Learn how to style your text
13 May 2022
Senior Financial Services Manager at Phillip Securities (Jurong East)
To answer your question on what is careshield, it is a long term care insurance policy that is administered by the government. Given that it is for the masses, you can expect that the coverage is not extremely high.
Interestingly, when it comes to compulsory schemes, the only two insurance schemes that the government has ever made mandatory would be Medishield Life and Careshield Life. Clearly, the government prefers to make risk-pooling the method by which they deal with such risks, which they feel is serious enough to mandate a national scheme.
So how about the supplements? Clearly, the government is only willing to provide a basic level of support, leaving individuals to decide whether they want more coverage or not (a move similar to Medishield Life)
You can look at it this way. There are really only two options.
You choose not to buy the careshield life (CSL) supplement.
Life goes on. Two things happen.
You choose to buy the CSL supplement.
Again, life goes on. Two things happen.
The risk of not buying, is just that if you have to claim, you will only have CSL to fall back on.
The risk of buying, is that if you don't claim, the premiums will just go to the insurer's risk pool to pay out to those who have to claim. That's how it works anyway.
You have to decide which you prefer.
Thus, if you ask me if it makes sense for me, I'd rather have the increased payout if I am severely disabled rather than not have it. If I never claimed, it just means I'm blessed with good health, which is also a good thing. The premiums were paid from MA and MA monies can't typically be withdrawn anyway, so it's not like I am losing out a lot. Definitely makes sense for me to upgrade (and I have actually done so)
Hi, you may find this article on everything you need to know about careshield life useful :) you can see if you’re interested in some of the more popular careshield life supplements if you think you need additional monthly cash payouts on top of the basic careshield life plan!
11 May 2022
Financial Advisor at Great Eastern Life
CareShield Life is a long-term care insurance scheme, that is made compulsory for Singaporea...
Read 1 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Product ReviewsCredit CardsOnline BrokeragesRobo-AdvisorsCrypto ExchangesSavings AccountsBroadbandRemittance Product Sitemap