ElderShield, Singapore’s national long term care insurance is set to be overhauled in 2020. Currently, Singapore Citizens and Permanent Residents can opt in to the Eldershield scheme when they reach 40 years old and it is administered by 3 of the selected private insurers : Aviva, Great Eastern and NTUC Income.
Come 2020, things will change and here are the 10 things that you need to know about Eldershield revamp:
- New Name – It will be renamed as CareShield.
- New entry age : 30 years old (as opposed to current 40 years old)
- It will be compulsory (as opposed to current opt out approach)
- Claim payout is increased to at least $600 per month (as opposed to current $400 per month). The benefit will also go up 2% per year for the first 5 years of implementation.
- Claim period will be …