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 (ADL).
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.