ElderShield is a Long-Term Care insurance scheme that Singaporeans are enrolled in on an opt-out basis when they reach the age of 40 years old. It is designed to provide a monthly payout to the insured upon severe disability typically associated with old age (hence the name).
Similar to MediShield, the premiums are payable by a CPF Member’s Medisave account, and there are optional supplements to be purchased with private insurers (as of writing, three insurers offer such supplements).
What constitutes “severe disability”? It is the inability to perform at least 3 of the following defined Activities of Daily Living (ADLs):
- Washing
- Dressing
- Feeding
- Toileting
- Mobility
- Transferring
The payout is meant for the insured to cope with a higher cost of living due to impairment, such as nursing home fees or expenses for domestic help.
There are currently two ElderShield schemes – ElderShield300 and ElderShield400. As the name suggests, ElderShield300 ......
