ElderShield provides basic financial protection to members who are unable to carry on with simple everyday tasks and require long term care during old age. This is a severe disability insurance policy.
What constitutes severe disability?
If you are not in a position to carry out a minimum of 3 of the following everyday tasks, you will be considered to have severe disability:
- Washing: The capability to take a shower or wash in the bath. This includes getting in and out of the bath/shower or washing through other means.
- Toileting: The capability to manage bladder and bowel functions through the use of lavatory and through the use of protective undergarments or surgical appliances, if applicable.
- Feeding: The capability to feed oneself after food has been prepared and made available to consume.
- Dressing: The capability to put on/take off/secure/unfasten garments + any braces/artificial limbs/other medical or surgical appliances.
- Transferring: The capability to move from the bed to an upright wheelchair or chair and vice versa.
- Mobility: The capability to move from one room to another on a level surface.
Everything you need to know about ElderShield
What does it offer?
Under this scheme you will receive cash payouts for up to 6 years (72 months) to cover out-of-pocket payments.
Applying for ElderShield:
There is no need for you to apply for ElderShield. You will be enrolled into this scheme automatically when you reach 40 years of age unless you have opted out of this cover. There is no medical assessment or registration required for enrollment into this scheme.
Who manages the ElderShield scheme?
MOH or Ministry of Health has appointed the following insurers to manage the ElderShield scheme:
- Great Eastern Life Assurance Company.
- Aviva Limited.
- NTUC Income Insurance Co-operative Limited.
The policyholder you are assigned will be selected at random. However, before the commencement of your cover, you can choose to change your insurer. 3 months before you turn 40 years, your insurer will send you a welcome package.
Changing your Insurer:
If you wish to change your insurer for this scheme, you need to fill the form available in your welcome package and submit it to your assigned insurer before your cover commences.
Once you have mailed the completed form, you will receive your new policy documents from your chosen insurer approximately 1 to 2 weeks after submission.
If you want to change your insurer after your cover has already started, you must first terminate your existing policy with your assigned insurer and then apply for a new policy with the insurer of your choice. Your application with the new insurer may be subject to medical assessment or underwriting. You will receive a refund on your premiums only if you terminate or cancel your policy within the first 60 days of your first policy year.
If you are not covered under ElderShield and you are below 65 years of age, you can apply for this scheme from any of the partner insurers after medical assessment.
Payouts under ElderShield
ElderShield offers 2 schemes:
- ElderShield 300 – Under this scheme you will receive monthly payouts of S$300 for maximum 5 years (60 months).
- ElderShield 400 - Under this scheme you will receive monthly payouts of S$400 for maximum 6 years (72 months).
Note – If you joined ElderShield post September 2007, you are automatically enrolled under the ElderShield 400 scheme.
Premiums to be paid for ElderShield:
Table 1: Premiums to be paid under ElderShield 300 with subsidies offered by the government.
|Age of Entry||Ten Year Premium||Subsidy Amount||Subsidized premiums||Subsidy period|
|56 years||S$394.76||S$519.42||S$139.00||S$182.00||S$255.76||S$337.42||1 year|
|57 years||S$404.11||S$531.89||S$142.00||S$187.00||S$262.11||S$344.89||2 years|
|58 years||S$415.53||S$545.39||S$146.00||S$191.00||S$269.53||S$354.39||3 years|
|59 years||S$425.92||S$559.93||S$150.00||S$196.00||S$275.92||S$363.93||4 years|
|60 years||S$438.39||S$574.47||S$154.00||S$202.00||S$284.39||S$372.47||5 years|
|61 years||S$449.82||S$590.06||S$158.00||S$207.00||S$291.82||S$383.06||6 years|
|62 years||S$463.32||S$607.72||S$163.00||S$213.00||S$300.32||S$394.72||7 years|
|63 years||S$477.86||S$625.38||S$168.00||S$219.00||S$309.86||S$406.38||8 years|
|64 years||S$492.40||S$644.08||S$173.00||S$226.00||S$319.40||S$418.08||9 years|
|65 years||S$509.03||S$664.86||S$179.00||S$233.00||S$330.03||S$431.86||10 years|
|66 years||S$525.65||S$685.63||S$184.00||S$240.00||S$341.65||S$445.63||10 years|
|67 years||S$544.35||S$709.53||S$191.00||S$249.00||S$353.35||S$460.53||10 years|
|68 years||S$564.08||S$735.50||S$198.00||S$258.00||S$366.08||S$477.50||10 years|
|69 years||S$584.86||S$762.50||S$205.00||S$267.00||S$379.86||S$495.50||10 years|
Note – Premiums are inclusive of 7% GST.
Table 2: Premiums to be paid under ElderShield 400
|Age of Entry||No. of Premium Payments||Annual Premiums which are to be paid till 65 years of age|
Note – Premiums are inclusive of 7% GST.
How to make payments on ElderShield premiums?
You can pay for your ElderShield premiums through the following ways:
- Savings in your Medisave Account (MA). If you have insufficient funds in your MA to make the payment, you can also use the savings from the MA of your spouse/children/parents/grandchildren.
- GIRO payment.
Should you opt for ElderShield Supplements?
ElderShield supplements provide higher cash payouts for a longer period of time. If you want to increase your insurance cover for severe disability, you can do so by purchasing ElderShield supplements.
The supplements are available with all 3 appointed insurers. What you should know about the supplements is that you need be covered under ElderShield before you can buy any supplements. You can use your Medisave savings even for the purchase of ElderShield supplements, however this amount is capped at S$600 per insured person for each year.
Is it a good option to opt out of ElderShield?
Staying on the ElderShield scheme offers several advantages. For instance, you are automatically enrolled into this scheme when you turn 40 years old. There is no need for any registration or medical assessment when you get enrolled.
Although you can join this scheme any time you want, once you opt out and then wish to join later, the approval/rejection of your application will depend on your insurer and may be subject to medical assessment or underwriting. Another disadvantage of joining later is that the premiums for ElderShield are based on the age of entry (as covered previously), therefore the earlier you join the scheme, the more affordable it will be for you.
Applying for ElderShield
If you have not been automatically enrolled into ElderShield or have opted out of it and want to apply for the policy, you can do so by directly contacting any of the 3 appointed insurers offering ElderShield namely – The Great Eastern Assurance Company Limited, Aviva Limited or NTUC Income Insurance Co-operative Limited.
Opting out of ElderShield
The opt-out form is available in your welcome package. You will need to complete this form and mail it to your insurer. If you do not have the form, you can contact your appointed insurer and request for one.
Staying on the ElderShield scheme offers far more advantages than opting out of it. Although it is a choice to use this policy, it does not require an application process or a medical examination for you to be a part of this scheme. This cover can especially come in handy at the most critical stages of your life when you are unable to take care of yourself.