I recently found out that my Parents are not enrolled in either Eldershield nor Careshield plan. They do not have any preexisitng condition and only have hospitalisation plan. Also, they are too old to purchase any other insurance with reasonable premium. So I was just wondering if it is good to have the Careshield plan. Considering their age (64, 72) i think their premium will be quite costly. Any expert can shed some light?
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U can go to careshield website and check the premium required via singpass.
I believe the premium is very likely to be about 10k top up per person. With your father abt 12k
If u find the premium to be too high, then u have to weigh the pro and con, should u keep cash the 20k cash/medisave or buy a peace of mind.
They can use your Medisave to pay on their
But firstly please go and check the premium.
If you want peace of mind, then enrol them in CareShield. I read an article somewhere that old folks may suffer 8 years of severe condition. Do you have enough funds to cover these 8 years of expenses just in case? My friend's father had stroke and bed ridden for 20 years, without any insurance coverage. This is the worst case scenario to think about.
My advice is to put them on CareShield. Firstly, the very basic Careshield's premium is payable thru MediSave. It's the additional coverage tat is cash premiums. Last yr when my dad was afflicted w stroke n his was a v bad case. The payout from CareShield per MTH for life is $612. Tat helps to subsidize his nursing fees
I have enrolled my mom who's on Eldershield 400 to careshield life recently, on the premise that coverage will be for life.
My dad is on Eldershield 300 life and I'm on the fence whether to convert him to careshield life too. As he's already covered for life and has stopped paying any premiums for his Eldershield.
Any experts care to share their views?
Cover downside more important if the cost is affordable....
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