ElderShield is a severe disability insurance scheme that provides basic financial protection to those who are not able to do simple daily activities and need long-term care, especially in their old age.
Eldershield 300 was launched on September 2002. It pays $300/month for 60 months if the insured is not able to perform any 3 out of the 6 Activities of Daily Livings(ADLs). The 6 ADLS are shown below.
In September 2007, an improved Eldershield was launched and renamed Eldershield 400. The enhancement made are
- Benefit payout per month – From S$300 to S$400
- Payout duration – From 60 months to 72 months
While the enhancement are good, it is still not sufficient to get a decent help. For example, a maid to take care of you will cost more than $400 per month. For those who wants a higher benefit payout every month or to enjoy a longer period of payout duration, you can consider getting the Eldershield supplements from Aviva, NTUC Income or Great Eastern.
A summary of benefits for the Eldershield Supplements is shown below.
These supplement allows benefit payout to be as much as $3,500 per month and the premiums can be paid using your CPF Medisave account subject to a limit of $600 per life assured.
Do speak to a financial adviser to have a proper assessment of which Eldershield supplement suit you the most.