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Anonymous

Edited 09 Feb 2023

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Insurance

Government Careshield + Eldershield Supplement

I used to be on Eldershield400 and i subscribed to Eldershield Supplement for $800/month coverage The premium was fixed yearly for $X

Last year i was automatically converted to Careshield life. I notice from my CPF statement, i am paying $Y for my careshield life , and still the same $X for the eldershield supplement

In the event of unable to perform 3 ADL , i am told by the Eldershield agent , Government Careshield life pays $600 , and Eldershield supplement now pays only $200. The agent mentioned sticking to the Eldershield supplement is not worthwile , such that i should change to careshield supplement

As a layman , I cannot quite understand i am still paying the same $X premium for the eldershield supplement , but i am now getting only $200 month coverage from eldershield vendor

I have difficulty in finding clear illustration on this combination of "Government Careshield life + Eldershield Supplement from vendor" on both careshield and vendor insurance websites. Even the agent was not able to provide one or some official statement .

I have written to careshield, but they just simply extract information from the Careshield FAQ , and not addressing to the question.

Is the agent correct ? I hope to find some answers here.

Discussion (6)

What are your thoughts?

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Your eldershield supplement I think you should log in your insurance website to check the exact amount that you bought. The figures in your info don't look correct.

Your current eldershield supplement payout is not forever, it will only be up to a certain number of years, if change to careshield supplement will be better cos lifetime payout but the premium more expensive cos it's charged based on your age now and higher payout so confirm more ex.

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Tony

10 Feb 2023

Computer Engineering at Nanyang Technological university

For Eldershield, it covers you for 6 years only. So my guess is your supplement is only covers you for extra 5 years. Because now changed to careshield, which is lifetime coverage, Your supplement years of coverage also got extended and hence lower payment per month?

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May be can check out and change to careshield supplement instead since afterall, Eldershield supplement is designed for Eldershield.

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