ElderShield: Who Qualifies and What You Get
Learn how ElderShield provides monthly cash payouts for severe disability and how premiums are managed via MediSave.
ElderShield is a scheme designed to provide financial support through monthly cash payouts if you become severely disabled.
Who it's for
This scheme is specifically for older cohorts who have been transitioned to the CareShield Life program. It serves as a way to manage long-term care risks for those within these specific age groups.
What you get
If you meet the criteria for severe disability, you will receive a monthly cash payout. These funds are intended to help you manage the costs associated with needing assistance for daily activities. Because the benefit is paid out monthly, it is designed to provide a steady stream of support to help with ongoing care requirements.
What it costs you
The premiums for this scheme are paid via MediSave. This means the costs are deducted from your existing MediSave account rather than requiring a direct cash payment out of your pocket. You should monitor your MediSave balance to ensure that there are sufficient funds to cover the required premiums for the scheme.
The catch to know
The most important thing to understand is that the payouts are fixed. Because the amount is a set figure, it may not be enough to cover the full cost of professional care or medical expenses if your specific needs become very high. It is meant to be a component of your financial planning rather than a complete replacement for all possible care costs.
How to apply
- Check your eligibility status through official health channels to see if you are part of the cohort transitioned to CareShield Life.
- Review your MediSave account to ensure your premiums are being covered.
- If you meet the requirements for severe disability, follow the official process to initiate a claim for your monthly payouts.
- Contact the Ministry of Health or relevant government health authority if you require assistance with the application or claim process.