Why are Government subsidies provided for CareShield Life and not for ElderShield?
Government subsidies are provided for CareShield Life as it is a mandatory scheme for Singapore Citizens and Permanent Residents born in 1980 or after, unlike ElderShield which is optional.
While CareShield Life is also optional for those born before 1979, they would not be able to cancel their CareShield Life cover after the 60-days free-look period. Premium subsidies are provided to help the lower- to middle-income pay their CareShield Life premiums. On the other hand, ElderShield policyholders have the option to opt out or cancel their policy anytime.
This information provided here is sourced from the MOH website.
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