Currently, Great Eastern and Singlife have 20% perpetual discount; get your plan soon. Get a quote from our Specialist team and get additional $20 voucher when you make a purchase with us! Click here to get your discount!
- What is CareShield Life?
- Difference between CareShield life vs CareShield Supplement?
- Do I Really Need CareShield Life Supplement?
- What Should You Look Out For When Buying CareShield Life Supplement?
- The BEST CareShield Supplement: Great Eastern vs Singlife vs NTUC Income
- Verdict: Winner Great Eastern
- How likely are you going to make claims
- Special Promotion: $20 voucher + 20% OFF Click here!
With the different careshield upgrades available, we help you compare the best plan! Currently, Great Eastern, Aviva, NTUC Income and Prudential offer these upgrades. We analyse various aspects such as value for money, premiums and ease of claims through the lowest number of ADLs.
What is CareShield Life?
Careshield Life is a long-term care insurance that provides basic financial support should you become severely disabled, especially during old age. In general, there are 6 activities of daily living: washing, toileting, dressing, feeding, mobility, and transferring. If you cannot perform any three Activities of Daily Living (3 ADLs), CareSheild life will pay you $600/month for the rest of your life.
It is estimated that 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime and may need long-term care. These could arise due to stroke, spinal cord injuries, dementia, diabetes, or accidents. CareShield life ensures that you are well protected against these unforeseen events.
Learn more about Careshield Life here!
What is the difference between CareShield life vs CareShield Supplement?
Simply put, Careshield life is a government insurance policy. Careshield Supplement is an enhancement of the government’s policy offered by private insurers in Singapore. CareShield Supplement is payable by Medisave, up to $600 a year and allows you to make claims more easily (allow you to make claims with the inability to perform at least 1 ADL). It pays out additional money to you on top of the government’s basic benefits.
Do I Really Need CareShield Life Supplement?
The government basic plan only pays out $600 under the condition of severe disability (unable to perform 3 ADL). The payout is extremely little and insufficient even to hire a caregiver. Additionally, the likelihood of being severely disabled is extremely low.
Because of these, people would opt for the upgrade, which enhance payouts up to $1500, and allow claims for mild disability (unable to perform 1 ADL). This upgrade can be purchased wholly with Medisave without cash outlay. Hence we would recommend every Singaporean to get it.
What Should You Look Out For When Buying CareShield Life Supplement?
Number of Activities of Daily Living: Ideally, you would want a plan that allows you to make claims with the least number of ADL. A 1 ADL plan means you can get monthly pay-outs with just 1 disablement condition. This makes claim much easier for you if any unforeseen disability were to happen
Monthly Benefits: You would want a plan that maximises the monthly benefit. The higher the benefit, the higher the payout you receive. You ideally will want to maximise the Medisave withdrawal limit:
As of 2022, the Medisave withdrawal limit is capped at $600/year. You will want a plan that has a premium close to, but under $600/year, to maximise your Medisave funds.
At 30 years old, $600 will give you about $1500/month payout for disability.
Additional Benefits: Some plans may include additional benefits such as caregiver, one-time payment, or dependent benefits. These benefits are good features to have, but they are not essential. This is so as these ancillary benefits typically last only up to a year. Get a plan that pays you more and is claimable with less ADL.
Which upgrade is best? – Compare the best Careshield supplement between Great Eastern, Singlife and NTUC Income
Currently, there are 3 major insurers that sell CareShield life supplements. Great Eastern, Singlife and NTUC income.
Below is the comparison of their premiums and their respective monthly payouts under 3ADL, 2ADL, and 1 ADL conditions.
Medisave has a cap of $600/year for premiums, we aim to maximise coverage within a $600 budget. The comparison was performed using a 30-year-old male.
|CareShield Plans||Great CareShield Supreme||Sing Life CareShield Plus||NTUC Care Secure|
|Premiums||S$573.95 / year (Includes 20% off)||S$573.95 / year (Includes 20% off)||S$557 / year|
|3ADL||$1500 / month||$1500 / month||$1300 / month|
|2ADL||$1500 / month||$1500 / month||$1900 / month|
|1ADL||$750 / month||$ 0 (no payout)||$ 0 (no payout)|
|Premium Waiver||Upon inability to perform 1ADL||Upon inability to perform 1ADL||Upon inability to perform 2ADL|
|Lump sum benefit for first claim||$4,500||$4,500||$7,800 for 3ADL|
|Other Benefits||Caregiver Benefit: $900/month |
Dependent Benefit: $450/month
|Death Benefit: $4.5K |
Caregiver relief benefit: $900/month
Dependent Benefit: $300/month
|Death Benefit: $3.9K |
Dependent Benefit: $325/month
Verdict: Winner Great Eastern
Based on our analysis, The best CareShield supplement award goes to Great Eastern’s Great CareShield is the most comprehensive plan as it is the easiest to make claims and is the only insurer allowing claims for 1 ADL. For instance, if someone loses a thumb and an index finger and is unable to button clothes or type on a keyboard, he will be paid $750/month for life, compared to Singlife and NTUC, which will not pay a single cent.
Our second prefered plan will be Singlife’s CareShield Plus. While Careshield Plus does not cover for 1ADL, it does cover for 2 ADL and has premium waiver from 1ADL onwards (same as Great Careshield).
Our last choice would be NTUC Care Secure Plan. Care secure is the “cheapest” plan as it has the shortest premium term up to age 84. However, it does have many draw backs. For instance, a premium waiver only kicks in when one is unable to perform at least 2ADL. Hence, in mild disability, you will be required to continue to pay premiums, while in Single and Great Eastern plan, premium payment cases.
Final words: Probability of Claims and paying premiums
According to the MOH, at least 1 in 2 (50%) of Singaporeans will have at least a mild disability (1ADL). Hence, a claim will likely be made under Great Care Shield before age 99. Hence we recommend you get covered with a 1 ADL plan.
Currently, Great Eastern and Singlife have 20% perpetual discount; get your plan soon. Get a quote from our specialist and get an additional $20 voucher when you make a purchase with us! Click here!
Which is the best careshield upgrade to get?
Great Eastern’s Great Careshield is the best value for money plan as it has covers for 1ADL and have the lowest premium.
Is Careshield payable by Medisave?
Yes! Both the government and private careshield are payable by Medisave!
How much does Careshield upgrade cost?
It is usually under $600 and fully payable by medisave. SG Insurance Hack offer additional 20% discount to all out clients. Get your 20% off now!
What is the Cheapest Careshield Supplement?
Great Eastern! Now with 20% off! Click here to get your 20% off now!
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