Understanding ElderShield and its proposed changes

A special committee has proposed a makeover to the ElderShield scheme. Invest editor Lorna Tan tackles the whats and whys behind the recommendations.

Both are insurance schemes that cover policyholders for as long as they live. While ElderShield covers people with severe disabilities, MediShield takes care of large hospital bills. You can opt out of ElderShield but not MediShield.

Launched in 2002, ElderShield was designed to provide basic financial protection to Singaporeans who need long-term care. With ElderShield, you stop paying premiums after 65. You can continue to make a claim at any age afterwards, but the monthly cash payouts will last only up to six years. Those with supplementary plans will have enhanced cover.

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A version of this article appeared in the print edition of The Straits Times on February 24, 2018, with the headline 'Understanding ElderShield and its proposed changes'. Subscribe