___________________________________________________
Eldershield is a severe disability insurance.
Take note of the word "severe".
In order to claim, you will need to be unable to perform at least 3 out of 6 activities of daily living or ADLs (as shown below) even with the aid of special equipment, and will always require the physical assistance of another person throughout the entire activity.
1) Washing
The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.
2) Dressing
The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.
3) Feeding
The ability to feed oneself food after it has been prepared and made available.
4) Toileting
The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.
5) Mobility
The ability to move indoors from room to room on level surfaces.
6) Transferring
The ability to move from a bed to an upright chair or wheelchair, and vice versa.
If you want to claim, a third party accessor will be engaged to "test" you. If you pass the "test", you will receive a payout of $400 every month for a period of 72 months. ($300 if you took the old scheme before year 2007)
How much are the Eldershield premiums and what is the payout?
___________________________________________________
Eldershield is payable up to the age of 65. After you have completed all payments, the plan will cover for life. However the payout is not for life. The payout is only $400 per month for a period of 72 months.
What is an Eldershield upgrade or supplement?
___________________________________________________
An Eldershield upgrade is a supplementary plan to add to Eldershield. This will allow you to choose a higher payout, ranging from $500 - $3500 per month in increments of $100 (depending on the plan). Here are the current plans in the market:
1) Aviva MyCare
*Choose to extend payout for 12 years or a lifetime payout
2) Aviva MyCare Plus
*Choose to extend payout for 12 years or a lifetime payout
*Payout trigger for inability to perform 2 Activities of Daily Living
3) Great Eastern Eldershield Comprehensive
*Lifetime payout
*Payout trigger for inability to perform 2 Activities of Daily Living
4) Great Eastern Eldershield ValuePlus
*10 years payout
*Only comes with option to choose between $300 or $400 per month of payout
5) NTUC Income Primeshield
*Lifetime payout
*these are only key benefits highlighted. For other benefits and limitations, please approach the respective insurance companies.
How much are the Eldershield Upgrade premiums?
___________________________________________________
Eldershield Upgrade premiums vary widely as there are many options and variations to choose from. The premiums can be also be paid from your Medisave, but is subject to a limit of $600 per year. If the premium is more than $600, the balance has to be paid in cash.
Conclusion
___________________________________________________
