If you are born between 1980 and 1990, you are covered under Careshield Life, from 1st Oct 2020.
What is Careshield Life?
Careshield Life is a compulsory long-term care scheme administrated by the Singapore government. It provides life time coverage and lifetime cash payouts, in the event that you are unable to perform three ADLs (Activities of daily living – washing, dressing, feeding, toileting, mobility and transferring).
Eligible payouts start at $600/month in 2020 and will increase annually until age 67 (it is pegged at 2% increase from 2020 – 2025) or when a successful claim is made.
Your Careshield Life premium is 100% payable by Medisave, and the premium term is until age 67. Premium will increase according to your age, so as to cater for a higher payout from Careshield Life.
In the unfortunate event where you make a successful claim, your monthly payout amount remains fixed, and you’ll receive payouts for as long as you are severely disabled.