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Careshield benefits
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How was the starting payout of $600 per month (in 2020) decided?
Long-term care costs vary depending on one’s care needs and
arrangements. How one finances these costs also vary, depending
on one’s financial resources.
In deciding the enhanced
payouts, the ElderShield Review Committee took into account the
basic long-term care costs for a range of services and settings;
other sources of long-term care funding, such as Government
subsidies and assistance schemes, community support, personal
savings, family support and Government-funded safety nets e.g.
MediFund or ComCare; as well as the need to balance benefits and
premium affordability. As part of the overall enhancements to
long-term care financing, CareShield Life will provide better
protection and assurance to Singaporeans for their basic
long-term care needs.
Singaporeans who wish
to have additional coverage may consider supplementing their
basic CareShield Life insurance with Supplements from the
private insurers.
"What will be the rate of payout increase and will increases
happen annually? Why is the rate of increase in payouts not
guaranteed?
The rate of premium and payout increases will have
to be reviewed regularly based on actuarial principles, taking
into account factors like changes in claims experience and
longevity. This is important to keep the fund sustainable.
An independent council will be set up to regularly review
these trends and advise the Government on premium and payout
adjustments in accordance with an actuarially sound adjustment
framework. Actual future premiums and payouts will vary
depending on the regular adjustments.
To give Singaporeans greater certainty in the first five
years, payouts and premiums will each increase by 2% per year.
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Why do CareShield Life payouts stop increasing once policyholders stop
paying premiums e.g. when they make a claim or turn 67? Why not allow
payouts to increase after 67/during their claim period as well?
Payout increases will need to be supported by premium
adjustments, to keep the scheme sustainable. Those who wish to
have payouts that increase for life may opt to purchase
Supplements. Insurers may also wish to take note of the
CareShield Life features when designing Supplements.
CareShield Life payouts should also not be seen in isolation,
but complements existing Government subsidies, Government
assistance schemes, community support, personal savings and
family support, to better enable Singaporeans to afford their
basic long-term care costs.
From 2020, they can also
make monthly cash withdrawals of up to $200 from their MediSave
savings.
For Singaporeans who are unable to pay for their care even
after Government subsidies, CareShield Life payouts and personal
savings, there are Government-funded safety nets such as
MediFund or ComCare which can provide assistance.
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CareShield Life is still targeted at those with severe disability i.e.
unable to perform three or more Activities of Daily Living. Why was this
retained?
CareShield Life is targeted at severe disability, so that
premiums can be kept affordable for all policyholders.
Singaporeans with mild or moderate disabilities who need
long-term care, can tap on means-tested Government subsidies for
long-term care services, as well as other Government assistance
schemes (e.g. the Seniors’ Mobility and Enabling Fund) to
complement their personal savings and family support.
Government-funded safety nets such as MediFund / ComCare can
also help these Singaporeans pay for their long-term care costs,
should they be unable to afford long-term care services.
Singaporeans who wish to cover themselves for less severe
disabilities can consider purchasing Supplements from the
private insurers.
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Sharing
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Scriptures
Psalms 39:4-6
4“Show
me, Lord,
my life’s end and the number of my days;
let me know how fleeting my life is.
5 You have made my days a mere
handbreadth;
the span of my years is as nothing before you.
Everyone is but a breath, even those who seem secure.[b]
6 “Surely
everyone goes around like a mere phantom;
in vain they rush about, heaping up
wealth
without knowing whose it will finally be.
Psalms
103:13-16
13 As
a father has compassion on his children, so the
Lord
has compassion on those who fear him;
14 for he knows how we are formed, he
remembers that we are dust.
15 The life
of mortals is like grass, they flourish like a flower of the field;
16 the wind
blows over it and it is gone, and
its place remembers it no more.
Psalm 90:10,12
10 Our
days may come to seventy years,
or
eighty, if our strength endures;
yet the best of them are but trouble and sorrow, for they
quickly pass, and we fly away.
11 If only we knew the power of your anger!
Your wrath is as
great as the fear that is your due.
12 Teach us
to number our days, that we may gain a heart of wisdom.
1 Chronicles
29:15
15 We
are foreigners and strangers in your sight, as were all our ancestors.
Our days on earth are like a shadow,
without hope.
Phillipians
3:20
20 But
our citizenship is in heaven. And we eagerly await a Savior from there, the
Lord Jesus Christ,
1 Peter 2:11
11 Dear
friends, I urge you, as foreigners and exiles, to abstain from sinful
desires, which wage war against your soul.
2 Peter 3
:10-13
10 But
the day of the Lord will come like a thief. The heavens will disappear with
a roar; the elements will be destroyed by fire, and
the earth and everything done in it will be
laid bare.[a]
Ecclesiates 12
:13-14
13
Now all has been heard; here is the
conclusion of the matter:
Fear God and keep his
commandments, for this is the duty of all mankind.
14 For God will bring every deed into
judgment, including every hidden thing, whether it is good or evil
2 Corinthains
5:9-10
9 So
we make it our goal to please him, whether we are at home in the body or
away from it. 10 For
we must all appear before the judgment seat of Christ, so that
each of us may receive what is due
us for the things done while in the body, whether good or bad.
1 Corinthians
3:11-15
11 And
if what was transitory came with glory, how much greater is the glory of
that which lasts!
12 Therefore,
since we have such a hope, we are very bold. 13 We are not like
Moses, who would put a veil over his face
to prevent the Israelites from seeing the end of what was passing
away. 14 But their minds were made dull, for to this day the same
veil remains when the old covenant is read. It has not been removed, because
only in Christ is it taken away. 15 Even to this day when Moses
is read, a veil covers their hearts.
2 Corinthians
4:18
18 So
we fix our eyes not on what is seen, but on
what is unseen, since what is seen is temporary, but what is unseen
is eternal.
Psalms 103:14
14 for
he knows how we are formed, he remembers
that we are dust.
2 Peter 1:13
13 I
think it is right to refresh your memory as long as I live in the tent of
this body,
1 Peter 1:17
17 Since
you call on a Father who judges each person’s work impartially, live out
your time as foreigners here in reverent fear.
Job 1:21
21 and
said: “Naked I came from my mother’s womb,
and naked I will depart.[c]
The Lord gave and the
Lord has taken away;
may the name of the Lord be
praised.”
1 Timothy 6:7
7 For
we brought nothing into the world, and we can take nothing out of it
Psalms 49:16-20
16 Do
not be overawed when others grow rich, when the splendor of their houses
increases;
17 for they will take nothing with them when they die, their
splendor will not descend with them.
18 Though while they live they count themselves blessed—
and people praise you when you prosper—
19 they will join those who have
gone before them,
who will never again see the light of life.
20 People
who have wealth but lack understanding are like the beasts that perish.
2 Peter 3:10-11
10 But
the day of the Lord will come like a thief. The heavens will disappear with
a roar; the elements will be destroyed by fire, and the earth and everything
done in it will be laid bare.[a]
11 Since
everything will be destroyed in this way, what kind of people ought you to
be? You ought to live holy and godly lives
Acts 17:31
31 For
he has set a day when he will judge the
world with justice by the man he has appointed. He has given proof of
this to everyone by raising him from the dead.”
1 Peter 4:5
5 But
they will have to give account to him who
is ready to judge the living and the dead.
Hebrews 4:13
13 Nothing
in all creation is hidden from God’s sight.
Everything is uncovered and laid bare before the eyes of him to whom
we must give account.
Matthew 12:36
36 But
I tell you that everyone will have to give
account on the day of judgment for every empty word they have spoken.
37 For by your words you will be acquitted, and
by your words you will be condemned.”
Ecclesiates
12:14
14 For God
will bring every deed into judgment,
including
every hidden thing,
whether it is
good or evil.
1 Corinthians
4:5
5 Therefore
judge nothing before the appointed time; wait until the Lord comes. He will
bring to light what is hidden in darkness and will
expose the motives of the heart. At that
time each will receive their praise from God.
Revelation 20:
11-15
The
Judgment of the Dead
11 Then
I saw a great white throne and him who was seated on it. The earth and the
heavens fled from his presence, and there was no place for them. 12 And
I saw the dead, great and small, standing before the throne, and books were
opened. Another book was opened, which is the book of life.
The dead were judged according to what they
had done as recorded in the books. 13 The sea gave up the
dead that were in it, and death and Hades gave up the dead that were in
them, and each person was judged according
to what they had done. 14 Then death and Hades were thrown
into the lake of fire. The lake of fire is the second death. 15 Anyone
whose name was not found written in the book of life was thrown into the
lake of fire.
Romans 14:10,12
10 You,
then, why do you judge your brother or sister[a]?
Or why do you treat them with contempt? For we will all stand before God’s
judgment seat.
1 Corinthians
3:13-15
13 their
work will be shown for what it is, because the Day will bring it to light.
It will be revealed with fire, and the fire
will test the quality of each person’s work.
14 If
what has been built survives, the builder
will receive a reward.
15 If it is burned up, the builder will suffer
loss but yet will be saved—even though only as one escaping through the
flames.
2 Timothy 4:7-8
7 I
have fought the good fight, I have finished the race, I have kept the faith.
8 Now there is in store for me
the crown of righteousness, which
the Lord, the righteous Judge, will award to me on that day—and not only to
me, but also to all who have longed for his appearing.
Luke 6:35
35 But
love your enemies, do good to them, and lend to them without expecting to
get anything back. Then your reward will be
great, and you will be children of the Most High, because he is kind
to the ungrateful and wicked.
Hebrerws 9:27
27 Just
as people are destined to die once, and after that to face judgment,
Hebrews
11:24-26
24 By
faith Moses, when he had grown up, refused to be known as the son of
Pharaoh’s daughter.
25 He chose to be mistreated along with the people of God rather
than to enjoy the fleeting pleasures of sin.
26 He regarded disgrace for the sake of Christ as of greater value
than the treasures of Egypt, because he was
looking ahead to his reward.
Zechariah 4:10
10 “Who
dares despise the day of small things, since the seven eyes of the
Lord that range throughout the
earth will rejoice when they see the chosen capstone[a]
in the hand of Zerubbabel?”
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Word of God
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