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I am born in 1979 or earlier. What are my CareShield Life premiums?



You may wish to refer to the CareShield Life Premium Checker e-Service to view your premium details and premium support.

For those born in 1979 or earlier, your premium may have two components:

1. Base premium

All those born in 1979 or earlier and who join CareShield Life will pay a base premium. Base premiums are paid from the age you join until age 67, or for a period of 10 years for those who join at age 59 or older from 6 November 2021.

ElderShield 400 insureds who have been consistently on the scheme will only need to pay the base premium component if they join CareShield Life by 31 December 2021. 

Base premiums are designed to increase regularly to support the regular increase in payouts but will remain flat after age 67 if they remain payable. From 2020 to 2025, the increase is 2% per year (excluding GST). Beyond that, premium and payout adjustments will be recommended by an independent CareShield Life Council, in accordance with an actuarially sound adjustment framework.

2. Catch-up Component

You will need to pay a catch-up component, on top of the base premium, if:

i. You are an existing ElderShield 300 insured.
ii. You are not insured under ElderShield or have opted into ElderShield late.
iii. You are an existing ElderShield 400 insured who joined CareShield Life later (from 1 January 2022 onwards).
iv. Your ElderShield 300/400 policies have become reduced paid-up (i.e. you stopped paying premiums after a minimum number of years of premium payment, which qualifies you for a lower payout amount).

This is because you would not have paid as much premiums as those in the same cohort who had been consistently insured under the ElderShield 400 scheme and joined CareShield Life earlier. 

The catch-up component will also be applicable to foreigners who become Singapore Citizens/Permanent Residents from 1 October 2020 onwards.

The catch-up component is a flat amount paid over across 10 years and is paid on top of the base premium.

This information provided here is sourced from the MOH website.

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