SINGAPORE - The Ministry of Health has appointed a committee to review the ElderShield insurance scheme, which provides for those who become severely disabled late in life.
The 14-member committee, which will be headed by Singapore Accountacy Commission chairman Chaly Mah, has been tasked with making recommendations that can enhance benefits for those covered by the scheme while keeping premium levels "affordable and sustainable".
Singapore residents with Medisave accounts are automatically enrolled in ElderShield when they turn 40. Should they become severely disabled, they receive a monthly cash payout for up to six years.
ElderShield, which was set up in 2002, was last altered in 2007. Prime Minister Lee Hsien Loong called for a revamp of the scheme in his National Day Rally speech this year.
Minister of State for Health Chee Hong Tat said that the ElderShield review was a "timely" follow-up to the recent replacement of MediShield with MediShield Life.
He said that his ministry would work closely with the review committee to look into possible changes to ElderShield, "including having lifelong payouts and strengthening the protection through risk-pooling and provision of government subsidies for low-income Singaporeans".
The committee's review process is expected to be finished by the end of 2017. Members of the public can provide feedback at www.eldershield.sg.