Dear Sir/ Dear Madam
If you find yourself unable to work permanently, are you able to name 3 persons who will give you money?
No one? Let Claire can help you set up a plan to pay yourself in this scenario.If you’re age 40 and above, you’re automatically covered under the basic Eldershield plan insured with either Aviva, NTUC Income or Great Eastern in Singapore.
- This long-term care plan for severe disability that defined one as unable to do 3 out of the 6 activities of daily living (ADL) such as feeding, mobility and showering permanently.
- This was initiated by the SG government more than ten years ago as a way to help us plan financially into our retirement.
I call it ‘healthcare planning into retirement’.
Illness or accidents do not choose who they strike – you could be young or old, rich or poor, single or married and it could hit any one of us.
Why spend your hard-earned money when you can use insurance to cater for an emergency like this?
If you’re a Singaporean or a PR here and aged 40 and above, you can log in to your CPF account to see if you’re covered with the basic Eldershield plan with any one of the insurers mentioned above.
The basic Eldershield pays you a cash benefit of only S$400/mth cash for the 3/6 ADL and for 6 years only.
Let’s take a look at the potential options in such a scenario:
1) We can hire a maid to take care of ourselves and we stay at home but this would cost at least $700 per month these days.
2) Nursing home in SG is not cheap either.
My elderly neighbour in her late 60s, fell down earlier this year. She was knocked down by a young boy in the shopping mall and she broke her hip bone. The surgery at the hospital was covered by her Medisave funds but the nursing home costs her and her adult children cold hard cash of S$2500 for merely 3 weeks of stay. She chose to come home to recover because it was expensive.
A private nursing home can costs from S$2000 to S$4000 per month in SG.
So the gap in such a coverage is potentially big.
Solution: Safeguard your own retirement or your parents’ retirement by getting an additional supplement Eldershield plan so that you can get more cash benefits to pay for the physiotheraphy, transportation, medical bills or even mortgage payments in such a scenario.
Affordable: up to $600/yr of premiums can be deducted from your Medisave account or your parents’ own Medisave account to insure them.
Currently one of the insurers offers a $100 discount for the first year’s premium and this offers end this Dec 2015.
Call Claire at 8168 7459 now to find out more about the basic Eldershield and Eldershield Supplement plans for yourself or your parents today.
Nothing in this material constitutes personalized investment advice.
Information provided here should not be considered as advice or as an offer or enticement to buy or sell or trade. The contents of this material, including any financial data, information, opinions and analysis, are strictly intended for educational use only.
No guarantees are made as to the accuracy of the information provided herein.
You shouldn’t make any investment decision based solely on what you read here.
It’s your money and your responsibility. And please consult your financial consultant or call Claire Soh at 8168 7459 before investing in any investment or insurance.
Should you choose not to seek such advice, you should consider whether the investment or insurance product in question is suitable for you.