Government unveils revamped insurance scheme for seniors with disability

CareShieldLife will be rolled out by 2020.

The government is planning to roll out CareShield Life, a new insurance scheme for the long-term care of Singaporeans with severe disability in 2020.

Also read: Insurance firms' underwriting profits plunged 58.53% to $107m in 2017

Compared to the current scheme ElderShield, CareShield Life promises higher and lifetime payouts. Payouts and premiums will both increase by 2% per year but residents can use their MediSave to pay for the full amount of premiums. Government subsidies, personal savings and family support will also complement payouts.

“With these measures, CareShield Life premiums will be affordable for all Singapore residents. No one enrolled in CareShield Life will lose coverage due to financial difficulties,” the Ministry of Health said in a statement.

CareShieldLife will be available for those aged 30 to 40 by 2020 but will be consequently rolled out to future cohorts from 2021 once they reach the age of 30.

Up to two-thirds of Singapore resident households will also be eligible for CareShield Life subsidies of up to 30% later on. Citizens will also receive up to $250 in subsidies spread over the first five years of the new scheme to help them pay the premiums.

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