All Singapore residents born in 1979 or earlier who join CareShield Life will pay a base premium.

If you are an existing ElderShield 400 insured who have been consistently on an ElderShield policy (i.e. never opted out, or upgraded from ElderShield 300 to ElderShield 400 in 2007 when you had the chance to) and join CareShield Life by 31 December 2021, you will only pay the base premium each year.

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 are covered under the ElderShield 400 scheme and joined CareShield Life earlier. The catch-up component will be paid over 10 years and will remain a flat amount.

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

This information is sourced from MOH