Careshield Life Enrollment for Parents

Hello, glad I found this thread. My parents also do not have Eldershield and thus no Careshield life.

​

What if my parents have very limited Medisave funds? Will it make sense for me to pay for both? adds up to 3.6k annual using my medisave. I have alr hit max medisave, but the excess will go to OA, so there's the opportunity cost there.

​

Healthcare and caregiving costs are rising due to various factors such as inflation and a rising old-age dependency ratio in SG.

​

It's definitely worth considering enrolling them for the basic CareShield Life as there is no entry age limit, so long as they are not severely disabled. They may or may not have ElderShield (either they opted out or were born before 30 September 1932).

​

The premiums can be paid from their or your MediSave and will depend on their individual circumstances, i.e. age, amount of premiums paid on ElderShield previously, subsidies n premium support eligibility etc. More info here https://www.careshieldlife.gov.sg/careshield-li...

​

MediSave monies cannot be withdrawn for any other purposes other than healthcare usage anyway, so if they have some balances just make full use of it.

​

CareShield Life Supplements will provide a higher level of coverage but they will not eligible if they are 65 or older. https://www.careshieldlife.gov.sg/supplements.html