As we journey through life, the possibility of needing long-term care due to severe disability is a reality we must face. Did you know that in Singapore, 1 in 2 healthy individuals aged 65 could become severely disabled in their lifetime? This sobering statistic highlights the importance of having adequate long-term care coverage. If you're looking for a way to enhance your CareShield Life or ElderShield coverage, Singlife CareShield Standard and Singlife CareShield Plus might be the solution you've been searching for.
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Singlife CareShield Standard and Singlife CareShield Plus are government-approved supplement plans designed to boost your CareShield Life or ElderShield payouts . These plans provide additional financial support in the event of severe disability, ensuring that you can receive the care you need during unexpected events in life.
Get S$200 to S$5,000 more each month , on top of your basic government plan payout. Payouts continue for as long as you're severely disabled.
Disability payouts begin when you're unable to perform at least two Activities of Daily Living (ADLs) with Singlife CareShield Plus. CareShield Life, ElderShield, and Singlife CareShield Standard require inability to perform at least three ADLs.
Choose between fixed or increasing payouts (2% or 3% annually). Select a premium payment period that suits you (up to age 98 or for a limited time).
Pay premiums using your MediSave, up to S$600 per calendar year .
Receive a lump-sum benefit of three times your monthly benefit when severely disabled. Additional payouts for dependents under 22 and caregiver relief.
Stop paying premiums but remain covered when you have a mild disability (unable to perform at least one ADL).
| Age | What suggestion covers | Premium |
|---|---|---|
| 37, Female making $5,000 a month | monthly benefit $600 | Not provided |
| 27, Male making $3,200 a month | monthly benefit $3,000 | $409.35 |
| 44, Female making $12,500 a month | basic benefit $600 supplemented benefit $800 total monthly payout $1,400 | $564.71 |
| 32, Female making $6,000 a month | disability benefit $1,500 | $504.7 |
| 25, Male making $3,850 a month | total permanent disability $1,000,000 | $59.85 |
Additional monthly payouts on top of your CareShield Life or ElderShield benefits . Payouts range from S$200 to S$5,000 per month and continue for as long as you're severely disabled.
With Singlife CareShield Plus, payouts begin when you're unable to perform at least two ADLs . Provides financial support even before reaching severe disability status.
Receive three times your monthly benefit when you become severely disabled. Helps cover one-time costs, such as purchasing a wheelchair.
Additional 20% of your monthly benefit for up to 36 months if you have a child under 22 years old.
Additional 60% of your monthly benefit for up to 12 months to help cover caregiver costs.
The coverage amount depends on the plan and options you choose. Here are two examples:
Singlife CareShield Standard Example: Andrew, age 35, chooses a S$1,000 monthly benefit that increases at 2% annually. At age 35, the monthly benefit is S$1,000. At age 65, the monthly benefit increases to S$1,811.
Singlife CareShield Plus Example: Tony, age 35, chooses a fixed S$1,000 monthly benefit. The monthly benefit remains at S$1,000 throughout the policy. He receives additional benefits like Lump Sum Benefit (S$3,000) and Dependant Care Benefit (S$200 monthly for up to 36 months).
The premiums for Singlife CareShield depend on various factors, including your age, the plan you choose, and your payment options. Here are examples based on the scenarios above:
Singlife CareShield Standard (Andrew's case):
Singlife CareShield Plus (Tony's case):
Remember, these premiums are in addition to your CareShield Life or ElderShield premiums.
Imagine you suffer a major stroke at age 65 and become unable to perform three ADLs. With Singlife CareShield Standard, you'd receive your CareShield Life payout plus an additional S$1,811 per month . These payouts continue for as long as you're severely disabled.
With Singlife CareShield Plus, if you have a minor stroke at age 48 and can't perform two ADLs, you'd start receiving S$1,000 monthly benefit . This continues for as long as you can't perform two ADLs, while your CareShield Life coverage remains intact for when you might need it later.
If you become severely disabled and have a young child, you'd receive your regular monthly benefit plus an additional 20% (Dependant Care Benefit) for up to 36 months and an extra 60% (Caregiver Relief Benefit) for up to 12 months .
Enhances basic CareShield Life or ElderShield coverage
Provides support for mild to severe disabilities (Singlife CareShield Plus)
Flexible payment and benefit increase options
MediSave-approved premiums
Additional benefits for family support and caregiving
Premiums may increase over time (for increasing benefit option)
90-day deferment period for most benefits
May be more expensive than some other supplement plans
No, you need to have either CareShield Life or ElderShield before purchasing these supplements.
The main difference is that Plus provides payouts for mild to moderate disabilities (inability to perform two ADLs), while Standard requires severe disability (three ADLs) .
You can use up to S$600 per calendar year from your MediSave. Any excess must be paid in cash.
If you no longer meet the disability criteria, the payouts will stop, but your coverage continues.
Yes, you can increase your coverage during certain life events without additional underwriting.
Singlife CareShield Standard and Plus offer comprehensive enhancements to your basic long-term care coverage. With flexible options, family support benefits, and coverage for various disability levels, these plans provide peace of mind for your future care needs. However, as with any insurance decision, it's crucial to carefully consider your personal needs, financial situation, and existing coverage before making a choice.
Remember, the best insurance is the one that provides adequate protection for your specific circumstances. If you're considering Singlife CareShield or any other long-term care supplement, it's always wise to consult with a financial adviser who can provide personalized recommendations based on your unique situation.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on long-term care insurance supplements. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your long-term care needs. Don't leave your future care to chance – get the expert advice you deserve today.
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Read the complete transcript of our expert discussion about Singlife CareShield. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Okay, so let's unpack this.
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