Ministry of Health(MOH) had announced that Careshield Life will replace Eldershield and it will come effective in the year 2020. This will affect Singaporeans and PRs who turn 30 to 40 in 2020. Careshield Life is basically Eldershield Version 2.0 with improved features.
The entry age for Eldershield is 40 years old and Careshield Life will start at 30. This helps in 2 ways.
- With a large pool of insureds, especially younger ones, it helps to lower the cost of running this programme which translate to lower premium.
- Chronic illness such as hypertension or other medical conditions are affecting patients who are getting younger due to lifestyles and diet. By getting Singaporeans/PR into the programme earlier, it means they get insured while they are younger and healthier.
The chart below shows the differences between Eldershield 400 and Careshield Life
The eligibility to claim remains the same i.e. if the insured is unable to perform any 3 out of the following 6 activities of daily livings.