Following the announcement of CareShield Life in May 2018, the Health Ministry on 3 July 2018 announced further measures to strengthen long-term care financing, especially for the elderly and lower-income.
In 2020, besides implementing CareShield Life, the Government will allow Medisave withdrawals of up to $2,400 in cash per year to support long-term care needs and expenses which vary across individuals.
The person has to have three or more severe long-term disabilities, and aged 30 and above. Cash can be withdrawn from both the individual’s or the spouse’s MediSave, subject to a minimum balance of $5,000 in the account.
ElderFund
The Government will also set up ElderFund in 2020, a new assistance scheme for lower-income Singaporeans who are severely disabled and who need additional support for their long-term care needs.
The fund is targeted at those who have low MediSave balances and insufficient savings for their long-term care needs.
Individuals will receive up to $250 per month. Payouts will be for life, for as long as the person remains severely disabled.
Encouraging Existing Cohorts to Join
Existing cohorts born in 1979 or earlier are encouraged to join CareShield Life from 2021 if they are not severely disabled, although it remains optional.
The Government will provide incentives of up to $2,500 to all Singaporeans for the first two years from 2021.
|
Birth Year |
Incentive |
|
1975–1979 |
$500 |
|
1970–1974 |
$1,000 |
|
1965–1969 |
$1,500 |
|
1960–1964 |
$2,000 |
|
Before 1960 |
$2,500 |
The incentives will be spread over 10 years.
To make joining CareShield Life more convenient, Singaporeans born between 1970 and 1979 will be automatically enrolled in 2021 if they are insured under the ElderShield 400 and are not severely disabled. If they wish to opt out, they have up to 31 December 2023 to do so.
Premiums for existing cohort, should they join CareShield Life, will be paid until they turn 67. However, Singaporeans aged 59 or older will still be able to pay their premiums over 10 years.
What Is My Current Coverage?
Not sure if you’re on ElderShield 300 or 400? Or did you recall opting out of ElderShield?
Don’t worry, you can check your current ElderShield coverage or insurer through CPF’s online services.
If you are covered under ElderShield or Supplements, this section will let you know the ElderShield insurer you are covered under (i.e. Aviva, Great Eastern, or Income). If you are not covered under ElderShield, the CPF website will not reflect any information on ElderShield.
Note that your Supplement insurer may not be the same as your ElderShield insurer.
You will need to contact your ElderShield insurer directly to find out which ElderShield plan (i.e. ElderShield 300 or ElderShield 400) you are covered under.
