Is it worth it to keep eldershield?

Pros of keeping Eldershield:

• No medical examination required for automatic enrolment.
• Premiums are fixed based on your entry age and do not increase with insured's age. Premiums can also be paid with the MediSave Account of your spouse, parents, children, siblings and grandchildren, or cash.
• Even though premium is payable until age 65, Eldershield coverage is for life. Insured is eligible to claim after turning age 65 and beyond.

Cons of keeping Eldershield:

• You can opt out of the Eldershield. However should you wish to rejoin or sign up for the new CareShield Life from end-2021 onwards, your application will be subjected to underwriting and approval of the insurer.
• Premiums will be higher when you rejoin at a higher age.
• No premium will be refunded if you terminate your ElderShield cover, after the first 60 days of the first policy year.

Eldershield is a national severe disability insurance scheme which pays out a monthly cash of $300/$400 for 60/72 months respectively, depending on the scheme you're on, to cushion the financial impact for the care of severely disabled persons. Eldershield is being transited to CareShield Life, you can read more on MOH's website.

https://www.careshieldlife.gov.sg/faqs/eldershi...

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Severe disability can be caused by stroke, Parkinson’s Disease, Alzheimer’s Disease and dementia which is common among our elderly. Hence in my view, Eldershield is good to have unless you've made other financial provisions for this area of concern.

Elder shield is something nobody wants to use but it becomes helpful when you really can use it.

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Typically something to spread cost of the disability among everyone as it is actually expensive to pay when you cannot perform any of the 3 activities listed.

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However, elder shield payout only last for a few years so better plan is the new care shield.