Upgrading Eldershield or Careshield Life?

For those your dad who is currently insured under the Eldershield, participation in CareShield Life is optional. The introduction of CareShield Life will not affect your coverage under ElderShield. He will continue to enjoy the existing premium rate and benefits under the ElderShield program.

Currently, he is age 62, he does not belong to the auto-enrolled cohort. Provided he is not severely disabled, he will have the option to apply to join the CareShield Life scheme from end-2021. More details on the application process will be made available nearer to end-2021.

In terms of benefit, CareShield Life is definitely more attractive than ElderShield. It has a higher monthly payout, and continue to pay out as long as you are disabled, compared to only 6 years. However, this will come at a higher cost. Should he choose to switch over to Careshield Life, he will be required to top up the premiums to replace the old ElderShield plan.

Do note that CPF savings can be used to pay the premiums. Do get in touch if you are keen to find out more.​​​

Hi Caleb,

At the age of 62, your father is not able to get on board Careshield Life yet. This will only be possible later on. Careshield Life as of this moment is only available for people aged 30 to 40.

Depending on which Eldershield plan he has, it is still possible to upgrade his coverage in terms of increasing both the payout, and the payout duration (depending on his Medisave funds - we would probably want to limit cash outlay here). What is more of a worry is whether he is able to upgrade in the first place, his health needs to be good.

When his cohort is able to join Careshield Life, he should also probably upgrade; I say probably because details are not fully known yet. If government subsidies make it worth, then definitely consider the upgrade.

For reference, my mom was in her early 60s when she upgraded her Eldershield (cashless). She's eligible for a $600/mth payout for 12 years, which is a lot better than $300/mth for 5 years. My dad was not able to due to health issues.

If you're using Medisave to do the upgrade, you won't put a strain on your cashflow. Due to the fact that Medisave monies can't generally be taken out, you might as well utilize them for insurance such as shield plans and eldershield/careshield supplements.