My parents have no eldershield and careshield life. Buy or not? What to buy?

My parents are in their early 60s. Got no eldershield and careshield life.

How to weigh which to get, if getting?

What are the considerations?

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Albert Tan

01 Apr 2022

Financial Literacy & Partnerships at MoneyOwl

Healthcare and caregiving costs are rising due to various factors such as inflation and a rising old-age dependency ratio in SG. ElderShield is no longer available and has been replaced by CareShield Life since 1 Oct 2020.

It's definitely worth considering enrolling them for the basic CareShield Life as there is no entry age limit, so long as they are not severely disabled.

The premiums can be paid from their or your MediSave and will depend on their individual circumstances, i.e. age, amount of premiums paid on ElderShield previously, subsidies n premium support eligibility etc. More info here https://www.careshieldlife.gov.sg/careshield-li...

MediSave monies cannot be withdrawn for any other purposes other than healthcare usage anyway, so if they have some balances just make full use of it.

CareShield Life Supplements will provide a higher level of coverage but they will not eligible if they are 65 or older. https://www.careshieldlife.gov.sg/supplements.html

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