Can I withdraw from the CareShield Life scheme after joining (e.g. if I cannot afford the premiums)? How long do I have to decide?

To make joining CareShield Life more convenient, Singapore Citizens and Permanent Residents born between 1970 and 1979 will be auto-enrolled in CareShield Life from end-2021, if they are insured under the ElderShield 400 scheme and are not severely disabled at the point of auto-enrolment. If you are auto-enrolled, you can opt out of CareShield Life by 31 Dec 2023 if you do not wish to join the scheme.

Those who are not auto-enrolled can choose to join CareShield Life after the scheme launch date in end-2021. If you are in this group, you will have a 60-day free-look period from the commencement of your CareShield Life coverage, for you to consider your decision.

The Government will provide participation incentives of up to $2,500 to all Singapore Citizens born in 1979 or earlier who join CareShield Life in the first two years the scheme is available for sign-ups from end-2021 onwards. Additional participation incentives of $1,500 for Merdeka and Pioneer Generation citizens within the first two years the scheme is available for sign-ups from end-2021 onwards.

The Government will also provide means-tested premium subsidies and Additional Premium Support to those who join CareShield Life, to ensure that no one who joins the scheme loses coverage due to financial difficulties. For this reason, after the applicable opt-out/free-look periods, CareShield Life insureds will not be able to withdraw from the scheme.