Financial Schemes for all Older Persons
Long Term Care Insurance schemes
ElderShield is an affordable insurance scheme which provides basic financial coverage for people who become severely disabled. It pays a monthly cash of $300 (for a maximum period of 60 months) which can be used to help defray the cost of long-term care.
The Interim Disability Assistance Programme for the Elderly (IDAPE) is a government assistance scheme aimed at helping Singapore citizens who were unable to join ElderShield (due to age limit or pre-existing disability) when it was launched.
- ElderShieldElderShield is an affordable insurance scheme aimed at helping Singapore Citizens and Permanent Residents (PRs) defray their long-term care expenses if they become severely disabled. Singapore Citizens and PRs who have Medisave accounts are automatically covered under ElderShield when they turn age 40. Those who choose to opt out would have to opt-in and be subject to underwriting if they decide to join the scheme later on.
There are 2 types of premium plans available, namely the Regular Premium Plan and the Single Premium Plan. Policyholders under the Regular Premium Plan will need to pay an annual premium till they reach age 65, whereas those who choose the Single Premium Plan will pay a lump sum premium. Thereafter, they will be covered for life.
ElderShield provides a monthly cash payout of $300 for a maximum period of 60 months to the policyholder if he becomes disabled. This payout can be used to defray his long-term care expenses. The 2 insurers who are appointed by the Ministry of Health to operate and administer the ElderShield scheme are NTUC Income and Great Eastern.
“Disability” under the ElderShield scheme is defined as not being able to perform 3 or more Activities of Daily Living (ADLs). The 6 ADLs comprise of:
| The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means. |
| The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances. |
| The ability to feed oneself food after it has been prepared and made available. |
| The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate. |
| The ability to move indoors from room to room on level surfaces. |
| The ability to move from a bed to an upright chair or wheelchair, and vice versa.
|
- Interim Disability Assistance Programme for the Elderly (IDAPE)IDAPE is a government assistance scheme to provide financial assistance to needy Singapore citizens who become disabled and need help to cope with their care expenses. IDAPE covers Singapore citizens who are not eligible to join ElderShield when ElderShield was launched because they are aged 70 and above during the launch of ElderShield, or are aged 40 to 69 and suffering from pre-existing disabilities (i.e. unable to perform 3 or more ADLs). The Ministry of Health has appointed NTUC Income to administer IDAPE.
There is no need to pay any premiums as the Government bears the cost of running IDAPE. The cash payout amounting to $150 or $100 per month (for up to 60 months) is dependent on the IDAPE claimant’s per capita monthly household income.
Click here for more information