CareShield Life is Singapore’s national long-term care insurance program, designed to offer financial assistance to individuals who develop severe disabilities. This support becomes especially critical in old age, when prolonged personal and medical care may be required. The scheme ensures that those in need are not left to bear the cost of long-term care alone.
What is CareShield Life?
CareShield Life provides a foundational level of financial support for individuals facing severe disability, particularly in their later years. The scheme helps cover the cost of long-term care services such as assistance with daily living activities and medical attention. By offering monthly payouts over an extended period, CareShield Life eases the financial strain on affected individuals and their families.
The Need for Long-Term Care Insurance
According to national estimates, one in two healthy Singaporeans aged 65 and above may experience severe disability at some point in their lives. Such conditions can arise from sudden incidents like strokes or spinal injuries, the deterioration of chronic diseases such as diabetes, or age-related illnesses like dementia.
Given the unpredictable nature and potential high cost of long-term care, planning ahead is essential. However, estimating future expenses can be challenging. Insurance schemes like CareShield Life allow individuals to collectively pool risks, reducing the financial burden for everyone and offering reassurance during difficult times.
Who is Covered Under CareShield Life?
Automatic Coverage for Younger Singaporeans
Singapore citizens born in 1980 or later are automatically enrolled in CareShield Life. Coverage begins either on 1 October 2020 or upon turning 30, depending on which comes later. Individuals in this group will receive a notification approximately two months before their 30th birthday, outlining their CareShield Life premiums.
Optional Participation for Older Singaporeans
For those born in 1979 or earlier, participation in CareShield Life is optional. Specific provisions apply based on birth year and prior insurance status:
- Born between 1970 and 1979: If already covered under ElderShield 400 and not severely disabled, you would have been automatically enrolled in CareShield Life from 1 December 2021. No additional steps are needed unless you choose to opt out. The deadline to opt out was 31 December 2023.
- Not automatically enrolled: If you are not part of the automatic enrollment and would like to join, you can apply via the CareShield Life e-Service using your Singpass credentials.
To find out your exact premium details and eligibility, individuals can log in using Singpass and access their personalized CareShield Life premium information.
CareShield Life plays a vital role in safeguarding Singaporeans against the rising cost of long-term care due to severe disability. By preparing early and understanding one’s coverage under this scheme, individuals can achieve greater peace of mind and financial security in their later years.