For those born in 1979 or earlier, your premium may have two components:
1. Base premium
All those born in 1979 or earlier and join CareShield Life will pay a base premium. Base premiums are paid from the age you join until age 67, or for a period of 10 years for those who join at age 59 or older.
Base premiums are designed to increase regularly to support the regular increase in payouts but will remain flat after age 67 if they remain payable.
2. Catch-up Component
You will need to pay a catch-up component, on top of the base premium, if your ElderShield profile is any of the following prior to joining CareShield Life:
- You are an existing ElderShield 300 insured.
- You are not insured under ElderShield or have opted into ElderShield late.
- You are an existing ElderShield 400 insured who joined CareShield Life from 1 January 2022 onwards.
- Your ElderShield 300/400 policies have become reduced paid-up (i.e. you stopped paying premiums after a minimum number of years of premium payment, which qualifies you for a lower payout amount).
The catch-up component ensures consistency with those in the same cohort who had been consistently insured under the ElderShield 400 scheme and joined CareShield Life earlier.
The catch-up component will also be applicable to foreigners who become Singapore Citizens/Permanent Residents from 1 October 2020 onwards.
The catch-up component is a flat amount paid across 10 years and is paid on top of the base premium.
