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Complete Guide To Buying A CareShield Life Supplement Plan

If you think payouts of $600/month is too little, or inability to perform 3 ADLs is too severe, you can consider a CareShield Life Supplement plan.

By now, most of us would be familiar with CareShield Life, which is the national disability income insurance scheme that came into force on 1 October 2020.

Essentially, CareShield Life provides lifelong monthly payouts for claimants who cannot perform 3 of 6 Activities of Daily Living (ADLs). In 2020, the monthly payout amount is $600 per month, and is set to rise by 2% each year so long as no claims are made.

Like its hospitalisation insurance cousin, MediShield Life, supplements to CareShield Life can be bought from private insurers to provide enhanced benefits.

Here’s what you need to know about buying a supplement for your CareShield Life plan and what additional benefits you can receive.

Read Also: Complete Guide To Understanding CareShield Life

What Are CareShield Supplements?

CareShield Life Supplement plans are policies offered by participating private insurers that provide complementary benefits to the basic CareShield Life payouts, such as higher monthly payouts, or lower bar for making claims (such as an ability to perform 2 ADLs, instead of 3 stipulated by CareShield Life).

To purchase a CareShield Life Supplement plan, you must first have a CareShield Life policyholder. Currently, there are three insurers who offer CareShield Life Supplement plans, namely, Aviva, Income, and Great Eastern.

Additional premiums for a CareShield Life Supplement plan can be paid either in cash, or using funds from your MediSave account or that of your family members (spouse, parents, children, siblings, or grandchildren). Every calendar year, you can only use a maximum of $600 from MediSave per person insured and the balance premiums would then need to be paid for in cash.

Read Also: How Much CareShield Life Premiums Will You Be Paying? (And Subsidies You’ll Receive)

Overview Of CareShield Life Supplement Plans Available In The Market

As mentioned earlier, there are currently three private insurers that offer CareShield Life Supplement plans, which also were the insurers who offered ElderShield and ElderShield Supplement plans.

Here’s a brief overview of the plans offered by Aviva, Income and Great Eastern. You can speak to an authorised representative of the respective insurers for more information.

Aviva MyLongTermCare and MyLongTermCare Plus: You can choose to receive between $200 to $5,000 (in $100 increments) per month on top of CareShield Life payouts, with the choice of fixed or increasing payouts (at 2% or 3% per annum) until the end of the premium term, or when a claim is made, whichever is earlier.

For MyLongTermCare Plus, the claim criterion is the inability to perform at least 2 of 6 ADLs. The plan also provides for a lump sum payout of 3 times your first monthly benefit when you’re severely disabled, as well as payouts for things like rehabilitation, caregivers, dependant care, and death benefits. Visit the Aviva website or refer to their brochure for more information.

Income Care Secure: The plan defines severe disability as the inability to perform at least 2 of 6 ADLs, and provides additional monthly payouts of between $1,200 to $5,000 (in $100 increments).

Those with dependants can also receive a dependant benefit for up to 36 months.  There is also an initial lump sum payout of up to 6 times the monthly disability benefit as well as a death benefit. Visit the Income website or refer to their brochure for more information.

Great Eastern GREAT CareShield Advantage and GREAT CareShield Enhanced: Upon inability to perform 2 of 6 ADLs, you then receive up to $5,000 in monthly payouts, in addition to anything you receive from CareShield Life. Your premiums are waived for the duration of the disability upon the inability to perform at least 1 ADL.

Additionally, for GREAT CareShield Advantage, you will receive an initial lump sum payout of 3 times your monthly benefit, as soon as you cannot perform 1 of 6 ADLs. Visit the Great Eastern website for more information.

Read Also: Retirement Sum Scheme, CPF LIFE, CareShield Life, ElderShield: Important Choices All Singaporeans Should Decide For Themselves

Checking If You Are Covered Under An ElderShield/CareShield Life Supplement Plan

For ElderShield policyholders who previously bought an ElderShield Supplement plan, your Supplement plan would continue to be valid and in-force, so long as you continue to pay your premiums – even if you opt for CareShield Life in future.

You can claim for the respective benefits from your CareShield Life policy, as well as your ElderShield Supplement plan, if you meet the respective claims criteria. The Ministry of Health has stated that the administration of ElderShield Supplement plans will remain with the private insurers, even after the government takes over the administration of ElderShield in end-2021.

You can check whether you have an active Supplement plan, and which insurer are you covered under by logging into the CPF website using your SingPass and clicking on MyMessages -> Healthcare -> ElderShield. You will then need to contact your insurer to find out the exact details of your exact policy and benefits.

At the time of writing, the details on how to check one’s CareShield Life Supplement plan details are not yet released.

Read Also: CareShield Life Vs ElderShield: Understanding The Differences Between These Two Policies

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