What happens when ElderShield Stops paying?

Feb 26, 2007

Major overhaul of ElderShield scheme

By October, there could be higher payouts, longer payment periods and more insurers

By Salma Khalik, Health Correspondent

A MAJOR overhaul of ElderShield, Singapore's disability insurance scheme, is under way to provide higher payouts and greater options, including more insurers to choose from.

Payouts for the basic scheme is likely to go up from $300 to $400 a month, with payment periods extended to six years, from the current five.

This will raise payouts to a maximum of $28,800, up from the present $18,000.

Will the major overhaul be enough? This scheme will benefit all senior Singaporeans with disability insurance under ElderShield. With $400 a month, and payments period extended a year, is that really helpful?

If the person’s disability is permanent, how will this person continue when the payouts stop?

That’s is why one should invest in long term GoldenCare annuity, which pays lifetime income as well as disability benefits if the insured is unable to perform at least 2 out of 6 activities of daily living (bathing, dressing, feeding, continence, mobility, transferring).

This payout is for life of the person insured. In Singapore, Annuity benefits are not subject to tax if your policy is purchased through CPF.

Government can only provide so much help; the rest is up to you. Call us for your retirement planning