Did you know that 50% of healthy Singaporeans over the age of 65 could become severely disabled , according to MOH.
CareShield Life was introduced on 27 May 2018. It is a plan that to replace the existing Eldeshield by year 2020. CareShield Life provides higher monthly payout ($600/month) for lifetime if the person unable to perform 3 activities of daily livings (ADLs), while existing Eldershield provides $400/month for 6 years. You can find out more about CareShield Life here and here.
I have received many comments on social media and from my clients, all of them carry different views. Here are my personal views on the new CareShield Life:
1. Voluntary change to Mandatory
For existing Eldershield arrangement, you will have the option to opt-out from the coverage. Based on my experience, only a small group of people will choose to opt-out. Most of them are confused about the …