The Need To Secure Your Long Term Care

long term care

Severe disability can happen to anyone, at any age. It can cause both physical and financial hardship for you and your loved ones. Life’s savings can be wiped out overnight by the high costs of long term care. While your basic Eldershield offers some payouts (and for a limited time period only), we all know that it is barely enough to even hire a trained helper!

Therefore, it is a good idea to supplement our basic Eldershield coverage with a plan that pays out a higher monthly benefit.

Did you know?

1) More than 70% of Aviva’s Eldershield and MyCare claims were made below the age of 55 (based on Aviva claim statistics from 2007 - 2010).

2) By 2030, only 2 adults will be taking care of 1 elderly person.

3) Long term care can cost a bomb!

Long Term Care Expenses
*Source: JB nursing homes draw some Singaporeans, 16 Feb 2009, The Straits Times
**Source: NTUC Eldercare, assumes 30 visits per month

4) 37% of caregivers have been providing care to their recipients for over a decade (Statistics Singapore Newsletter, September 2011).

5) Around S$90 million has been paid out since ElderShield was launched in 2002, with about 12,500 successful claims. (ChannelNewsAsia, April 4, 2016)

Risk factors that you need to be aware of:
The case for Eldershield supplement.

The loss of physical independence is frustrating enough, let alone having to agonise over medical bills while recuperating. In the worst case scenario, someone in the family may even have to stop work to take care of the disabled loved one at home. This is certainly not a situation that anybody would want.

Which plan gives you maximum bang for the buck?

Highlights from The Straits Times, 10 November 2007 Note: Notwithstanding what was published, I did my own comparison as well. Amongst the 3 insurers, Aviva stands out for its comprehensive coverage and competitive premium rates.

Benefits of Aviva’s Eldershield supplement (MyCare and MyCare Plus)
Should you wait till you’re older?
You may think you can defer getting the ElderShield supplement till when you’re older, say in your 50’s. Think again. The chances of severe disabilities increase sharply as we age. Illnesses, accidents and frailty are all common reasons for temporary or long term disability. By then, it is very likely that insurers will either reject or accept your case with special terms. Take charge now!

With proper financial planning, you can ensure long-term security for you and your loved ones. Get the best that money can buy while you are still healthy.

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