More
about ElderShield (FAQ)
Who is ElderShield for?
All CPF Members (Singapore Citizens and Permanent
Residents (PRs)) who reach the age of 40 will be covered
automatically. As it is an auto-cover scheme, you do not
have to sign up to join ElderShield.
What are the benefits
of ElderShield?
You will receive a monthly cash payout of $300
should you become "disabled". You can draw this
sum of money for up to 60 months, and can use the money
to help you pay for a type of care that is suitable for
your needs (e.g. home nursing services, day rehabilitation,
nursing homes, etc). For someone who recovers but becomes
"disabled" again, he will still get the cash payout
as long as the total payout period is not more than 60 months.
Why should I join ElderShield now?
If you opt out when the scheme is implemented,
or upon turning 40 when you first qualify to join ElderShield,
you will risk being denied coverage later because of your
medical problems. Even if you have some illnesses now, you
are automatically covered unless you are already "disabled".
What does
"disabled" means?
For ElderShield purposes, "disabled"
means unable to do at least 3 of these activities - washing,
dressing, feeding, toileting, mobility, and transferring.
See Annex A for details of what "disabled" means.
How are
premiums paid?
You can use your Medisave to pay for your ElderShield
premiums. If you do not have enough Medisave savings, you
may also use the Medisave Accounts of your spouse, parents,
children or grandchildren. You may also pay by cash.
You may choose to pay the ElderShield premiums yearly (Regular
Premium Plan) till 65 years old, or a one-time lump sum
payment (Single Premium Plan).
There is also a subsidised 10-Year Premium Plan specially
for Singapore citizens aged 56 to 69 who do not opt out
when ElderShield is launched on 30 September 2002. Those
who prefer to choose the Regular Premium Plan or Single
Premium Plan are also eligible for the premium subsidies.
Please refer to Premium & Subsidies Table.
Do I have to continue paying my
premiums if I become disabled?
The insurance company will start paying you if
you become "disabled" and you can stop paying
the premiums. If you recover, the insurance payout will
stop, and you will have to continue paying the premiums,
if you are paying by yearly premiums.
Can I
choose my ElderShield insurer?
There are 2 ElderShield insurers: NTUC Income Insurance
Co-operative Limited and The Great Eastern Life Assurance
Company Limited. For the first five years of ElderShield
implementation, both of them will be offering the same premiums
and payouts. You will be assigned to either one of the insurers.
If you wish to switch to the other insurer, you can do so
before policy commencement date with no penalty.
If you change insurer after the policy commencement date,
you will lose the premiums already paid and will be regarded
as an opt-in application by the second insurer.
How do I make
a Claim?
Fill up the claim form and have your condition
assessed by an appointed assessor. The assessor will complete
the assessment form and return it to your insurer for processing.
You will receive your insurance payout either by cheque
or credited into your bank account 90 days after you have
been certified to be "disabled".
You may obtain a copy of the claim form from the insurer's
website. You can also contact the insurer's Customer Service
Centre to request for a copy of the claim form to be mailed
to you.
Do I have
to bear the cost of assessment?
Yes, the cost of the assessment will have to be
borne by you. It costs $25 for each assessment if you visit
the appointed assessor. For those who prefer to have the
assessment done at their house, they can arrange for any
of the appointed assessors to go to their house to do the
assessment - for such cases, there will be an additional
fee of $75 for the house call.
(Note: The fees quoted above are subject to future revisions.)
Can
I see my own doctor or specialist to be assessed?
No, only assessors appointed by the insurers are
allowed to make the assessments.
What happens if I don't
have enough money to pay until end of payment term?
We like to inform you that the ElderShield scheme
has a Non-Forfeiture feature. This means that after a minimum
number of premium payments are made, the ElderShield policy
will not lapse even if subsequent premiums are not paid.
Instead, you will continue to be covered for life but at
a reduced monthly benefit. It is therefore important to
ensure that the minimum number of premium payments are made.
The monthly reduced benefit depends on the number of premiums
you have made before stopping the premium payments and it
ranges from $100 to $279. You may refer to the Paid-up Values
tables in your ElderShield Policy Document or the paid-up
tables in this website to see the minimum number of premium
payments required and the corresponding reduced monthly
benefit. If you wish to change your premium payment methods
such as using the Medisave savings of your immediate family
members, please complete the change of payment method form
and return to us before your next policy renewal date.
