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What is Long-Term Care Insurance?
Long-Term Care insurance is a type of insurance plan that provides monthly cash amounts to people under long-term nursing care to cover their daily expenses. To be eligible for Long-Term Care payouts, you have to be unable to perform 3 out of 6 Activities for Daily Living (ADL). These ADLs include:
- Bathing – The ability to clean oneself and perform grooming activities like shaving and brushing teeth.
- Dressing – The ability to get dressed by oneself without struggling with buttons and zippers.
- Eating – The ability to feed oneself.
- Transferring – Being able to walk or move oneself from a bed to a wheelchair and back again.
- Toileting – The ability to get on and off the toilet.
- Continence – The ability to control one's bladder and bowel functions.
Both CareShield Life and ElderShield supplements address this need for the financial protection of the elderly and otherwise disabled Singaporeans. So far, there are only three insurance companies endorsed by the Ministry of Health (MOH) that provide CareShield Life and ElderShield Supplements. These three companies are SingLife AVIVA, Great Eastern, and NTUC Income.
However, you can add extra financial protection from a private IP insurer with a long-term care rider.
To know more about which CareShield Life supplement plan suits you, please fill in your information in the quotation above. Or see a comparison article here.