facebookHi. may I know how much do i need to pay from ms for basic careshield if i am 64 and is it worth to get supplement plan at my age? - Seedly

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Anonymous

18 Jul 2022

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Insurance

Hi. may I know how much do i need to pay from ms for basic careshield if i am 64 and is it worth to get supplement plan at my age?

Discussion (1)

What are your thoughts?

Elijah Lee

Elijah Lee

22 Jul 2022

Independent Financial Advisor at Phillip Securities (Jurong East)

Hi anon,

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In a nutshell, your premiums are personalized and you should go to https://www.careshieldlife.gov.sg/home.html to check your personal premiums (they will vary based on gender).

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I highly encourage you to upgrade to basic careshield from eldershield as the benefits are much better, and government subsidies plus the fact that careshield is a national scheme with a bigger risk pool will mean that the premiums are rather cost efficient.

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For the supplement plan, you will have to undergo medical underwriting and given your age, the premiums will be higher. However, it can provide a much needed boost in the payout amount if something happens to you (fingers crossed you will remain healthy for life) given that Careshield pays $600/mth which can't even cover the cost of a maid.

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You will have to also calculate the sustainability of your premiums for the supplement plan as well, to ensure that your coverage does not lapse.

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