How was the starting payout of $600 per month decided? Is it enough to cover long-term care costs?
Long-term care costs vary depending on one’s care needs and arrangements. How one finances these costs also vary, depending on one’s financial resources.
In deciding the enhanced payouts, the ElderShield Review Committee took into account the basic long-term care costs for a range of services and settings, other sources of long-term care funding, such as Government subsidies and assistance schemes, community support, personal savings, family support and Government-funded safety nets e.g. MediFund or ComCare; as well as the need to balance benefits and premium affordability. As part of the overall enhancements to long-term care financing, CareShield Life will provide better protection and assurance to Singaporeans for their basic long-term care needs.
Singaporeans who wish to have additional coverage may consider supplementing their basic CareShield Life insurance with Supplements from the private insurers.
Related questions
Why do CareShield Life payouts stop increasing once insureds stop paying premiums e.g. when they make a claim or turn 67?
How do the CareShield Life premiums and payouts compare against Supplements and other private long-term care insurance plans?
Why is ElderShield/CareShield Life necessary? Why not allow Singaporeans to rely on their savings to pay for their long-term care needs?
Can there be lump sum payouts / death benefits / “No-claim Bonus” to incentivise healthy living / 2 ADL criteria for CareShield Life?
