ElderShield was first launched by the Ministry of Health in September 2002 as a severe disability insurance scheme which provides basic financial protection to those who need long-term care especially in their old age. It provides a monthly cash payout for up to 72 months to help pay out-of-pocket expenses in the event of severe disability. 

ElderShield was offered to eligible Singapore Citizens and Permanent Residents (PRs) who had a MediSave Account when they turned 40 years old in 2019 or earlier. 

This information is sourced from MOH