Health Care

How Does CareShield Life Help Singaporeans

CareShield Life is a long term care insurance scheme for those who were born between 1980 and 1990. Those born in this decade can start signing up for the scheme from 2020. Those who were born after 1990 can sign up for this scheme when they turn thirty. So someone who is born in 1991 can sign up for the scheme in 2021, after he or she is thirty.

CareShield Life is different from MediShield Life and MediSave. CareShield Life has been designed to be of assistance in providing long term care in old age when a person no longer has any income and may need considerable healthcare including assisted living for several years. The Singaporean government would be subsidizing the premiums and would also reduce the healthcare costs at the time in the future when one seeks appropriate treatment or medical intervention. Singapore has an ageing population and it is estimated that one in two healthy Singaporeans will have some form of disability by the time they turn sixty five years old. Such disability may be transient or chronic. Any such disability may render the person incapable of taking care of oneself. Increasing cost of living will inevitable influence healthcare costs and appropriate medical care may become unaffordable for citizens of the island nation.

CareShield Life is a program that enables the citizens to prepare for an unpleasant circumstance when one may need assisted living or subsidized healthcare. The government would be subsidizing the premiums paid towards CareShield Life and provide the necessary care at the time of need. The program does not work in an identical manner for everyone. The present income of a person, age, number of dependants and other factors would determine the subsidy. The exact medical condition and other factors will determine the subsidized cost of healthcare at the time of utilizing the scheme.

For instance, if a Singaporean is earning eleven hundred dollars per month and has no dependant, hence is living alone and is single, then the subsidy he or she would qualify for is seventy dollars at the time of signing up for CareShield Life in 2020. There would be another subsidy of a hundred and eighty dollars over the next four years. With the subsidies in place, the premium he or she would start paying is six dollars every month. This is only seven percent of what he or she pays for MediSave. The insured can pay the premium through MediSave if one wants. The premiums would have to be paid till the age of sixty seven. The total premiums paid would be around seven thousand and eight hundred dollars in this case.

If the insured suffers a stroke or any other life altering medical condition at the age of seventy and is disabled for ten years till the time of death, then the person would receive around a thousand and two hundred dollars a month, entirely in cash, to get the long term care one he or she would need. If the patient survives for ten years with such a disability, the CareShield Life would pay more than a hundred and forty four thousand dollars in that time. This is more than eighteen times the amount of all the premiums paid till the age of sixty seven.

About the Author

Morris Edwards is a content writer at, he writes different topics like Two major healthy living initiatives are expanded to improve life in Singapore, Build a safe and healthy workplace and all topics related to Singapore Business and Economy.

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