How was the starting payout of $600 per month for CareShield Life decided?
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.
If you wish to have additional coverage, you may consider supplementing your basic CareShield Life insurance with Supplements from the private insurers.
This information provided here is sourced from the MOH website.
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