Eldershield and Careshield issues

[Zappy]

Eldershield is just another insurance, just like insurance too, we buy, cause life's is unpredictable, no one will appreciate if nothing happen, but if so unluckily it happen. Those who have bought will be relieve that we did, at least, there's another 60 or 72 months of payouts to rely on, maybe payout not that much, but at least "No fish, prawn also good"

 

more detail about eldershield can be found at: http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=310

 

The info in above webby, also stated: As an ElderShield policyholder, you will be able to claim benefits at any age for the rest of your life once you have paid the premiums. Simply put, for someone who becomes severely disabled at age 70 or 80, or even at age 90 and beyond, he will still get the $300 monthly cash payout up to 60 months or $400 monthly cash payout up to 72 months under the ElderShield300 and ElderShield400 schemes respectively.

 

In life, nothing is certain and predictable, always good if one can plan ahead, reduce burdening others especially at times when one most need it. $$$$$ of course

[SimonTan]

Aia also send me the extended lifetime payout plan.

Haiz.

[Ysc3]

i met up with a rep for various ins.cos. and although she represented both Income and Aviva, she said that Aviva was better for this plan. mycareplus

 

anyway, based on my entry age and max MEDISAVE withdrawal of $600/yr reserved for Eldershield, the following things are those better than the $2xx Eldershield400 general plan.

 

..............................................standard plan........................mycareplus

..............................................----------------.......................-------------

upon claim...............................$400/mth for 72 mths...........$1500/mth for 144 mths

waiting time.............................90 days after confirmation.....90 days (with backpayment for the waiting period)

out of 6 disabilities to qualify.....3 disabilities.........................2 disabilities

 

seems like quite ok, since there is no way we can touch our medisave (unless using it for chronic treatments here), so might as well make it work for me.

 

oh, another thing she mentioned was that medisave ceiling has been revised to $40k ? but once you hit that amt, you virtually wun need to come up with any of your own medisave to pay for the policy as the govt pays 4% int for your medisave a/c which will equal to $1600/yr of which $600 can be used to pay for the policy ... and you will get to keep $1k of the int in your medisave a/c !!

 

anyone knows what GE is offering ?

Edited September 16, 2011 by Ysc3

[Solar]

am looking at this recently...sigh... an elder leow...

 

though a year old, i don't think it is too far off.

eldershied comparison

[RadX]

am looking at this recently...sigh... an elder leow...

 

though a year old, i don't think it is too far off.

eldershied comparison

 

 

congrats...mid life coming....go get your porsche [laugh]

[LoverofCar]

Done the upgrade and still getting so many call for this upgrade...sigh....cb....being classified as ''elderly'' doesn't sound too pleasing..

[Soya]

congrats...mid life coming....go get your porsche

 

 

u forgot another toy on the MLC shopping list - a harley davidson.

 

[Solar]

congrats...mid life coming....go get your porsche [laugh]

 

trying to contain that crisis...and my wife sure make curry out of me if i get the porsche... no need to headache eldershield by then

[RadX]

trying to contain that crisis...and my wife sure make curry out of me if i get the porsche... no need to headache eldershield by then

 

 

ok..make sure u sign the(my) package first...muahahahah

[Donut]

trying to contain that crisis...and my wife sure make curry out of me if i get the porsche... no need to headache eldershield by then

 

Go find a 21 yr old XMM....... life is short...... do it while u are 'strong'

[Solar]

ok..make sure u sign the(my) package first...muahahahah

 

choi.. 7month now la bro..

 

Go find a 21 yr old XMM....... life is short...... do it while u are 'strong'

 

lol.. up a xmm will confirm up lorry into

[RadX]

choi.. 7month now la bro..

 

 

 

 

lol.. up a xmm will confirm up lorry into

 

 

er...is that not wat they serve at er....u know lah [laugh]

[Kar_lover]

I opt out. I'm reserving my CPF funds to redeem my flat and pay for my medical insurance.

 

The premium for eldershield is taken from medisave not OA. You cannot use medisave to "redeem" your HDB flat.

 

Btw, the eldershield premium is peanuts. And don't forget you will have to pay accrued interest rate on the CPF that you use to pay off your housing loan in future.

 

 

[Kurty]

since the government qualifies and regards those who hit 40 under eldershield. 

 

this is for those who may wish to know more.

 

ElderShield is a severe disability insurance scheme which aims to provide basic financial protection to Singaporeans who need long-term care, especially in old age. Launched in 2002, the scheme was designed to help supplement Singaporeans’ savings in the event of severe disability. 

 

ElderShield Coverage

 

 

All Singapore Citizens and Permanent Residents with Medisave accounts are automatically enrolled in ElderShield at the age of 40, unless they opt out of the scheme.

• Auto-enrolment

If you do not opt-out of the scheme, you will be automatically covered by one of the following private insurers appointed by the Ministry of Health to run ElderShield: Avivaopens in a new window, Great Easternopens in a new window or Incomeopens in a new window.

• No exclusions for pre-existing illnesses

There are no exclusions of existing illnesses for those who are auto-covered at the age of 40 (e.g. diabetes, high blood pressure), However, if you opt-out and wish to opt-in later, you will be subject to a medical assessment, during which your application may be rejected by the insurer if you have pre-existing illnesses. 

• Pre-existing severe disabilities are not covered

However, if you are severely disabled (i.e. unable to perform at least 3 ADLs) prior to the start of your ElderShield enrolment, you are advised to make a declaration when you receive your Welcome Letter. This is because those with pre-existing disabilities will not be eligible for claims. Any premiums collected from you will be refunded to you.

[Kusje]

 

 

IS ELDERSHIELD A PROFITABLE SCHEME?

So far, ElderShield has been profitable for the three insurers. In Parliament last year, Health Minister Gan Kim Yong said $2.6 billion in ElderShield premiums was collected between 2002 and end-2015, and around $100 million was paid out in claims.

While premiums collected may be far in excess of payouts thus far, the gap has been shrinking and will continue to close, he said.

Mr Lum said MOH made a specific provision in the ElderShield contract for insurers to return part of the accumulated surplus to existing policyholders, if claims turn out to be lower than projected.

He added that Aviva provided a premium rebate in September last year for eligible customers. Recently, Income also gave a rebate to eligible ElderShield customers.

"The ElderShield scheme is still in its early days and long-term claims data and experience have yet to be developed. It is essential to bear in mind that there are real risks of claims rising in the future," said Mr Lum.

 

Saw this on Facebook and I'm surprised this isn't being seen as a big deal.

 

Think we are destined to keep drinking the same ol Kool aid. 2002 till now and there can still be a claim of not enough data.

Edited February 5, 2018 by Kusje

[Kusje]

If the largest operator of hospital and clinics in Singapore doesn't have enough data, looks like we are screwed.

[Sdf4786k]

Saw this on Facebook and I'm surprised this isn't being seen as a big deal.

 

Think we are destined to keep drinking the same ol Kool aid. 2002 till now and there can still be a claim of not enough data.

 

Its a matter of Clean data as well as access to Data and Data Privacy act.

 

So , have to tip toe around these.

 

As one Data Analyst told me, Data Analytics is like a skimpy bikini, its very sexy and attractive. But the vital bits are covered up and thats what you want. The Vital Data to have it accurately dice.

[Kusje]

Its a matter of Clean data as well as access to Data and Data Privacy act.

 

So , have to tip toe around these.

 

As one Data Analyst told me, Data Analytics is like a skimpy bikini, its very sexy and attractive. But the vital bits are covered up and thats what you want. The Vital Data to have it accurately dice.

 

Are you serious?