Eldershield Plan enhanced under NTUC INCOME
October 3rd, 2007 by ALVIN SOONG
ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) to provide financial help to those who are unable to take care of themselves because of severe disabilities.
As many as 1 in 12 elderly persons suffer from disabilities as a result of aging and illness which make them incapable of doing simple everyday activities. These people need long term care which can be expensive and may require financial help. ElderShield provides cash payout every month to those who are not able to do 3 or more of the following Activities of Daily Living - washing, feeding, dressing, toileting, mobility and transferring. This sum of money will reduce the financial burden of patients and their families as it can be used to pay for nursing and medical care at home or in institutions.
Initial Launch
During the initial launch (June 2002) all Singapore Citizen and Permanent Resident CPF account holders between age 40 and 69 as at 30 September 2002 will receive a package containing a welcome letter, an options form, an information booklet, a health declaration form, the policy document and an opt-out form. All those who received the package will automatically be enrolled unless they opt-out before 30 September 2002 or unless they are disabled. Those who are disabled will be can be considered for financial assistance from the Interim Disability Assistance Programme for the Elderly (IDAPE) set up by MOH. IDAPE provides monthly cash payout of $150 or $100 (for up to 60 months) to those who fulfil the household income criteria. There is no need to make any payment under IDAPE.
Steady State I
After the initial launch, all Singapore Citizen and Permanent Resident CPF account holders will automatically be insured when they reach age 40. Those who entered into the Steady State before 30 Sept 2007 (Eldershield Plan) are entitled to $300 monthly benefit, for benefit period up to 60 months.
Steady State II
Those who entered into the Steady State on or after 30 Sept 2007 (Reform Eldershield Plan) will be entitled to $400 monthly benefit, for benefit period up to 60 months. Those on the Eldershield Plan may apply to upgrade to the Reform Eldershield Plan.
Premium
ElderShield premiums are affordable and can be deducted from the policyholder’s Medisave account or the accounts of their spouse, parents, children or grandchildren. Premiums can also be paid in cash. During the initial launch, persons between 40 and 55 years old will pay yearly premiums until 65 years old under the Regular Premium Plan. Those between 56 and 69 years old can pay premiums over 10 years under the 10-Year Premium Plan, and Singapore Citizens will also receive premium subsidies from the Government. In the steady state, premium will be paid on a Regular Premium Plan basis. Those who wish to change premium plan can do so before the policy commencement date.
For more info. pls refer to:
http://www.income.com.sg/insurance/eldershield/
