 years for ElderShield.<\/p>\n

    Premiums for CareShield Life are higher than those for ElderShield, and if you don\u2019t make any claims, your premium will keep increasing until you reach 67<\/strong> years of age.<\/p>\n

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    How Much Can You Get From Careshield Life Monthly Payout?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The CareShield Life insurance plan allows you to receive monthly payments for as long as you remain severely incapacitated in exchange for premium payments (i.e., unable to perform at least 3 out of the 6 ADLs).<\/p>\n

    The monthly payout was initially set at $600<\/strong> when the program was introduced in 2020<\/strong>. From 2020<\/strong> to 2025<\/strong>, the payout will increase by 2%<\/strong> yearly; thus, the monthly payment for 2022<\/strong> will be $624<\/strong>.\u00a0Payouts from CareShield Life will be reevaluated in 2026<\/strong> and adjusted accordingly.<\/p>\n

    Remember, after you have made a claim or reached 67<\/strong>, your CareShield Life payouts will no longer increase.<\/p>\n

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    Should you Enhance your CareShield Life coverage?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Monthly benefits are considerably low under the CareShield Life basic plan. It\u2019s only reasonable to pay $624<\/strong> a month if you\u2019re still in your twenties and have been temporarily disabled but will be able to return to work after you\u2019ve recovered.<\/p>\n

    The situation is even direr if you\u2019re an older adult who will be incapacitated for the foreseeable future. Once you begin getting payments, the amount you receive remains the same.<\/p>\n

    Hence, it\u2019s essential to enhance your coverage. You can boost your CareShield Life insurance policy by buying a CareShield Life supplement from one of these private insurers: Great Eastern, Single with Aviva, or NTUC Income.<\/p>\n

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    How To Apply For Careshield?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    To make a CareShield Life claim, you must be a CareShield Life policyholder. All Singaporeans born in 1992<\/strong> onwards are automatically enrolled in the scheme. For\u00a0 Singaporeans and permanent residents born in 1979<\/strong> and earlier to qualify for the CareShield Life scheme, one must not be severely disabled. To apply for CareShield Life, you can do the following:<\/p>\n

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    • Have A Thorough Severe Disability Assessment

      <\/strong>You will need to make an appointment with a MOH-accredited disability assessor who can evaluate your capacity to perform everyday activities to determine if you have a severe disability. The initial severe disability assessment cost is free, even if you are determined not to be seriously disabled and your CareShield Life claim has been denied. However, for subsequent severe disability examinations, you must pay the assessor beforehand. If you are found to be severely disabled, you will be able to reimburse the total price.

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    • Apply Online<\/strong>

      Using your SingPass, log in to the AIC eService portal (eFASS). Then go to the \u201cApply to Receive Scheme(s) Payout\u201d section, then specify whether you are submitting the claim for yourself or on behalf of a care recipient.

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    • Key In Your Bank Information<\/strong>

      Input the bank account information that will be used to receive the payouts.\u00a0<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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      Want to Change The Details in Your Scheme?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      If you want to change your scheme details, you may do it in \u201cChange in Scheme Details\u201d under \u201cManage My Schemes.\u201d You can change your bank details or opt-out of the scheme.<\/p>\n

      To get help for recipients in nursing homes, you\u2019ll have to contact the nurse in charge directly.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      When Will I Find Out If My claim Has Been Approved?<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      It may take up to a month for your online application to be processed by the AIC. In the next month, if your claim is successful, they will notify you in writing, and you will begin getting your payouts. On the other hand, It will take longer to process a hardcopy application.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      According to statistics, about half of Singapore\u2019s population will be 65 or older by 2050. The government\u2019s healthcare spending is expected to rise, and we must ensure that we can afford it. Yes, some government healthcare schemes, such as MediSave and MediShield Life, can help you afford medical care to some extent but not entirely. […]<\/p>\n","protected":false},"author":1,"featured_media":908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28],"tags":[30],"class_list":["post-346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-careshield","tag-protection"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-content\/uploads\/2020\/01\/4.png?fit=1507%2C969&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/posts\/346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/comments?post=346"}],"version-history":[{"count":5,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/posts\/346\/revisions"}],"predecessor-version":[{"id":921,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/posts\/346\/revisions\/921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/media\/908"}],"wp:attachment":[{"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/media?parent=346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/categories?post=346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/wp-json\/wp\/v2\/tags?post=346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}