Eldershield

ElderShield is an insurance scheme introduced by the Ministry of Health (Singapore) to provide financial help to people with severe disabilities.

About 1 in 12 elderly persons suffer from disabilities as a result of aging and illness and are not able to do simple everyday activities.

They may need expensive, long term care. ElderShield provides $300 cash payout every month (for up to 60 months) to those who are not able to do 3 or more Activities of Daily Living. These activities are washing, feeding, dressing, toileting, mobility and transferring.

This sum of money will reduce the financial burden of patients and their families as it can be used to pay for nursing and medical care at home or in institutions.

The Eldershield scheme covers all CPF account holders who reached aged 40. They can opt out of the scheme.

The premiums can be paid out of the policyholder's Medisave account or the accounts of their spouse, parents, children or grandchildren. Premiums can also be paid in cash. They have the choice to pay a regular premium uo to age 65 years or a single premium.