CareShield Life will be mandatory for all citizens from 1Oct2020.
For citizens age30-40, this will be the first deduction of premiums from medisave and it will be a lifelong program.
Use Of CareShield Life Coverage To You
CareShield Life is NECESSARY even with MediShield Life which seeks to protect you from hospital and surgical costs. CareShield Life on the other hand is for LONG TERM rehabilitation and treatment due to severe disability
My experience with long term disability needs
My father is a stroke patient since 2005.
When he went down, the 3 month hospital bill was $13,000+ for the multiple surgeries to the head and brain. The bill was taken care by his integrated plan (IP).
However, the cost to us family members did not stop after discharge from hospital.
This is a list of monthly cost
1) Domestic helper/Maid
Over the next 13 years, we employed a maid to be the FULL TIME care giver. Maids can be costly these days but taking care of a disabled is a TOUGH TOUGH JOB that is way beyond your imagination. It simply isn't possible without a caregiver that is full time.
2) Daily needs
Daily necessities such as diapers, medication and milk.
3) Medical needs
Doctor's consultation, physio's charges and even dentist's fees.
Yes... someone disabled actually needs oral treatment to prevent tooth decay and further oral problems. Can you imagine the logistics needed just for a scaling procedure?
In total, an average of $1,500-$2,000 per month is needed!
Almost all of these costs are IN CASH and cannot be covered using medisave!
Caregiving has been ongoing since 13 years ago and yes ... a whopping $234,000-$312,000 has been spent...
If we were to use a nursing home like Orange valley or Pacific healthcare, the charges there would be between $2,500-$3,500/mth.
Back then, we claimed only the basic eldershield as no one did an upgrade for my dad then. Now, MOH CareShield Life, potential claims will be much higher for anyone in my situation.
CareShield Life can pay for temporary disability unlike TPD
Disability claims are based once 3 out of the 6 Activities of Daily Living (ADLs). The assessment is done every year. Once the patient recovers, insurer's cash benefits can stop.
As of 2018, more than $133m had been paid out from eldershield.
TPD on the other hand is much more severe. It must be BOTH total and permanent form of disability.
MOH has statistics that 40% of claims were between 40-60 years of age.
This link by healthexchange further suggests that stroke is occurring in younger people nowadays due to increase risk in obesity, hypertension and diabetes. Young stroke patients have better recovery rates and may be beneficiaries of temporary disability coverage. I
t is little wonder that Careshield Life now starts coverage for citizens from age30.
Upgrading CareShield Life and more on insurance planning
CareShield Life supplements will come soon from NTUC/GE/AVIVA.
Upgrading will help you cover loss of income from disability to a level that reflects closer to your expenses or loss of income.
Premiums are level which means that you can lock in cheaper rates as a younger applicant so do upgrade soon when it becomes available. Add this to your overall insurance portfolio soon.
To learn more on insurance, watch video below on HOW TO SAVE PREMIUMS ON LIFE INSURANCE!