What is CareShield Life?

CareShield Life is a long-term care insurance which provides financial protection against long-term care costs of Singaporeans in the event of severe disability. CareShield Life will provide you with better protection and assurance for basic long-term care needs with:

1. Lifetime cash payouts, for as long as the insured is unable to do three or more Activities of Daily Living (ADLs);

2. Increasing monthly payouts, at $649/month in 2024 and increases annually until age 67 or when a successful claim is made, whichever is earlier; 

3. Government subsidies to make it affordable, with no one losing coverage if they cannot pay premiums;

4. Premiums can be fully paid by MediSave.

If you are a Singapore Citizen or Permanent Resident born in 1980 or later, you will be automatically covered on 1 October 2020 or when you turn 30, even if you have any pre-existing conditions or have developed severe disability.

This information provided here is sourced from the MOH website.