ElderShield was first launched by the Ministry of Health in September 2002 as an affordable severe disability insurance scheme which provides basic financial protection to those who need long term care. It provides a monthly cash payout for a limited period to help pay out-of pocket expenses for the care of severely disabled persons.
All Singaporeans and Permanent Residents (PRs) who are CPF members are automatically covered under ElderShield when they turn 40 years old, unless they opt out of the scheme. Premiums for ElderShield are payable annually and can be made in cash or deducted from their Medisave savings. A CPF member can also use his/her Medisave savings to pay the ElderShield premiums for his/her parents, spouse, grandparents and children.
In 2007, the Ministry of Health made the following changes to the ElderShield scheme.
(1) The monthly payout is increased from $300 to $400 and the maximum payout period has been extended from 60 to 72 months.
All Singaporeans and Permanent Residents (PRs) who are CPF members are automatically covered under ElderShield when they turn 40 years old, unless they opt out of the scheme. Premiums for ElderShield are payable annually and can be made in cash or deducted from their Medisave savings. A CPF member can also use his/her Medisave savings to pay the ElderShield premiums for his/her parents, spouse, grandparents and children.
In 2007, the Ministry of Health made the following changes to the ElderShield scheme.
(1) The monthly payout is increased from $300 to $400 and the maximum payout period has been extended from 60 to 72 months.
