As we age, the possibility of needing long-term care becomes a reality. While Singapore’s CareShield Life program provides a safety net, many individuals seek additional financial protection. This is where CareShield Life Supplement Plans come in.

People with icons related to car insurance

What are Supplement Plans?

Think of them as an upgrade to your basic CareShield Life coverage. These private insurance plans offer higher monthly payouts, broader coverage, and even additional benefits like shorter waiting periods or home care support.

Why Consider a Supplement Plan?

Here are some key reasons:

  • Increased Financial Security: The basic CareShield Life payouts might not fully cover your long-term care expenses. Supplements bridge the gap, offering financial peace of mind.
  • Enhanced Coverage: Supplements often cover a wider range of care settings, including home care or assisted living facilities.
  • Flexibility: Choose a plan that aligns with your needs and budget. Different insurers offer diverse options with varying payout amounts and premiums.
  • MediSave Usage: Singapore Citizens and Permanent Residents can even use their MediSave funds (up to $600 annually) to pay for Supplement premiums.

Things to Consider:

  • Eligibility: You must be an existing CareShield Life or ElderShield policyholder to purchase a Supplement Plan.
  • Underwriting: Private insurers have their own criteria for accepting applicants. Pre-existing medical conditions might affect your eligibility or premiums.
  • Cost: Supplements come with additional premiums, so careful budget planning is crucial. Compare plans and choose one that fits your financial situation.

Exploring Your Options:

The three main insurers offering CareShield Life Supplement Plans are:

  • Singlife
  • Great Eastern
  • Income

Each insurer offers various plans with unique features and benefits. It’s important to compare them thoroughly, considering factors like:

  • Monthly payout amount
  • Waiting period
  • Covered care settings
  • Additional benefits
  • Premium cost

Remember: Consulting a financial advisor can be incredibly helpful. They can guide you through the different options, assess your individual needs, and recommend the most suitable Supplement Plan for your situation.

Planning for long-term care is essential for a secure future. CareShield Life Supplement Plans offer valuable additional protection, empowering you to face potential challenges with greater confidence. By carefully considering your options and seeking professional advice, you can make an informed decision that safeguards your well-being and financial security.

Disclaimer: This blog is for informational purposes only and should not be considered financial advice. Please consult with a qualified professional before making any decisions regarding your insurance coverage.