1. What are ElderShield/CareShield Life supplements?
ElderShield and CareShield Life insureds who wish to have higher coverage (e.g. higher payouts, longer payout duration) can consider purchasing Supplements from any of the ElderShield insurers. There are no restrictions on the number of supplement policies one can be covered. Supplement premiums can be paid using MediSave, up to a limit of $600 per calendar year per person insured. CareShield Life Supplements will also be available to CareShield Life insureds after the launch of CareShield Life scheme on 1 October 2020.
Premiums for Supplements range widely and commensurate with the type of benefits they offer. Singaporeans may refer to the individual Supplement plans for more information.
For more information on your ElderShield Supplements, please contact your insurer here:
Address: 4 Shenton Way, #01-01, SGX Centre 2, Singapore 068807
Hotline: 6827 7788
NTUC Income Insurance Co-operative Limited
Address: 75 Bras Basah Road, NTUC Income Centre, Singapore 189557
Hotline: 6332 1133
The Great Eastern Life Assurance Company Limited
Address: 1 Pickering Street #13-01, Great Eastern Centre, Singapore 048659
You can check your ElderShield/CareShield Life supplement by following these steps:
a. Login to “my CPF Online Services” using your NRIC and Singpass.
b. Select “My Messages”, and check under “Healthcare” section.
If you are covered under a Supplement, this section will let you know the insurer your Supplement is 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. Please note that your Supplement insurer may not be the same as your ElderShield insurer.
2. How do I check the types of supplementary plans which I have purchased for myself or dependants?
If you wish to find out about the number or types of supplementary plans which you have purchased, please contact your insurer(s) directly.
3. Can the Supplements work with both CareShield Life and ElderShield?
Specific Supplements might work with either ElderShield, CareShield Life, or both schemes. Please approach your insurer or financial advisor for more information on the specific Supplement product.
4. Should I join CareShield Life if I already have an existing ElderShield & Eldershield Supplement plan that provides similar coverage, e.g. lifetime payouts?
You should review the benefits and premiums payable under the different plans to make your choice. You may also wish to speak to your financial advisor on this.
5. Will the Supplement premiums that I have already paid, be taken into account when I join CareShield Life?
Supplement products are strictly run by the private insurers and the premiums that have already been paid for Supplements will not be taken into account when you upgrade to CareShield Life. These Supplement policies will stay in-force as long as you continue to contribute premiums and do not terminate their coverage.
Nonetheless, ElderShield premiums that ElderShield insureds have paid will be taken into account when computing their CareShield Life premiums.
6. If my Supplements overlap with CareShield Life, will insurers provide a refund if I join CareShield Life?
Your Supplement policies will stay in-force as long as you contribute premiums and do not terminate their coverage. Your existing Supplement policies will not be adversely affected because of CareShield Life. You will also be able to make a claim under both CareShield Life and your Supplement.
You may wish to speak with your financial advisor for further advice.
7. There are so many private disability insurance products. Where can I seek advice on which to buy?
If you are covered under CareShield Life/ElderShield, you may consider whether the benefits of the current CareShield Life/ElderShield scheme suits your long-term care preferences. If you wish to have additional coverage or benefits on top of the CareShield Life/ElderShield scheme, you may consider purchasing a Supplement plan.
You may refer here for a comparison of Supplement plans offered by private insurers (Aviva, Great Eastern, or NTUC Income). More information about CareShield Life Supplements will be released by the insurers after the launch of CareShield Life on 1 October 2020.
You may also wish to speak to a financial advisor from one of the private insurers who can share more about their Supplement plans and their implications.
8. I am born in 1980 or later. If I buy private insurance products/Supplements similar to CareShield Life, can I be exempted from universal coverage?
CareShield Life will be universal for all Singapore Citizens and Permanent Residents born in 1980 or later. Private insurance can still play a complementary role by providing additional benefits above and beyond such basic coverage.
9. What happens if I stop paying for my Supplements if I join CareShield Life?
Supplement plans will lapse if you stop paying premiums. Please refer to your specific Supplement policy documents or consult your insurer for more information.
10. May I upgrade CareShield Life to get better coverage?
CareShield Life is intended to provide basic financial protection for long-term care needs, together with other long-term care financing sources, such as Government subsidies and assistance schemes, community support, personal savings, family support and Government-funded safety nets. If you wish to have additional coverage on top of what CareShield Life provides, you may wish to discuss with your financial advisor on a supplement plan that private insurers offer
11. Can I purchase CareShield Life Supplement(s) if I have pre-existing illnesses?
CareShield Life Supplements are products by private insurers who set the underwriting decisions based on commercial and actuarial considerations. More information on CSHL Supplements will be made available soon and you may approach the private insurers for more details then.
12. Will ElderShield insurers continue selling Supplements?
The ElderShield insurers will continue administering Supplements that complement the current ElderShield schemes.
13. Will the Government be allowing more insurers to sell Supplements for ElderShield/CareShield Life?
The Government will review the ElderShield/CareShield Life Supplement market and assess the entry of new insurers into the Supplement market, if there is interest from other insurers.