Eldershield - Did Any Of You Or Relatives Opt Out?

[Dark Knight]

https://www.income.com.sg/insurance/ElderShield/index.asp

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 a cash payout of every month to those who are severely disabled, 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.

 

[pyshock]

If one became incapable of doing 3 or more of those basic daily activities, the condition must be serious.
A $300 - $400 monthly payout is derisory.
I opted out.

 

[kryonlight]

I would suggest not to opt out. I would also suggest to supplement it with a policy such as Aviva's MyCare. At a claim level of around $1300 per month, the annual premium can be paid fully with Medisave. I believe this is a very important insurance, as important as a private Medishield policy.

 

[chootchiew]

I would suggest not to opt out. I would also suggest to supplement it with a policy such as Aviva's MyCare. At a claim level of around $1300 per month, the annual premium can be paid fully with Medisave. I believe this is a very important insurance, as important as a private Medishield policy.

wise choice, we should utilise all the benefits of cpf, and find ways to recover the bad side of cpf.