Is Careshield or Eldershield necessary?

Hi Anon!

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You must be quite worried for your parents' medical expenses as they age.

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Here's some factors to consider when deciding if you should enroll your parents into Eldershield / Careshield Life:

1. Family history -- did your grandparents and your parents siblings / extended family members suffer from severe disability when they are old? Usually, genetics may play a part in the likelihood of us being severely disabled.
2. CPF medisave contributions -- if your parents have sufficient Medisave balances or if you / your siblings are contributing diligently to their Medisave + 4.08% p.a. in Medisave interest, enrolling into the gov schemes might be affordable for your parents.
3. Parents' and your financial situation -- long term care costs required ranges from $900-$4000/mth per pax (depending on the type of care eg. helper / nursing home). If this increase in cost is something your parents / you and your siblings can afford without much trouble, it may not be necessary to enrol into these schemes.

Hope this helps! :)

Hey OP, getting long term care insurance for your parents is super important, IMO and they should definitely consider it! You can actually give this page a look, it compares the different CareShield Life Supplements for your parents.