What does Eldershield do?
What situations can render one incapable of performing 3 out of 6 ADLs (Activities of Daily Living)?
– Serious illness e.g cancer, stroke,
– Mental illness e.g Dementia, Alzheimer
– Serious Accident
Wouldn’t my hospital plan help?
– yes, until you stabilize and will discharge you thereafter. But that doesn’t mean that you have fully recovered but instead could need physiotherapy, palliative or hire a helper to take care of your daily needs. These cost will not be covered by the hospitalization plan.
Let’s examine the cost
1. hire a helper
– a maid will set you back by about S$1,000/month (all-in cost)
2. Community hospital (charges below are on monthly basis, source: MOH, 2006)
3. Nursing home (charges below are on monthly basis, source: MOH, 2006)
– the risks are real and clearly, the S$400/month payout by Eldershield will NOT be adequate.
– Hence, for those who wish to be better protected, our Govt allows you to use up to S$600/yr in Medisave to purchase an Eldershield supplement like Aviva MyCare
Note: Our Govt is highly protective in our Medisave usage. By allowing us to use it to buy an Eldershield supplement speaks highly of its importance.
How does Aviva MyCare works?
– choose your desired monthly benefit amt
– choose how long you wish to receive the payouts upon a claim event, 12yrs or lifetime
– choose how long you wish to pay your premium; up till age 67 (subject to minimum 20 years) or lifetime.
How does MyCare work in conjunction with Eldershield?
example, If MyCare has benefit of S$800/month for lifetime
During first yr of claim, amount received = S$400 from Eldershield + S$(800-400) from Aviva = S$800/month + lump sum of S$1.2k
Subsequent claim year 2 – yr 6 = S$400 from Eldershield + S$(800-400) from Aviva = S$800
After year 6, claim amount = S$800/month from Aviva