ElderShield should be compulsory; people should start paying premiums at age 30, not 40 – Govt committee

ElderShield should be compulsory; people should start paying premiums at age 30, not 40 – Govt committee

The Independent·2018-02-01 15:10

The Government committee reviewing severe disability insurance scheme, ElderShield, has recommended that individuals should start paying premiums at age 30 instead of 40 and that coverage should be made compulsory, even for those with pre-exisiting disabilities.

If these recommendations are passed, all Singaporeans above the age of 30 will be enrolled in the scheme and these individuals will not be able to opt out like they are able to do so now. Delivering an interim update yesterday, the review committee added that the government should administer it instead of private insurance providers, should administer it.

According to the Central Provident Fund Board, ElderShield “provides basic financial protection to those who need long-term care. It provides a monthly cash payout to help pay for out-of-pocket expenses up to a maximum period of 72 months.”

Singapore Health Insurance Government Policy