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2021-01-19 16:26:33
Complete Guide To Buying A CareShield Life Supplement Plan
This article was first published on 14 October 2020 and updated on 19 January 2021 to provide for more information
By now, most of us would be familiar with CareShield Life, which is the national disability income insurance scheme that came into force on 1 October 2020.
Essentially, CareShield Life provides lifelong monthly payouts for claimants who cannot perform 3 of 6 Activities of Daily Living (ADLs).
Source: MOH
In 2020, the monthly payout amount is $600 per month, and is set to rise by 2% each year so long as no claims are made. As of 2021, claim payout has increased to $612 per month.
Like its hospitalisation insurance cousin, MediShield Life, supplements to CareShield Life can be bought from private insurers to provide enhanced benefits.
Here’s what you need to know about buyi