ElderShield Supplement: Who Qualifies and What You Get

The ElderShield Supplement is an option for certain policyholders to increase the amount of money they receive for long-term care needs.

👤Who it's for

This scheme is specifically designed for individuals who are already covered under existing long-term care frameworks. To qualify, you must be an existing policyholder of either CareShield or ElderShield. It is intended to provide an extra layer of protection for those who already have these foundational policies in place.

🎁What you get

The primary benefit of this supplement is receiving enhanced long-term care payouts. While the base policies provide a foundation, this supplement is designed to increase the financial support available to you. These enhanced payouts are meant to help cover the costs associated with managing long-term care requirements as you age.

💰What it costs you

Because this is an add-on to your existing coverage, it is not free. To access the enhanced benefits and higher payout amounts, you will be required to pay additional premiums. These premiums are the cost of increasing your coverage levels beyond the standard policy.

⚠️The catch to know

The most important thing to understand is that this is not a direct government benefit. While the private insurers offering these supplements are regulated by the Ministry of Health, the actual purchase and management of the supplement must be done through private insurers. It is a voluntary enhancement to your existing coverage rather than a standard feature of the base national scheme.

📝How to apply

1. Review your current insurance status to confirm you hold an active CareShield or ElderShield policy.
2. Research various private insurers to see which ones offer supplement options that match your needs.
3. Consult with an insurance provider to understand the specific premium costs and the increased payout amounts.
4. Complete the necessary application steps required by your chosen private insurer to add the supplement to your coverage.