What is the difference between CareShield Life, ElderShield, MediShield Life, CPF LIFE, ElderFund and IDAPE?

CareShield Life and ElderShield are long-term care insurance schemes that will provide Singapore Citizens and Permanent Residents basic financial protection should an individual become severely disabled (i.e. unable to perform at least three or more of the six Activities of Daily Living), especially in old age.

For ElderShield, eligible Singapore Citizens and Permanent Residents who had a MediSave Account when they turned 40 years old in 2019 or earlier are automatically covered under ElderShield. Depending on the plan you have, if you are severely disabled, ElderShield provides monthly cash payouts of $300 per month for up to 60 months (under ESH300 plan), or $400 per month for up to 72 months (under ESH400 plan).

For CareShield Life, Singapore Citizens or Permanent Residents born in 1980 or later will be automatically covered under CareShield Life on 1 October 2020, or when they turn 30, whichever is later. Singapore Citizens or Permanent Residents born in 1979 or earlier can choose to join CareShield Life from end-2021 if they are not severely disabled. CareShield Life policyholders can receive payouts for as long as they remain severely disabled. Payouts start at $600 per month in 2020 and increase annually until age 67 or when a successful claim is made, whichever is earlier.

MediShield Life is a basic healthcare insurance plan that protects all Singapore Citizens and Permanent Residents against large medical bills for life. Please click here for more information on MediShield Life.

CPF LIFE is the national annuity scheme, which insures Singapore Citizens and Permanent Residents against the risk of outliving their retirement savings. Under CPF LIFE, members will receive a monthly payout from their payout eligibility age, for as long as they live. Please click here for more information on CPF LIFE.

Interim Disability Assistance Programme for the Elderly (IDAPE) is a government assistance scheme providing financial help to elderly Singapore Citizens living in Singapore, who are needy and severely disabled. They were not eligible to join ElderShield when it was launched in 2002 either because they had exceeded the maximum entry age or had pre-existing disabilities. Please click here for more information on IDAPE.

ElderFund is a discretionary government assistance scheme providing financial help to severely disabled lower-income Singapore Citizens aged 30 and above, who are not able to benefit from CareShield Life, ElderShield and Interim Disability Assistance Programme for the Elderly (IDAPE), and have low MediSave balances and inadequate personal savings to meet their long-term care needs. Please clikc here for more information on Elderfund.