What Is Eldershield Insurance All About?

Eldershield Insurance Singapore

I’ve been asked a lot what the national ElderShield scheme is about. Eldershield was first launched by the MInistry of Health (MOH) in September 2002. The fact that the government made it an ‘opt-out’ (i.e. automatically enrolled) scheme means that it is important enough for Singaporeans and Singapore PRs to be covered under ElderShield.

Benefits and features of Eldershield:

So, should you stay with Eldershield or opt out of it? By opting out, you would be forgoing 2 things:
  1. Insurability - Since this is an ‘auto inclusion’ scheme, you do not need to go for any medical assessment. In other words, regardless of your current health status, you are covered by Eldershield without any exclusions. On the contrary, if you develop a health condition in the future and wish to be enrolled into the scheme then, the insurer will request for a full medical declaration and it is likely that exclusions will apply.
  2. Affordable premium - You benefit from a more affordable premium when you get onto the scheme earlier than later. For instance, annual premium for a 40 year old male is $174.96 whereas for a 55 year old, it is $425.19.
Then the other question that might have crossed your mind is this:
Is the monthly benefit of $300 or $400 sufficient to take care of medical care and related expenses when one is suffering from a severe disability for an indefinite period?

You and I know that the answer is a big ‘No’.

Given the rising costs of medical care in Singapore, the need to enhance your Long Term Care becomes even more urgent. Come talk to me and get yourself protected today!

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