MOH extends participation incentives for CareShield Life until end-2024
The Ministry of Health (MOH) said on Tuesday that it will extend the participation incentives for CareShield Life for another year.
This means that Singapore citizens born before 1980 without severe disability can receive up to $3,000 to offset premiums over 10 years if they join CareShield Life between Jan 1 and Dec 31, 2024.
Previously announced incentives are higher – up to $4,000 – and still apply for those who enrol by Dec 31, 2023. According to MOH, more than 205,000 Singaporeans have benefited from these incentives since November 2021.
“We encourage eligible individuals to join CareShield Life for lifelong protection for their long-term care needs,” said MOH.
CareShield Life, a national long-term care insurance scheme, provides better basic financial protection against severe disability, which is defined as the inability to carry out three or more activities of daily living – washing, dressing, feeding, toileting, walking or moving, and transferring from a bed to chair.
All Singapore citizens or permanent residents born in 1980 or later are universally covered under CareShield Life from Oct 1, 2020, or when they turn age 30, whichever is later.
CareShield Life premiums can be paid fully through MediSave, and the Government will provide means-tested premium subsidies to ensure premiums are affordable.
Claimants will also receive monthly payouts for life for as long as they have severe disability. Monthly payouts start at $637 in 2023, and will increase annually until the policyholder is aged 67 or when a claim is made, whichever is earlier.
Individuals may check their applicable premiums and premium payment term and submit an application to join the scheme on the CareShield Life website.
Those who wish to apply for CareShield Life for their elderly family members may assist them in submitting the application via the CareShield Life website.