What is CareShield Life?
CareShield Life is a long-term care insurance which provides financial protection against long-term care costs of Singaporeans in the event of severe disability. CareShield Life will provide you with better protection and assurance for basic long-term care needs with:
1. Lifetime cash payouts, for as long as the insured is unable to do three or more activities of daily living (ADL).
2. Increasing payouts, starting at $600/month in 2020 and increases annually until age 67 or when a successful claim is made, whichever is earlier;
3. Government subsidies to make it affordable, with no one losing coverage if they cannot pay premiums;
4. Premiums can be fully paid by MediSave.
If you are a Singapore Citizen or Permanent Resident born in 1980 or later, you will be automatically covered on 1 October 2020 or when you turn 30, even if you have any pre-existing conditions or have developed severe disability.