What Exactly is CareShield Life?
It is a long-term insurance scheme provided by our government that will protect you and provide you with financial support when you’re unable to take care of yourself when faced with severe disability.
Careshield Life is designed to help you to cope with long-term medical expenses and to cover your living expenses if you’re unable to work, need long-term medical care and have to incur long-term medical bills.
Why do you need CareShield Life?
Please stop thinking that you will never need it because nobody will ever know. It’s good that we prepare ourselves for the worst because when things happen, we will be too overwhelmed to think straight and plan for ourselves.
Statistics have shown that 1 in 2 healthy Singaporeans aged 65 and above could become disabled and will require long-term care. This is a 50% chance that this might happen to you. (Although, of course, we hope for the best that it will not happen to us.)
If you become severely disabled, how sure are you that you have enough money to cover the expenses needed for your medical care and to sustain your daily living expenses? This is assuming that you’re alone and do not have a family to provide for. Therefore, it’s important that you are protected.
You need Careshield Life because
- If touchwood, you become disabled, can you still work?
- When you cannot work, who is going to pay your bills and your food?
- When you’re disabled, who is going to pay for your medical bills?
- When you’re disabled, who is going to take care of you? Even if you have family members, can they afford to not work and stay home to take care of you 24-7?
- Even if you can afford your medical bills, how long can you afford it for?
- What if you need medical care for 1 year, 2 years, 3 years or even longer? Do you know how much it costs?
- Can you afford to engage a helper to help you?
If all these questions are unknown for you, then this is the reason why Careshield Life exists.
Who is eligible for CareShield Life?
All Singaporeans aged 30 and above will be automatically covered by the CareShield Life scheme.
How much does CareShield Life cost?
It costs $600 annually. This increases by 2% annually for 5 years.
The payment after the 5th year is $662.
Payment will be waived if you, touchwood, become severely disabled.
CareShield Life is fully payable by Medisave.
What will you get with CareShield Life?
- Lifetime Payout
- Lifetime Coverage
- Worldwide Coverage
- Monthly payouts of $600
When can you get these Payouts?
When you’re severely disabled- when you’re unable to perform any 3 of out these 6 Activities of Daily Living (ADL):
Some questions to consider about CareShield Life:
- Is $600 monthly enough for you to survive should you become severely disabled? If not, how much is enough for you?
- Will you be able to engage a helper with $600 should you require long term assistance with your daily activities?
- Will you be able to afford your medical expenses with $600 monthly?
If not, Ah Beng Planner can help you to upsize your CareShield Life scheme, fully payable by Medisave.
Upsize your CareShield Life Scheme Today
Fully Payable by Medisave