CareShield Life and Supplementor Plans

If you are Singaporean and born between 1980 and 1990, you will be enrolled in CareShield Life. How much do you know about it?

CareShield Life has been designed to help us cope with the demands and long term financial costs that arise from possible severe disability. Hopefully, we never need to use it, but it does provide us with basic coverage to ease the burden on us and our family.

The starting payout amount increase with age, and will be put to good to use in helping with;

-General expenses such as groceries or household bills.

-Medical Expenses, Medicine & Medical Therapy

-Caregiver Expenses

Payouts start at $600 a month (and are set to rise by 2% per annum) and as the infographic below shows (taken from www.careshieldlife.gov.sg website) could be $1200 if you were to claim later in life.

https://www.careshieldlife.gov.sg/faqs/careshield-life.html

However, it is not an automatic payout when you find yourself with one disability, as CareShield Life only provides lifelong monthly payouts for you if you cannot perform 3 of 6 Activities of Daily Living (ADLs).

Although useful, $600 a month or $1200 a month is certainly not going to be enough for many Singaporeans to live off especially with a disability that takes away your ability to work and adds additional unforeseen costs to your life.

There is, however, an option to supplement your CareShield Life and make the plan really work for you should you need it in the future.

There are a number of such plans which are available with premiums that can be paid in cash or even funded by your MediSave account.

And each plan has varying benefits which not only include higher payout but may also include a reduced number of ADL from 3 to 2 for example.

So, should you supplement your CareShield life? It is certainly worth looking into as the benefits certainly outway the negative impact a disability can have your life and standard of living.

As with all financial decisions, you should do your research or consult some like me to help you navigate your way through the information and help you make the best decision.

Message me or tap here to book a session with me and I’ll help you grow with peace of mind so you can focus on the important things in life.