Bought aiviva mycare for basic eldershield400 in 2020. Shd I switch to careshield?

Hi anon,

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You won't have any wasted premium on your eldershield supplement if you switch to careshield.

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The attached image should make things clearer as to how the switch to careshield will impact you. Note that this is not an endorsement of the insurer, but merely an infographic to explain how the switch impacts your MyCare plan.

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You are older now, and that also means that if you were to re-insure with the new generation of Careshield supplement plans, you will face underwriting again. If you are not that much older, the premium/benefit ratio could still be acceptable.

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But I urge you to consider your needs. Do not be constrained by the $600 Medisave withdrawal limit. If you need $2000/mth coverage because that's what you need to address the cost of long term care, then you need to ensure you get $1400 monthly benefit (which will be added to Careshield's payout). A client whom I just help get on a Careshield supplement just this morning was looking at that figure, because her colleague's mom had dementia and required two full time maids to look after (it's quite a fair bit of money). She picked a $1400 monthly benefit in the end as she wanted to ensure that she could cope with the costs, and she only had to pay less than $1/day in cash to get the coverage she wanted.

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Hi,

Switching to Careshield doesn't mean you've wasted your Eldersheild for the past years because it has been there protecting you. Ultimately with the GE Careshield, you're able to have 1 ADL coverage and payout early.

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Of course, the payout and premium are different for you because of your age. There will pros and cons for both, but it depends on what are your needs.

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If you would like to discuss it in detail, I would love to connect with you!
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