CareShield Life is a long-term care insurance which provides financial protection against long-term care costs of Singaporeans. CareShield Life will provide you with better protection and assurance for basic long-term care needs with:
Lifetime cash payouts, for as long as the insured remain severely disabled;
Increasing payouts, starting at $600/month upon the scheduled launch date in mid-2020;
Government subsidies to make it affordable, with no one losing coverage if they cannot pay premiums;
Premiums can be fully paid by MediSave.
If you are a Singapore Citizen or Permanent Resident born in 1979 or earlier, participation is optional. You can join CareShield Life from mid-2021 onwards if you are not severely disabled. More details on your premiums, subsidies and support package will be provided when ready.
If you are born between 1970 and 1979, are currently insured under ElderShield 400, and are not severely disabled, you will be automatically enrolled into CareShield Life in mid-2021. If you are auto-enrolled, you can opt out of CareShield Life by 31 Dec 2023 if you do not wish to join the scheme and your CareShield Life premiums will be refunded. More information on the auto-enrolment, premiums, subsidies and support package will be provided when ready.
In the meantime, if you already have existing ElderShield or ElderShield Supplement policies and do not wish to join CareShield Life, your existing ElderShield and ElderShield Supplement coverage will continue and will not be affected.
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