ElderShield

[candy_chia]

Should have consulted a financial planner before I reach age 40, now get lesser benefits but at least realise the importance for purchasing Elershield.

ElderShield Plan - Reason NOT To Opt Out

There is no application hassle since auto-coverage is provided.

No underwriting is required except for those who are already disabled.

Auto-coverage is extended even for those who are unable to perform two Activities of Daily Living.

Waiting period of 90 days for claims is waived for auto-coverage cohort.

Special 10-year Premium Plan for those aged 56 to 69.

Government subsidies for Singaporeans aged 56 to 69.

If you opt-out now, you will not be able to enjoy all the above benefits if you decide later to join ElderShield.

http://www.income.com.sg/insurance/elde ... option.asp

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

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

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)

[candy_chia]

When elderly requires intermediate or long term care (nursing home or community hospital) after discharged from hospital, the criteria for application for subsidy is subjected to mean testing which is based on TOTAL FAMILY INCOME (income of all the family members).

Whereas inpatient means-testing at the acute care hospitals is based on individual income (for those who are working) or annual value of the property of residence (for those who are not working).

For instance, in my case with 3 other sibilings, 2 are high fliers, my dad did not qualify for any subsidy (when he was admitted to community hospital last year for stroke, but has since recovered) as Total Family income exceeded $15,000 (assessed by social workers taking into accounts the numbers of dependents).

http://www.moh.gov.sg/content/moh_web/h ... derly.html

http://www.pqms.moh.gov.sg/apps/fcd_faq ... 7dvFvks%3d

Note: Interim Disability Assistance Program For The Elderly (IDAPE) is a government assistance scheme providing financial help to needy and disabled elderly Singaporeans, who were not eligible to join ElderShield because of their age or pre-existing disabilities.. How much monthly cash payout they get depends on their household income. Your per capita household monthly income is less than $2,200.

http://www.moh.gov.sg/content/moh_web/h ... derly.html

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]

Should have consulted a financial planner before I reached age 40, now get lesser benefits but at least realise the importance for purchasing Elershield.

ElderShield Plan - Reason NOT To Opt Out

There is no application hassle since auto-coverage is provided.

No underwriting is required except for those who are already disabled.

Auto-coverage is extended even for those who are unable to perform two Activities of Daily Living.

Waiting period of 90 days for claims is waived for auto-coverage cohort.

Special 10-year Premium Plan for those aged 56 to 69.

Government subsidies for Singaporeans aged 56 to 69.

If you opt-out now, you will not be able to enjoy all the above benefits if you decide later to join ElderShield.

http://www.income.com.sg/insurance/elde ... option.asp

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

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

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)

[wemakebread]

Agree with Brenden (bemoneysavvy).

Getting Enhanced Eldershield has its merits, rather than getting just the basic Eldershield or opting out.
Premiums for Enhanced Eldershield can be paid thru Medisave, up to certain cap.
I see good wisdom in this, because Medisave money is very finite and one way to amplify its effect is to buy insurance coverage such as Enhanced Eldershield.

I see this as similar to getting Enhanced Medishield to cover Hospitalisation & Surgery.

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

[candy_chia]

Everyone should be covered in Eldershield since this is the ONLY insurance that cover partial disability after age 65.

Don't opt-out of the scheme as no one wants to be subjected to cumbersome routine medical test or other medical tests (eg. fasting blood test if there is family history of diabetes) as underwriting requirement before being accepted by the insurance companies.

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 (65), 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.


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.

[bemoneysavvy]

Hi all,

By the way, if you keen on upgrading Eldershield, can always PM me.

We have a team of independent financial advisers to help you.

[candy_chia]

Hi Brenden,

Very satisfied with the thorough evaluation by Esther, one of your team of financial adviser compared to my earlier encounter with another independent financial adviser elsewhere, who is more interested in selling insurance plans to me than pinpointing to me areas of of improvements in my current & future financial situations.

Hi all,

By the way, if you keen on upgrading Eldershield, can always PM me.

We have a team of independent financial advisers to help you.