ElderShield

[house625]

1. Anyone know that it is a must to get ElderShield when you reach age of 40?
2. Which company provide better benefit to buy from?

Pls advice. Thanks

[lootster]

Hi,

If I'm not wrong, eldershield is "auto inclusion" scheme when you reach certain age unless one choose to opt out.

Currently think only NTUC and Great Eastern is offering this plan. My dad did a claim on his eldershield before which pays him few hundred every month. Not a lot of money but at least to cover part of the cost for employing a care giver.

Great eastern seems to have an enhanced version of the eldershield, if you keen to know more can pm me

[mort]

Hi,

Eldershield - auto-inclusion at age 40. You will receive a letter few months before your 40th birthday.

Currently 3 providers - AVIVA, NTUC and GE. You will be assigned one provider but have the freedom to switch. Can also opt out.

Premiums can be paid from medisave.

My personal opinion - a cheap policy to get but definitely insufficient coverage if someone requires help for ADLs (activities of daily living). Much like dependant protection scheme (DPS) - low premium but low coverage, only 46K.

Thanks.

[woonty]

1. Anyone know that it is a must to get ElderShield when you reach age of 40?
2. Which company provide better benefit to buy from?

Pls advice. Thanks

Hi house625

Good to have & even enhanced it to the cap allowed by Medisave

Aviva, last checked few years back for my parents & will compare again when my time comes

UNLESS you want to "self-insured" if you're single/not married/have no children to rely on ELSE good to have & even enhanced it to ease your spouse/children load (don't wish to be a burden to my loved ones if anything happen)

The fees of private nursing homes range from $1,000 - $5,000 every month. Generally $1,400 for open wards of up to 67 beds to $4,500 for one-bed room & it's usually till the end of life

NOT that we want to stay there but others (loved ones) need to work to bring back the money EVEN they can afford a private trained nurse at home, around $4K+


woonty

[equilat]

My take is try to be active in sports and keep illness at bay. Thats the best policy.

[ngtfook]

My take is try to be active in sports and keep illness at bay. Thats the best policy.

That's true.

However, active in sport or exercise regularly does not gurantee that we can stay healthy at all time. Human organ degrde over time, and no amount of exercise can prevent that.

Buying medical insurance is one way to mitigate one's cashflow. it is actually headge and protect your wealth. Generally, the medical cost will go UP and UP!

When one contracted some cancel or other similar sickness, and landed in hospital, the bill may amounting to ten of thousand dollar. If we have brought the medical insurance, the bill then will be settle by the insurance (depend on your plan) and leave us less worry. If not, we have to settle the bill yourself, which means you have to dig deep pocket to pay.

think about it, sickness normally hit us when we are old. When we are old, we may accumulate substantial wealth for you retirement. If you do not have medical insurance plan, it will burnt a big hole in your pocket, and your retirement plan suffer.

My experience is that one must consider buying medical when you are yound and healthy. When you are not healthy, the insurance company may decline your application or exclude some mecidal coverage.

p.s I am not related to any insurance company. Just sharing my experience.

[lootster]

Ok have google a bit on this and this is the site I found

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=310

[stanlee]

My take is try to be active in sports and keep illness at bay. Thats the best policy.

That's true.

However, active in sport or exercise regularly does not gurantee that we can stay healthy at all time. Human organ degrde over time, and no amount of exercise can prevent that.

Buying medical insurance is one way to mitigate one's cashflow. it is actually headge and protect your wealth. Generally, the medical cost will go UP and UP!

When one contracted some cancel or other similar sickness, and landed in hospital, the bill may amounting to ten of thousand dollar. If we have brought the medical insurance, the bill then will be settle by the insurance (depend on your plan) and leave us less worry. If not, we have to settle the bill yourself, which means you have to dig deep pocket to pay.

think about it, sickness normally hit us when we are old. When we are old, we may accumulate substantial wealth for you retirement. If you do not have medical insurance plan, it will burnt a big hole in your pocket, and your retirement plan suffer.

My experience is that one must consider buying medical when you are yound and healthy. When you are not healthy, the insurance company may decline your application or exclude some mecidal coverage.

p.s I am not related to any insurance company. Just sharing my experience.

just want to share this book called "The China Study". Its not only change our understanding of health/nutrition and by reading it may even save our life!

http://www.thechinastudy.com/

[equilat]

My take is try to be active in sports and keep illness at bay. Thats the best policy.

That's true.

However, active in sport or exercise regularly does not gurantee that we can stay healthy at all time. Human organ degrde over time, and no amount of exercise can prevent that.

Buying medical insurance is one way to mitigate one's cashflow. it is actually headge and protect your wealth. Generally, the medical cost will go UP and UP!

When one contracted some cancel or other similar sickness, and landed in hospital, the bill may amounting to ten of thousand dollar. If we have brought the medical insurance, the bill then will be settle by the insurance (depend on your plan) and leave us less worry. If not, we have to settle the bill yourself, which means you have to dig deep pocket to pay.

think about it, sickness normally hit us when we are old. When we are old, we may accumulate substantial wealth for you retirement. If you do not have medical insurance plan, it will burnt a big hole in your pocket, and your retirement plan suffer.

My experience is that one must consider buying medical when you are yound and healthy. When you are not healthy, the insurance company may decline your application or exclude some mecidal coverage.

p.s I am not related to any insurance company. Just sharing my experience.

just want to share this book called "The China Study". Its not only change our understanding of health/nutrition and by reading it may even save our life!

http://www.thechinastudy.com/

There are criticisms on the book factual records and claims. Do read it up. I'm an advocate of eating balanced meal and do lots and lots of exercise. I have overcome my spinal problems with soccer and contact sport even at my age.

[stanlee]

That's true.

However, active in sport or exercise regularly does not gurantee that we can stay healthy at all time. Human organ degrde over time, and no amount of exercise can prevent that.

Buying medical insurance is one way to mitigate one's cashflow. it is actually headge and protect your wealth. Generally, the medical cost will go UP and UP!

When one contracted some cancel or other similar sickness, and landed in hospital, the bill may amounting to ten of thousand dollar. If we have brought the medical insurance, the bill then will be settle by the insurance (depend on your plan) and leave us less worry. If not, we have to settle the bill yourself, which means you have to dig deep pocket to pay.

think about it, sickness normally hit us when we are old. When we are old, we may accumulate substantial wealth for you retirement. If you do not have medical insurance plan, it will burnt a big hole in your pocket, and your retirement plan suffer.

My experience is that one must consider buying medical when you are yound and healthy. When you are not healthy, the insurance company may decline your application or exclude some mecidal coverage.

p.s I am not related to any insurance company. Just sharing my experience.

just want to share this book called "The China Study". Its not only change our understanding of health/nutrition and by reading it may even save our life!

http://www.thechinastudy.com/

There are criticisms on the book factual records and claims. Do read it up. I'm an advocate of eating balanced meal and do lots and lots of exercise. I have overcome my spinal problems with soccer and contact sport even at my age.

by now we should aware that not only bad things attract criticism. in fact Truth often attracts the most criticism..why? simply becos we are living in upside down world..the evil will not want the truth to be revealed. anyway just to share, read it if you are interested. i think its a worth investment since health is so important to us. read it, upside you can have a better health, downside wasted few bucks and few hours of your time and then throw the book into dustbin

[Yew Meng]

Hi,

Has anyone upgraded your Basic ElderShield to ElderShield Comprehensive policy? Any comments or suggestion on this upgrade?

Generally, it's benefit covers :
1. inablility to perform mininum 2 (instead of 3) daily living activities.
2. monthly payment of $400 for life (instead of for 72 months)
3. 2 lump-sum payouts of $1200 each (first time upon first claim and second time upon death while receiving benefit).

thanks,
yew meng

[bemoneysavvy]

Yew Meng,

ElderShield pays a monthly income in case we are disabled according to 3 (or two) out of 6 ADL.

It's important enough, because, almost ALL policies will cease Total Permanent Disability Cover by age 65 (exception Aviva as option to cover till 70). After that age, the only cover for maintenance of a disabled person is Eldershield or your own pocket.

What's the cost of maintaining a disabled person?

Average for government nursing care (community hospitals) are $1,500 a month. For Private ones are $1,800 to $3,000 depending on ward etc. If your financial assets are drawn-down because of a long term disability, it could cause the family much financial burden.

Two other options: (1) One of the family members quit the job and take care of the parent (2) hire a maid.

Option (1) has high opportunity costs. Option (2) is more cost effective for now. $450-500 for salary, $250 for levy, $200 for misc. should be around $900-$1,000pm

The basic Eldershield covers only $300-400 for 5-6 years. This won't meet the monthly costs and also when disability extends beyond 5-6 years.

It's good to upgrade the plan, but be aware of different plan features.

1. inablility to perform mininum 2 (instead of 3) daily living activities.
>> Easier to claim, but also more expensive premium
2. monthly payment of $400 for life (instead of for 72 months)
>> can be deducted from Medisave, so factor that in.
3. 2 lump-sum payouts of $1200 each (first time upon first claim and second time upon death while receiving benefit).
>> that's incidental, not so important

There's also another feature you should know, but I cannot give out advice in this way, cos we don't want people to just "self-medicate" without checking. You can PM me for more info.

Hi,

Has anyone upgraded your Basic ElderShield to ElderShield Comprehensive policy? Any comments or suggestion on this upgrade?

Generally, it's benefit covers :
1. inablility to perform mininum 2 (instead of 3) daily living activities.
2. monthly payment of $400 for life (instead of for 72 months)
3. 2 lump-sum payouts of $1200 each (first time upon first claim and second time upon death while receiving benefit).

thanks,
yew meng

[bemoneysavvy]

Hi all,

Here are some videos to explain what Eldershield is.

http://elder-shield.com/eldershield-videos

It talks about:

What is Eldershield? http://www.youtube.com/watch?v=eSbEiRp4hhc
How it Works?http://www.youtube.com/watch?v=cVu5JWEsFHo
What are Activities of Daily Living? http://www.youtube.com/watch?v=uS5hNIX9Jyw
Long Term Care Costs? http://www.youtube.com/watch?v=azBb9qDvW34
What are Eldershield Supplements? http://www.youtube.com/watch?v=LI1WmFMCPKQ

Point to note seriously is that if your family total income is >$5,600 monthly, you will not be subsidized for nursing home and community hospital costs. Neither will you qualify for IDAPE, meant for the poor (family income <$1,400pm

[candy_chia]

Had seen friends in their 40s who were active in sports or healthy, but were diagnosed with stroke or heart problem while workout.

Sad thing is that they didn't purchase any medical insurance, resulting in a drain in their financial wealth, which affects their family members with downgrade in their house substantially.

My take is try to be active in sports and keep illness at bay. Thats the best policy.

That's true.

However, active in sport or exercise regularly does not gurantee that we can stay healthy at all time. Human organ degrde over time, and no amount of exercise can prevent that.

Buying medical insurance is one way to mitigate one's cashflow. it is actually headge and protect your wealth. Generally, the medical cost will go UP and UP!

When one contracted some cancel or other similar sickness, and landed in hospital, the bill may amounting to ten of thousand dollar. If we have brought the medical insurance, the bill then will be settle by the insurance (depend on your plan) and leave us less worry. If not, we have to settle the bill yourself, which means you have to dig deep pocket to pay.

think about it, sickness normally hit us when we are old. When we are old, we may accumulate substantial wealth for you retirement. If you do not have medical insurance plan, it will burnt a big hole in your pocket, and your retirement plan suffer.

My experience is that one must consider buying medical when you are young and HEALTHY. When you are not healthy, the insurance company may decline your application or exclude some mecidal coverage.

p.s I am not related to any insurance company. Just sharing my experience.

[candy_chia]

I opt-out of Eldershield as did not realise the importance till I seen friends in 40s being diagnosed with stroke that caused them unable to perform 3 or more Activities of Daily Living (Feeding, Dressing, Washing, Toileting, Mobility, Transferring).

The shocking fact is that the financial burden of the elderly to be passed to the young generation. By year 2035, there will 1 elderly person above 65 for every 2 young persons (1 to 2) as explained thoroughly in the video below.

Hi all,

Here are some videos to explain what Eldershield is.

http://elder-shield.com/eldershield-videos

It talks about:

What is Eldershield? http://www.youtube.com/watch?v=eSbEiRp4hhc
How it Works?http://www.youtube.com/watch?v=cVu5JWEsFHo
What are Activities of Daily Living? http://www.youtube.com/watch?v=uS5hNIX9Jyw
Long Term Care Costs? http://www.youtube.com/watch?v=azBb9qDvW34
What are Eldershield Supplements? http://www.youtube.com/watch?v=LI1WmFMCPKQ

Point to note seriously is that if your family total income is >$5,600 monthly, you will not be subsidized for nursing home and community hospital costs. Neither will you qualify for IDAPE, meant for the poor (family income <$1,400pm