CareShield Life to replace ElderShield in 2020

From 2020, all Singa­por­eans who are aged 30 to 40 will be auto­mat­ic­ally enrolled into the new Care­Shield Life, regard­less of his health con­di­tion. It is a uni­ver­sal cov­er­age, and so if he is dis­abled when he joins scheme, he will make a one-time premi­um pay­ment, and will start col­lect­ing the pay­outs imme­di­ately. Those who are on the cur­rent Eld­erShield can opt to join the new Care­Shield Life, more inform­a­tion will be released by the gov­ern­ment later.

To recap, these two schemes start pay­out once a per­son is severely dis­abled, that is, can­not per­form 3 out of 6 daily activ­it­ies of bathing, feed­ing, dress­ing, trans­fer­ring, mobil­ity and toi­let­ing.

 

The key dif­fer­ences between Care­Shield Life and Eld­ershield at a glance are as fol­lows:-

 

Care­Shield LIfe Eld­erShield 400
$600 monthly pay­out for life, from year 2020 $400 monthly pay­out for 6 years
Monthly pay­out increases from year 2020, as long as you are still pay­ing premi­um $400 monthly pay­out is fixed
Premi­um pay­ment from age 40 to 67 Premi­um pay­ment from age 40 to 65
Premi­um increases over the   years till age 67 Premi­um is fixed at the entry age

 

Though the premi­um will increase over the years, medis­ave can be used fully to pay the premi­um for Care­Shield Life.

The Care­Shield Life is def­in­itely a great improve­ment in term of pay­out amount and the cov­er­age years. It also factors in infla­tion cost over the years. For the first 5 years, the gov­ern­ment has decided to increase the pay­out at the rate of 2% per annum. The monthly pay­out will increase as you pay your high­er premi­um each year, until you make a claim and stop pay­ing premi­um or when you fin­ish pay­ing your premi­um at age 67.

 

More inform­a­tion can be found at https://www.moh.gov.sg/content/dam/moh_web/careshieldlife/index.html

25,000 Singapore Residents to pay extra 30% MediShield Life premium

Nation-wide hos­pit­al­iz­a­tion plan, MediShield Life, will be imple­men­ted on 1 Novem­ber 2015. Min­istry of Health has already iden­ti­fied 25,000 Singa­pore Cit­izens and Per­man­ent Res­id­ents with ser­i­ous pre-exist­ing ill­nesses who will have to pay extra 30% extra premi­um for the next 10 years to cov­er the pre-exist­ing ill­nesses. After which, they would pay the same premi­ums as their peers. If you belong to this group, you will receive a let­ter with details about your new MediShield Life cov­er­age, premi­ums and sub­sidies, includ­ing the Addi­tion­al Premi­ums. The vari­ous sub­sidies for MediShield Life premi­ums will also apply to Addi­tion­al Premi­ums.

If you cur­rently not insured with Medishield, you will also receive the let­ter soon to inform you on the premi­ums and sub­sidies. For oth­ers, you will only receive the let­ter one month before your plan is due for annu­al renew­al from either the CPF Board (cov­er under MediShield) or your private insurer (cov­er under Integ­rated Shield Plan) with details about your premi­ums and sub­sidies for the MediShield Life com­pon­ent of your Integ­rated Shield Plan.

The broad cat­egor­ies of ser­i­ous pre-exist­ing ill­nesses are:

Broad cat­egor­ies Indic­at­ive examples (not exhaust­ive)
Can­cer Lung can­cer, colorectal can­cer, breast can­cer, stom­ach can­cer
Blood dis­orders Parkinson’s dis­ease, Mus­cu­lar dys­trophy, Amyotroph­ic lat­er­al scler­osis (ALS)
Heart or oth­er cir­cu­lat­ory sys­tem dis­eases Heart attack, Coron­ary artery dis­ease, Chron­ic ischaem­ic heart dis­ease
Cerebrovas­cu­lar dis­eases Stroke
Res­pir­at­ory dis­eases Chron­ic obstruct­ive pul­mon­ary dis­ease
Liv­er dis­eases Alco­hol­ic liv­er dis­ease , Chron­ic hep­at­it­is, Fibrosis or cir­rhosis of liv­er
Autoimmune/ Immune Sys­tem dis­eases Sys­tem­ic lupus eryth­em­atosus, Human Immun­ode­fi­ciency Virus/ Acquired Immune Defi­ciency Syn­drome (HIV/ AIDS)
Ren­al dis­eases Con­gen­it­al heart dis­ease, Con­gen­it­al ren­al dis­ease, Bil­i­ary atresia
Psy­chi­at­ric con­di­tions Schizo­phrenia
Chron­ic con­di­tion with ser­i­ous com­plic­a­tions Hyper­tens­ive heart dis­ease, Hyper­tens­ive kid­ney dis­ease, Dia­betes with kid­ney com­plic­a­tions, Dia­betes with eye com­plic­a­tions

Those whose pre-exist­ing con­di­tions are less ser­i­ous or are well-con­trolled, such as well-con­trolled dia­betes, or hyper­ten­sion with no com­plic­a­tions, osteoarth­rit­is, pre-can­cers, fibroids or cysts or those who were hos­pit­al­ized due to a one-off event, such as an acci­dent or dengue are not sub­jec­ted to the 30% addi­tion­al premi­um.

Elderly to use more Medisave to pay for outpatient services

With effect from 1 April 2015, a patient who is aged 65 and above can use up to $200 a year from the Medis­ave sav­ings to pay for the fol­low­ing ser­vices:-
a) Out­pa­tient med­ic­al treat­ment received at des­ig­nated health­care insti­tu­tions, and gen­er­ally cov­ers med­ic­al ser­vices and drugs, tests and invest­ig­a­tions which are neces­sary for dia­gnos­is or treat­ment of a med­ic­al con­di­tion and ordered by a doc­tor.
b) Screen­ing tests that are cur­rently under the Integ­rated Screen­ing Pro­gramme. This includes recom­men­ded screen­ings for selec­ted chron­ic dis­eases and can­cers.
c) To sup­ple­ment oth­er out­pa­tient uses of Medis­ave.  This includes the new $300 lim­it for out­pa­tient scans that was imple­men­ted on 1 Janu­ary 2015, the exist­ing $400 Mediave400 lim­it[1], the vari­ous lim­its for can­cer treat­ment and dia­gnostics, and oth­er out­pa­tient with­draw­al lim­its. In addi­tion, the eld­erly can also use it to pay for the 15% co-pay­ment when using Medis­ave for chron­ic dis­ease treat­ment.

Termed Flexi-Medis­ave, a patient can use up to $200 from his own Medis­ave or tap on his spouse’s Medis­ave, as long as the spouse is also aged 65 and above.

Flexi-Medis­ave can be used for out­pa­tient med­ic­al treat­ment at des­ig­nated health­care insti­tu­tions. These are:
a)    Spe­cial­ist Out­pa­tient Clin­ics (SOCs) at the pub­lic hos­pit­als and nation­al spe­cialty centres;
b)    Poly­clin­ics; and
c)    Med­ic­al GP clin­ics par­ti­cip­at­ing in the Com­munity Health Assist Scheme (CHAS).

[1] Currently, elderly patients can already use the Medisave400 limit for the following expenses:
a)    Outpatient treatment of 15 approved chronic conditions under the Chronic Disease Management Programme (CDMP);
b)    Screening mammograms for women aged 50 and above; and
c)    Vaccinations including Hepatitis B, pneumococcal and flu vaccinations.

 

Update to Critical Illnesses definitions and coverage

Life Insur­ance Asso­ci­ation Singa­pore (LIA) has just made two changes to the Crit­ic­al Ill­nesses (CIs) bene­fits offered under new indi­vidu­al and group insur­ance policies. These changes take imme­di­ate effect.

Firstly, the defin­i­tions to the “severe stage” of the cur­rent 37 CIs are updated. This is to reflect the advances in clin­ic­al prac­tices, med­ic­al sci­ence and tech­no­logy.

Secondly, LIA now allows more than 30 CIs to be covered in a crit­ic­al ill­ness plan. Cur­rently, only 30 out of the 37 CIs are selec­ted by each insurer to be included in a life insur­ance plan.
Addi­tion­al crit­ic­al ill­nesses out­side the 37 stand­ard CIs will be set and defined by indi­vidu­al insurer. Insurer is also allowed to offer single-ill­ness CI plan such as can­cer.

The cur­rent defin­i­tion of the 37 CIs will not be sold from 1 Feb 2014.

MediShield Enhancement from March 2013

With effect from 1 March 2013, the Min­istry of Health (MOH) will make the fol­low­ing changes to the cur­rent MediShield Plan more com­pre­hens­ive.

a) Remove the max­im­um entry age of 75 years old. This will help the healthy unin­sured eld­erly to apply for MediShield

b) Increase the max­im­um cov­er­age age from 85 to 90 years old.

c) Increase the Medis­ave with­draw­al lim­its for MediShield and Integ­rated Shield Plans premi­ums from $800 to $1,000 for those aged 76 to 80 and from $1,150 to $1,200 for those above age 80.

d) Increase the deduct­ible for B2 ward from $1500 to $2000 and C ward from $1000 to $1500.

e) Extend cov­er­age to include short-stay wards in Emer­gency Depart­ments.

f) Extend cov­er­age to inpa­tient psy­chi­at­ric treat­ment at $100 per day up to 35 days per year.

g) Increase the policy year lim­it from $50,000 to $70,000 and life­time lim­it from $200,000 to $300,000.

With the above enhance­ments, the annu­al premi­um will increase too. The private Medis­ave-Approved Integ­rated Shield Plans from AIA, Aviva, Great East­ern, NTUC Income and Pruden­tial will also increase their annu­al premi­ums too, as MediShield is the under­ly­ing integ­rated basic plan. For those aged 65 and below, the annu­al premi­um increase will be up to $120, and for those above 65 years old will face increase of up to $252 annu­ally. To min­im­ise the fin­an­cial premi­um impact of this increase in 2013, the Gov­ern­ment will provide one-off top-up to the MediS­ave Account, which ranges from $50 to $400. For those who are 66 years old and above, they will enjoy addi­tion­al Medis­ave top-up of $250-$450 under the Annu­al GST Vouch­er pro­gram.

Source : http://www.moh.gov.sg/content/moh_web/home/pressRoom/pressRoomItemRelease/2012/enhancing-medishield-better-coverage-for-singaporeans.html

Medishield coverage to improve, premium to increase too

Min­istry of Health has just announced that the MediShield Cov­eage will be revamped by the first quarter of 2013, mak­ing the cov­er­age bet­ter, but with high­er premi­um and high­er med­ic­al fee one has to bear first before claim­able from the MediShield scheme.

The main enhance­ments are

1) Annu­al lim­it to increase to $70,000 from $50,000.
2) Life­time lim­it to increase to $300,000 from $200,000.
3) Cov­er­age age up to 90 years old, pre­vi­ously was 85 years old.
4) Include new cov­er­age on psy­chi­at­ric treat­ment up to $100 a day, for up to 35 days yearly.
5) Include short stay wards in emer­gency depart­ment.

Cost issues includes

1) Premi­um increase range from $17 to $251 per year.
2) Deduct­ible (pay­ment by patient before MediShield kicks in) for the insured up to 80 years old  to increase to $1500 from $1000 for C Class Ward, and to increase to $2000 from $1500 for B2 Class Ward.

The gov­ern­ment is also con­sid­er­ing to include treament for con­gen­it­al prob­lem and neonat­al care, sub­ject to the out­come from the pub­lic con­sulta­tion.

For those who are on private Medis­ave-approved Integ­rated Shield plan, you can expect your premi­um to be increased too next year, since the under­ly­ing basic plan is the MediShield plan.

Community Health Assist Scheme — a subsidized GP and Dental Care at your neighbourhood

From 15 Janu­ary 2012, Min­istry of Health (MOH) star­ted the Com­munity Health Assist Scheme (CHAS)  so that needy patients can receive sub­sid­ised treat­ment at Gen­er­al Prac­ti­tion­ers (GPs) and dent­al clin­ics near their homes.

Clin­ics registered under the scheme have partnered with MOH to provide com­mon out­pa­tient med­ic­al treat­ments and basic dent­al ser­vices for this group of patients. The scheme will also cov­er treat­ment for the 10 chron­ic dis­eases cur­rently covered under the Chron­ic Dis­ease Man­age­ment Pro­gramme. The 10 dis­eases are Dia­betes Mel­litus (DM), Hyper­ten­sion (High blood pres­sure), Lip­id Dis­orders (e.g. High cho­les­ter­ol), stroke, asthma, COPD, schizo­phrenia, major depres­sion, demen­tia and bipolar dis­order.

The qual­i­fy­ing cri­ter­i­as are for

1) Singa­por­ean who are 40 years old and above, and the per cap­ita monthly house­hold income is $1500 and below; OR

2) Singa­por­ean who is dis­abled i.e. unable to per­form at least one of the 6 activ­it­ies of daily liv­ing (ADLs) such as washing/bathing; feed­ing; toi­let­ing; trans­fer­ring; dress­ing; and mobil­ity and with a per cap­ita monthly house­hold income of $1500 and below; OR

3) Singa­por­ean who is on the Pub­lic Assist­ance Scheme.

Per cap­ita monthly house­hold income is derived by tak­ing the total house­hold income divided by the num­ber of per­sons in the house­hold.

You can obtain the applic­a­tion form at any Restruc­tured Hos­pit­al, Poly­clin­ic, Com­munity Centre and Club (CC) or Com­munity Devel­op­ment Coun­cil (CDC).

Source : http://www.moh.gov.sg/content/moh_web/home/costs_and_financing/schemes_subsidies/Community_Health_Assist_Scheme.html

How much Life Insurance is needed for Critical Illness, Death and Total Permanent Disability?

This is Part 2 of the art­icle on $0 Med­ic­al Insur­ance: is it pos­sible?. In Part 1 of the art­icle, I recom­men­ded that one should pur­chase as-charged integ­rated shield plan (ISP) offered by insur­ance com­pan­ies and the riders for the ISP so as to cov­er all med­ic­al expenses required for treat­ments in hos­pit­al, effect­ively cut­ting it down to $0.

This art­icle revis­its the top­ic on life insur­ance but in great­er depth. The sum assured for life insur­ance and estim­ated premi­um required for the cov­er­age; early-stage crit­ic­al ill­ness plan and how it com­pares to the tra­di­tion­al advanced-stage crit­ic­al ill­ness plan are cla­ri­fied in this art­icle.

Con­tin­ue read­ing

CPF Medisave Required Amount and latest CPF Interest Rate

For those who are turn­ing 55 years old on 1 Jan 2012, take note that the CPF Medis­ave Required Amount (MRA) is now raised from $27,500 to $32,000 now. This means that you will need to top-up the MRA amount of $32,000 before you are allowed to with­draw the excess of your CPF Min­im­um Sum, which is $131,000 this year.

The interest rate for Spe­cial and Medis­ave Account (SMA) from 1 Jan 2012 to 31 March 2012 con­tin­ues to enjoy the floor rate of 4% p.a.. Sav­ings in the SMA cur­rently earn either 4% or the 12-month aver­age yield of 10-year Singa­pore Gov­ern­ment Secur­it­ies (10YSGS) plus 1%, whichever is the high­er. The aver­age yield of the 10YSGS plus 1%, from 1 Decem­ber 2010 to 30 Novem­ber 2011, works out to be 3.19%. Since 3.19% is lower than the floor rate, 4% p.a. interest rate applies.

Retire­ment Account (RA) con­tin­ues to enjoy 4% p.a from 1 Jan 2012 to 31 Dec 2012. RA sav­ings are inves­ted in SSGS which earn a fixed coupon equal to either the 12-month aver­age yield of the 10YSGS plus 1% at the point of issu­ance, or 4%, whichever is the high­er, adjus­ted yearly. Again, the floor rate of 4% applies to RA.

The floor rate of 4% p.a. for Spe­cial Account, Medis­ave Account and Retire­ment Account is val­id till 31 Dec 2012.

An addi­tion­al 1% interest will con­tin­ue to be paid on the first $60,000 of CPF member’s com­bined bal­ances, with up to $20,000 from the Ordin­ary Account (OA).